The Bank of England (BoE) has published a consultation paper regarding how its new Enforcement Decision Making Committee (EDMC) will operate.

The EDMC will be established by the Court of Directors of the BoE (Court). The EDMC and its members will be independent from the BoE’s executive management structure.

The EDMC will take all of the PRA’s contested enforcement statutory notice decisions. The BoE considers statutory enforcement notice decisions to be those decisions arising out of enforcement investigations, which give rise to an obligation to issue a warning or decision notice pursuant to section 395(1)(c) of the Financial Services and Markets Act 2000 (FSMA).

The EDMC will also take all of the financial market infrastructure related contested enforcement statutory notice decisions. The BoE considers statutory enforcement notice decisions to be those decisions arising out of enforcement investigations which give rise to an obligation to issue a warning notice pursuant to section 395(1)(c) FSMA or relate to similar powers under the Banking Act 2009 (BA 2009) in relation to payment systems.

The EDMC will take all of the resolution related contested enforcement decisions. The BoE considers contested enforcement decisions to be decisions giving rise to a warning or decision notice pursuant to sections 83ZT and 83ZU of the BA 2009 respectively.

Specific sanctioning powers for the above regimes are set out in Appendix 1 of the consultation paper.

The deadline for comments on the consultation paper is 2 February 2018.

View Procedure for the Enforcement Decision Making Committee – CP/EDMC2017, 10 November 2017