United Kingdom

Topic: Banking

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HM Treasury publishes Call for Evidence on aligning the ring-fencing and resolution regimes

On 2 March 2023, HM Treasury published a Call for Evidence: Aligning the ring-fencing and resolution regimes. The independent review on ring-fencing, chaired by Sir Keith Skeoch, found that the benefits of the ring-fencing regime would likely reduce over time as the resolution regime for banks is embedded. The review concluded that the resolution regime … Continue Reading

EBA final report on revised guidelines on methods for calculating contributions to deposit guarantee schemes under the Deposit Guarantee Schemes Directive

On 21 February 2023, the European Banking Authority (EBA) published a final report containing revised guidelines on methods for calculating contributions to deposit guarantee schemes (DGS) under the Deposit Guarantee Schemes Directive (DGSD). The DGSD mandates the EBA to develop guidelines on methods for calculating contributions to DGSs and to review them at least every … Continue Reading

FSB letter to G20 Finance Ministers and Central Bank Governors

On 20 February 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors, ahead of the G20 meeting on 24-25 February. The letter notes the recent easing in global financial conditions but warns that, while expectations of a ‘soft landing’ for the global … Continue Reading

FSB report on the financial stability aspects of commodities markets

On 20 February 2023, the Financial Stability Board (FSB) published a report on the financial stability aspects of commodities markets. The report presents an overview of a few globally traded commodities markets that are of particular economic importance at the current juncture (crude oil, natural gas, and wheat) and examines their vulnerabilities, focussing on the … Continue Reading

FCA Joint Regulatory Oversight Committee final report on the future development of open banking in the UK

On 15 February 2023, the FCA published the Joint Oversight Committee’s final report on the future development of open banking in the UK. Last year HMRC stated that their adoption of open banking had saved the public purse over £500,000 in bank fees with more than £10.5bn tax collected to date through open banking payments, … Continue Reading

BoE Consultation Response Paper: RTGS – CHAPS Tariff

On 13 February 2023, the Bank of England (BoE) published a Consultation Response Paper on the Real-Time Gross Settlement (RTGS) – CHAPS tariff framework. In April 2022, the BoE consulted on a set of proposals for a revised RTGS-CHAPS tariff framework. The consultation was conducted in the light of the changing payments landscape, new players … Continue Reading

BoE Consultation Response Paper: Roadmap for the RTGS service beyond 2024

On 14 February 2023, the Bank of England (BoE) published a Consultation Response Paper on the roadmap for the Real Time Gross Settlement (RTGS) service beyond 2024. In April 2022, the BoE issued a consultation on the roadmap for the RTGS service beyond 2024. The consultation marked an important milestone in shaping the long-term vision … Continue Reading

EBA Final Report on draft RTS on the homogeneity of the underlying exposures in STS securitisation

On 14 February 2023, the European Banking Authority (EBA) published a Final Report on draft regulatory technical standards (RTS) on the homogeneity of the underlying exposures in simple, transparent and standardised (STS) securitisation under Articles 20(14), 24(21) and 26b(13) of the Securitisation Regulation, as amended by Regulation (EU) 2021/557. The draft RTS build on the … Continue Reading

EBA Final Report: Guidelines to resolution authorities on the publication of the write-down and conversion and bail-in exchange mechanic

On 13 February 2023, the European Banking Authority (EBA) published a Final Report: Guidelines to resolution authorities on the publication of the write-down and conversion and bail-in exchange mechanic. The Bank Recovery and Resolution Directive provides authorities with the powers to write-down and convert capital instruments, it also sets-out that Member States shall ensure that … Continue Reading

FCA publish Occasional Paper 63: HFTs and dealer banks: liquidity and price discovery in FX trading

On 20 January 2023, the FCA published an Occasional Paper on HFTs and dealer banks: liquidity and price discovery in FX trading. In this Occasional Paper, the FCA characterises the liquidity provision and price discovery roles of dealers and high frequency traders (HFTs) in the FX spot market during the sample period between 2012 and … Continue Reading

EBA publishes report on high earners data as of end 2021

On 19 January 2023, the European Banking Authority (EBA) published a report on high earners data as of end 2021. Under the CRD IV and the Investment Firms Directive the EBA is required to publish aggregated data on high earners earning EUR 1 million or more per financial year. In this latest report the EBA … Continue Reading

FSB published progress report on the implementation of G20 non-bank financial intermediation reforms

On 18 January 2023, the Financial Stability Board (FSB) published its progress report on the implementation of G20 non-bank financial intermediation (NBFI) reforms. In 2013, the FSB working with standard-setting bodies, developed a framework and policy toolkit for strengthening the oversight and regulation of non-bank entities. The policy framework aimed to mitigate the potential systemic … Continue Reading

Dealing with Bank Assets

Different categories of bank assets present unique challenges from a legal and regulatory standpoint. This series of short videos explores key themes and perspectives on a range of bank assets including mortgage assets, private bank assets, bond assets and swap books among others. Conversations feature in-house experts from leading investment banks and our bank sector … Continue Reading

The Bank of England publishes supervision of financial markets infrastructures annual report

On 19 December 2022, the Bank of England (the Bank) published the supervision of financial market infrastructures annual report. The report explains that financial market infrastructure firms (FMIs) supervised by the Bank are essential to the smooth and safe operation of the UK financial system. Consequently, the Bank’s supervision of FMIs is essential for financial … Continue Reading

EBA publishes final report on draft ITS specifying the requirements for the information that credit institutions selling NPL should provide to prospective buyers

On 16 December 2022, the European Banking Authority (EBA) published a final report on the draft Implementing Technical Standards (ITS) specifying the templates to be used by credit institutions for the provision of information referred to in Article 15(1) of Directive (EU) 2021/2167 in order to provide detailed information on their credit exposures in the … Continue Reading

EBA first thematic review on the transparency and level of fees and charges for retail banking products in the EU

On 14 December 2022, the European Banking Authority (EBA) published a thematic review on the transparency and level of fees and charges for retail banking products. The aim of this report was to gather and analyse information in order for the EU co-legislators to assess whether further legislative initiatives may be needed in the future, … Continue Reading
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