Topic: Bank of England

UK government begins “once in a generation” revamp of financial services

The UK government has published a “landmark” bill that would cement EU divergence, take control over cryptocurrencies and leave room for government to siphon power away from its regulators – all at once.

20 July 2022

Treat systemically important stablecoins as FMIs, say CPMI and IOSCO

Systemically important stablecoins must observe “all relevant principles” of a universal set of rules that apply to financial market infrastructures, according to a joint report from two global standard-setters, as international regulators respond to the ongoing instability in the crypto market.

13 July 2022

UK regulators’ horizons reach the cloud under Treasury plans

The UK government has proposed expanding its financial regulators’ powers over third party providers including cloud-based data centres.

15 June 2022

Three major UK banks falling short with resolution plans, BoE says

The Bank of England has found “shortcomings” in three major UK banks’ resolution plans, despite finding those same banks are no longer “too big to fail”.

13 June 2022

UK regulators propose tighter MMF rules

The UK’s financial regulators have announced plans to improve the resilience of money market funds by requiring them to hold more liquid assets and limiting dealing frequency.

25 May 2022

“We are consciously inviting a downfall”: practitioners warn crypto is outpacing regulators, as BoE calls for expanded framework

The Bank of England has called for an expansion of its regulatory framework to “mitigate certain risks” from cryptoassets and decentralised finance.

29 March 2022

PRA financial stability objective could be undermined by secondary “growth and competitiveness” agenda, Commons hears

The UK government’s proposal to task the UK Prudential Regulation Authority with enhancing competitiveness and growth in the financial system, risks imperilling the regulator’s primary objective of ensuring financial stability, according to testimony before a parliamentary committee from one of the Bank of England’s most senior alumni.

27 January 2022

Bank of England introduces West’s first shariah liquidity facility

Advised by Ashurst, the UK’s central bank has set up the first shariah-compliant liquidity facility outside of the Islamic world.

22 December 2021

O-SII buffers to exclude central reserves under new FPC proposals

O-SIIs’ total assets “may no longer be a desirable metric” to determine their buffer rates, according to the Bank of England’s financial policy committee, as it proposes to reduce their buffer thresholds by £15 billion by excluding central reserves.

17 November 2021

Climate risk to become part of PRA’s “core supervisory approach”, with remedial actions in store

The UK’s prudential regulator has warned it plans to ramp up supervision of climate-intensive financing and levy higher capital requirements to compensate for climate risk in 2022, while the Financial Conduct Authority has announced its own refreshed ESG strategy.

29 October 2021

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