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22 Mar 2024, 7:48 am by Simon Lovegrove (UK)
The Order comes into force on 27 March 2024. 28 March 2024 – On 1 March 2024, the Financial Conduct Authority (FCA) announced it is seeking feedback alongside the Bank of England (BoE) on draft guidance for reporting under the revised UK EMIR Article 9 reporting requirements. [read post]
22 Mar 2024, 1:52 am by Tessa Shepperson
Ben Beadle, chief executive of the NRLA who commissioned the report along side Paragon Bank said What this report makes clear is how the private rented sector plays a pivotal role in providing high-quality employment, as well as desperately needed private rented accommodation, across the UK. [read post]
21 Mar 2024, 11:46 am by Anita Edwards and Simon Lovegrove (UK)
 As such, the Bank of England’s (BoE) Financial Policy Committee (FPC) concluded in 2021 that this increasing reliance could increase financial stability risks for the UK financial system, in the absence of greater direct regulatory oversight of the resilience of the services they provide. [read post]
21 Mar 2024, 10:54 am by Amanda Sanders (UK)
G was paid her salary in Euros into a UK bank account and she completed tax returns to HMRC as a resident of Scotland. [read post]
19 Mar 2024, 2:51 am by Simon Lovegrove (UK)
The deadline for comments on CP23/24 is 20 March 2024. 21 March 2024 – On 21 December 2023, the Bank of England issued a Consultation Paper on its approach to statutory notice decisions for use of its requirements powers. [read post]
19 Mar 2024, 2:48 am by Anita Edwards and Simon Lovegrove (UK)
The enactments proposed to be added to Schedule 15 for this purpose include the Bank of England Act 1998 (which sets out the BoE’s monetary policy functions), the Banking Act 2009 (which provides for a special resolution regime), and Schedule 11 (Central Counterparties) to the Financial Services and Markets Act 2023 (which contains free-standing provision expanding the central counterparties resolution regime). [read post]
13 Mar 2024, 2:46 am by Anita Edwards and Simon Lovegrove (UK)
On 12 March 2024, the Bank of England (BoE) published Policy Statement PS5/24 on solvent exit planning for non-systemic banks and building societies, setting out how these types of firm in the UK should prepare, as part of their business-as-usual (BAU) activities, for an orderly ‘solvent exit’ and, if needed, be able to execute one. [read post]
7 Mar 2024, 10:12 am by Anita Edwards and Simon Lovegrove (UK)
On 7 March 2024, the Bank of England’s (BoE) Executive Director for Data and Analytics Transformation and Chief Data Officer, James Benford, delivered a speech on the steps being taken by the BoE to update its data and analytics strategy. [read post]
5 Mar 2024, 6:00 am by Harold Hongju Koh
” National courts in Belgium and Sweden have recently moderated sovereign immunity when central bank assets are used in ways inconsistent with central banking functions. [read post]
On 4 March 2024, the National Audit Office (NAO) published a report examining whether the Bank of England (BoE) has efficient and effective systems and processes to manage risks of non-compliance with legal, ethical and staff policy requirements (referred to as ‘compliance risks’ in the report). [read post]
1 Mar 2024, 8:52 am by Simon Lovegrove (UK)
Furthermore, in line with the FCA’s objective of reducing and preventing serious harm, the regulator says it will maintain its commitment to the ongoing System Wide Exploratory Scenario, alongside the Bank of England (BoE), to improve understanding of the behaviours of banks and non-bank financial institutions during stressed financial market conditions and how those behaviours might interact to amplify shocks. [read post]
On 1 March 2024, the Financial Conduct Authority (FCA) announced it is seeking feedback alongside the Bank of England (BoE) on draft guidance for reporting under the revised UK EMIR Article 9 reporting requirements. [read post]
1 Mar 2024, 12:23 am by Anita Edwards and Simon Lovegrove (UK)
On 29 February 2024, the Bank of England Levy (Amount of Levy Payable) Regulations 2024 were made and published on legislation.gov.uk. [read post]
1 Mar 2024, 12:21 am by Anita Edwards and Simon Lovegrove (UK)
The explanatory note to the SI provides further information on those provisions of FSMA 2023 that are being brought into force, including: The provisions relating to the Bank of England levy, which are brought fully into force on 1 March 2024 by the SI. [read post]
26 Feb 2024, 4:41 am by Simon Lovegrove (UK)
The statutory instrument enters into force on 26 February 2024. 1 March 2024 – On 22 January 2024, there was published on legislation.gov.uk a draft of the Bank of England Levy (Amount of Levy Payable) Regulations 2024. [read post]
25 Feb 2024, 6:34 am by Rob Robinson
” LockBit, believed to be based in Russia, has targeted a plethora of victims worldwide, from global banks like the Industrial & Commercial Bank of China to major institutions such as Boeing and Microsoft, and even government entities and healthcare systems, such as Britain’s National Health Service. [read post]
23 Feb 2024, 2:04 am by Tessa Shepperson
False tenancy applications are now the fastest growing area of housing fraud costing as estimated £60.1m in the UK alone, with false bank statements being the highest with 89% of applicants declined due to fraudulent bank statements. [read post]
On 30 January 2024, the Bank of England (the Bank) and Prudential Regulation Authority (PRA) published Policy Statement PS1/24 which sets out a revised approach to enforcement for both PRA firms and financial market infrastructure firms. [read post]
21 Feb 2024, 1:26 am by Katelynn Minott, CPA & CEO
In England, Wales, and Northern Ireland, tax rates on non-dividend income vary from 0% to 45%, depending on the total income earned. [read post]