On 12 March 2023, the Bank of England (BoE) published a statement on Silicon Valley Bank. The BoE, in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT) and the FCA, has taken the decision to sell Silicon Valley Bank UK Limited (SVBUK), the subsidiary of the US bank, to HSBC UK Bank PLc … Continue Reading
On 13 March 2023, HM Treasury and the Bank of England (BoE) published statements regarding the sale of Silicon Valley Bank (UK) Ltd (SVB UK) to HSBC. The statements explain that the BoE, in consultation with the Treasury, the PRA and the FCA, has facilitated the sale of SVB UK to HSBC, using powers granted … Continue Reading
On 14 March 2023, there was published on the legislation.gov.uk website The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) Order 2023. The purpose of the Order is to make certain amendments to the law, in order to enable powers under Part 1 of the Banking Act 2009 to be used effectively … Continue Reading
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
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
On 17 February 2023, the Joint Committee of the European Supervisory Authorities published updated Q&As relating to the Securitisation Regulation. The updated Q&As now cover the following topics:… Continue Reading
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
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
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
Take a look at the latest video in our Dealing with Bank Assets series where Emma de Ronde, Alan Bainbridge and Jochen Vester discuss the issues raised by the new EU directive on credit services and credit purchases for NPLs.… Continue Reading
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
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
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
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
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
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
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
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
On 10 January 2023, the PRA published a letter setting out its 2023 supervisory priorities for banks active in the UK. The priorities include the following:… Continue Reading
On 10 January 2023, the PRA published a letter setting out its 2023 supervisory priorities for UK deposit takers. The priorities include the following:… Continue Reading
On 9 January 2023, the Bank of England (the Bank) updated its webpage on banks, building societies and investment firms. The webpage now contains new text under ‘version 3.6.0 PWD’, outlining how the Bank has now published version 3.6.0 PWD of the Bank of England Banking taxonomy to support the collection of data relating to … Continue Reading
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
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
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
