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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2024, the Financial Conduct Authority (FCA) announced it is seeking feedback alongside the Bank of England (BoE) on draft guidance for reporting under the revised UK EMIR Article 9 reporting requirements.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]
20 Feb 2024, 9:05 pm by renholding
” Former Bank of England Chief Economist Andrew Haldane observed that “we have new macroprudential agencies and policies popping up all over the world. [read post]
19 Feb 2024, 8:53 am by Simon Lovegrove (UK) and Anita Edwards
The correspondence included letters to the Financial Conduct Authority (FCA) and to the Bank of England (BoE). [read post]
16 Feb 2024, 8:13 am by Simon Lovegrove (UK)
On 16 February 2024, the Bank of England (BoE) published a Policy Statement providing feedback on responses to an earlier Consultation Paper on the BoE’s proposed approach to its power to temporarily restrict or prohibit discretionary payments to employees or shareholders of recognised UK central counterparties (CCPs). [read post]
On 8 February 2024, the Bank of England (BoE) published two discussion papers on its Real Time Gross Settlement (RTGS) service operating hours and access policies. [read post]
26 Jan 2024, 3:10 am by Anita Edwards and Simon Lovegrove (UK)
On 25 January 2024, the Bank of England (BoE) published a speech delivered by Victoria Cleland, Executive Director for Payments at the BoE, at the Payments Regulation and Innovation Summit. [read post]
On 25 January 2024, the Bank of England (BoE) and HM Treasury (HMT) published their response to the consultation on a ‘digital pound’, which was launched in February 2023 and received over 50,000 responses. [read post]
25 Jan 2024, 10:10 am by Anita Edwards and Simon Lovegrove (UK)
On 25 January 2024, HM Treasury (HMT) published a summary of responses to its consultation on draft regulations to implement the Bank of England (BoE) levy, along with next steps. [read post]
25 Jan 2024, 3:01 am by Anita Edwards and Simon Lovegrove (UK)
The update is required as a result of amendments made to the Bank of England Act 1998 by the Financial Services and Markets Act 2023. [read post]
22 Jan 2024, 12:42 pm by Simon Lovegrove (UK)
Schedule 2ZA to the Bank of England Act 1998 makes provision for the Bank of England (BoE) to impose a charge, known as the BoE levy (levy) on eligible institutions to fund its policy functions in relation to a levy year. [read post]