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A&O Shearman

UK Approach to Critical Third-Party Supplier Designation Published

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The Financial Services and Markets Act 2023 established a framework for the regulation of third parties who provide significant services to financial institutions, giving HM Treasury power to designate an entity as a...more

A&O Shearman

UK Seeks to Enhance Resolution Regime for Small Banks Following SVB Failure

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HM Treasury has launched a consultation that sets out proposals for enhancing the Special Resolution Regime by introducing a new means for the Bank of England, as the U.K. resolution authority, to use stabilization powers to...more

A&O Shearman

Bank of England Publishes Policy Statement on Implementation of Basel 3.1 Standards

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The Bank of England has published a Policy Statement on the Implementation of the Basel 3.1 standards in the U.K., taking account of responses to its Consultation Paper 16/22 published in November 2022. The Basel 3.1 changes...more

Pillsbury Winthrop Shaw Pittman LLP

Provisions Relating to Digital Assets under the Financial Services and Markets Act 2023 Come into Force

With new provisions in effect beginning August 29, 2023, the UK’s regulatory framework for digital assets begins to take shape. FSMA 2023 explicitly brings cryptoassets within the FCA’s regulatory perimeter and creates a...more

A&O Shearman

UK Regulators Publish Revised Complaints Scheme

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The U.K. Financial Conduct Authority, Prudential Regulation Authority and Bank of England have jointly published their revised Complaints Scheme, which governs how complaints against the U.K. regulators should be made and...more

Hogan Lovells

UK Bank of England finalises policy on FMI outsourcing and third party risk management

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On 8 February 2023, the Bank of England published a Policy Statement on outsourcing and third party risk management in financial market infrastructures (FMIs). The Policy Statement provides feedback to three previous Bank...more

A&O Shearman

UK Task Force Publishes Recommendation for Improving Post-Trade Processes

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report on the Future of Post-Trade. The Taskforce is made up of financial market industry individuals involved in post-trade processing activities and was set up as part of the Bank of England's response to the "Future of...more

A&O Shearman

Bank of England Drops Warning Against Profit Distributions for Financial Market Infrastructures

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The Bank of England has written to the CEOs of all regulated U.K. financial market infrastructures notifying them that they are no longer expected to discuss prospective shareholder distributions with the BoE....more

Hogan Lovells

SMCR for Financial Market Infrastructures: HM Treasury Consultation

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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

Hogan Lovells

Securities and markets regulatory news, July 2021

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Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 The Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 (SI 2021/774) have been published, together with an...more

Hogan Lovells

HMT confirms no more open access for exchange-traded derivatives

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On 5 May 2020, the HM Treasury confirmed that it plans to remove the open access regime for exchange-traded derivatives (ETDs), which is currently within the UK version of the Markets in Financial Instruments Regulation (UK...more

Proskauer Rose LLP

Regulation Round Up - November 2020

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30 November - The Prudential Regulation Authority (“PRA”) published a statement about its forthcoming policy statement on implementing the CRD V Directive ((EU) 2019/878). HM Treasury updated its webpage on a call for...more

A&O Shearman

Bank of England Consults on Changes to Brexit Onshoring Legislation

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The Bank of England has launched a consultation on proposed changes to the BoE and Prudential Regulation Authority's Brexit onshoring legislation. The U.K. left the EU on January 31, 2020. Under the terms of the EU Withdrawal...more

Proskauer Rose LLP

Regulation Round Up - July 2020

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30 July - The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case. The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20)...more

A&O Shearman

COVID-19: Bank of England Announces Policy Measures for Financial Market Participants

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The Bank of England (BOE) has announced a series of policy measures designed to help U.K. financial market participants deal with the effects of the coronavirus (COVID-19) pandemic. The latest measures, announced on 20 March...more

White & Case LLP

Operational resilience, third party risk management and impact tolerance in the time of Coronavirus

White & Case LLP on

On 5 December 2019 the Bank of England (Bank), UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) published coordinated consultation papers and policy on new requirements to strengthen...more

A&O Shearman

UK Regulators Take Steps to Establish Financial Services AI Public Private Forum

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The Bank of England and the U.K. Financial Conduct Authority are establishing the Financial Services AI Public Private Forum that Governor Mark Carney announced in June 2019. The regulators are calling for expressions of...more

A&O Shearman

UK Financial Policy Committee Issues Summary of UK Financial System

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The U.K. Financial Policy Committee has issued a summary of the resilience of the U.K. financial system to potential economic shocks and the vulnerabilities it faces. The summary follows the FPC’s meeting on October 2, 2019,...more

A&O Shearman

Bank of England Publishes Report on the Future of the UK Financial System and the Bank's Priorities for the Future

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Huw van Steenis, the Bank of England financier appointed by the BoE in 2018 to review the future of the U.K. financial system, has published his "Future of Finance" report, setting out a vision for the medium-term future of...more

A&O Shearman

Bank of England Consults on Changes to FMI Rules and Onshored Binding Technical Standards for Brexit

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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

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