Events listed in Banking Act 2009
The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023
ID 26359
The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 were recently published on the official journal of the UK. They serve to amend the Payment and Electronic Money Institution Insolvency Regulations 2021 (SI 2021/716) to apply the 2021 Regulations to the insolvency of payment institutions and electronic money institutions formed under the law of Northern Ireland and to institutions that are limited liability ...
The Bank of England’s supervision of financial market infrastructures – ...
ID 26352
The Bank of England (BoE) has published its annual report on the supervision of financial market infrastructures (FMIs). The report covers the period from December 15, 2022 through December 16, 2023 and primarily describes the Bank’s supervisory focus and corresponding activities in the following three key areas: (1) The enhancement of the financial resilience of FMIs, particularly central counterparties (CCPs); (2) The improvement of ...
The Bank of England’s approach to resolution
ID 26292
The Bank of England (BoE) has recently updated its approach to resolution, outlining the framework available to resolve failing banks, building societies, and certain investment firms. The resolution framework aims to ensure that financial institutions can fail in an orderly manner, with losses borne by shareholders and unsecured creditors rather than the public and society as a whole. This approach helps maintain a stable ...
Payments Regulation and the Systemic Perimeter: Consultation and Call for Evidence
ID 24578
Following the 2022 call for evidence and consultation on the review of the applicability of the Bank of England’s existing regulatory perimeter over payment systems, the government’s principles in approaching any reforms, and potential adjustments to the framework of the Banking Act 2009, the HM Treasury have now issued a consultation outcome paper in this context. Therein, the government briefly describes the responses it ...
Letter from Christopher Jackson and Robert Zammit on firms’ preparations for the ...
ID 24362
In view of the upcoming second assessment of banks‘ and building societies‘ „preparations for resolution under the Resolvability Assessment Framework (RAF)“, Christopher Jackson and Robert Zammit, heads of the International Resolvability Division and the Domestic Resolvability Division, respectively, have jointly published an open letter addressed at Chief Financial Officers (CFOs) of supervised institutions. This letter aims to reiterate the Bank of E ...
Improving depositor outcomes in bank or building society insolvency
ID 22823
The Prudential Regulation Authority, PRA, has published a statement to provide an update on its work relating to the facilitation of prompt payments by the Financial Services Compensation Scheme (FSCS) to depositors in case of insolvency of a bank or building society. Specifically, the PRA states that it has been been working with stakeholders on **the evaluation of three initial measures to help effect ...
Bank of England Statement: UK creditor hierarchy
ID 22383
In view of the recent resolution of the UK branch of the Silicon Valley Bank and the complete write-down of its Additional Tier 1 (AT1) and Tier 2 instruments (T2), the Prudential Regulation Authority, PRA, has published a press statement. Therein, the Authority clarifies the creditor hierarchy in case of bank resolutions which provides that AT1 instruments, e.g. contingent convertible bonds or CoCos, rank ...
Statement on Silicon Valley Bank
ID 22249
The Prudential Regulation Authority, PRA, has published a press statement in view of the recent bank failure of the U.S. Silicon Valley Bank. In its statement, the PRA informs that – together with the Financial Conduct Authority (FCA) and the HM Treasury – it has decided to sell the UK subsidiary of the Silicon Valley Bank, the Silicon Valley Bank UK Limited (SVBUK), to ...
Letter from Mel Beaman on firms’ preparations for the second Resolvability ...
ID 22160
In view of the upcoming second assessment of banks‘ and building societies‘ „preparations for resolution under the Resolvability Assessment Framework (RAF), Executive Director Mrs. Melanie Beaman of the Bank of England has published an open letter addressed at Chief Financial Officers of supervised institutions. The letter aims to reiterate the Bank’s expectations in this context, provide guidance to institutions as regards certain provisions of ...
Outsourcing and third party risk management Supervisory Statement: recognised ...
ID 21778
The Prudential Regulation Authority (PRA) of the Bank of England has issued a new Supervisory Statement addressed at recognized payment system operators (RPSO) and specified service providers (SSPs) as regards the PRA’s expectations concerning „outsourcing and third party risk management“. The statement thereby sets out expectations in the following areas, among others: – Governance, oversight and documentation which includes, among other aspects, the ...