Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more
In the build-up to his appointment as chief executive of the Financial Conduct Authority (FCA) in 2020, Nikhil Rathi stated that his vision for the regulator involved “a stronger, prompter approach to enforcement”. This...more
HM Treasury has launched a consultation on creating a Senior Managers and Certification Regime (SMCR) for financial market infrastructures (FMIs) supervised by the Bank of England (BoE). ...more
Discussion Paper opens debate on potential new rules to improve diversity in financial services. On 7 July 2021, the FCA, the PRA, and the Bank of England published a joint Discussion Paper on diversity and inclusion in...more
The BoE is seeking feedback on the Introductory Phase of the ISO 20022 migration, that will create a common language for payments data globally. In 2018, the Bank of England (BoE) consulted on the adoption of ISO 20022 — a...more
The Bank of England has published a consultation paper entitled "UK withdrawal from the EU: Changes to FMI rules and onshored Binding Technical Standards." The consultation forms part of a package of consultations, "Dear CEO"...more
The Bank of England and the U.K. Prudential Regulation Authority have launched a joint consultation paper entitled "The Bank of England’s approach to amending financial services legislation under the European Union...more
The U.K. Prudential Regulation Authority has published a consultation paper entitled "UK withdrawal from the EU: Changes to PRA Rulebook and onshored Binding Technical Standards." The consultation forms part of a package of...more
The Bank of England has issued a press release providing an update on its regulatory and supervisory approach to Brexit. The press release refers to a package of communications and new consultations published by the BoE on...more
Following its consultation in August 2017, which closed in November 2017, the Bank of England has published its Statement of Policy on its expectations on the minimum standard of valuation capabilities that firms should have...more
The Bank of England has published a consultation on adopting ISO 20022, the global messaging standard for payments which was first introduced in 2004 by the International Organization of Securities Commissions. Ten...more
The Bank of England has published a consultation paper on a new rule to formalize the supervisory expectation that CCPs will report any incidents relating to their information technology systems to the BoE. The BoE's move...more
Following positive feedback to its consultation in 2016 on the establishment of an Enforcement Decision Making Committee, the Bank of England has published a consultation on the detailed statement of procedure and the...more
The Bank of England has published a consultation setting out policy proposals on the minimum standard of valuation capabilities that firms should have in place to ensure that their valuations are sufficiently timely and...more
The Bank of England published a supplementary consultation paper on its revised proposed averaging methodology to be used for the Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The BoE took over as...more
The Bank of England published a consultation paper on the Bank’s proposals to reform the Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The Bank of England, which took over as administrator of SONIA...more
The Bank of England published a consultation paper proposing the introduction of a draft Code of Practice and Supervisory Statement on governance in recognized payment system operators. The final Code and the Supervisory...more
The Prudential Regulation Authority and the Financial Conduct Authority launched a consultation proposing amendments to the Senior Manager & Certification Regime. Most of the changes result from the legislative changes made...more
The Bank of England published a consultation paper on a proposed unified Enforcement Decision Making Committee. The EDMC would take decisions on the matters regarding: (i) firms and individuals regulated by Prudential...more