On 23 May 2024, the Bank of England (BoE) published a Policy Statement (PS) on its approach to statutory notice decisions for use of its requirements powers. The PS provides feedback to responses to the BoE’s consultation paper (CP) on the topic, which was published in December 2023, and also sets out the BoE’s final statement of policy (SoP).
The SoP relates to the BoE’s new power, as part of its role as the UK’s regulator for central counterparties (CCPs) and central securities depositories (CSDs), to issue requirements to recognised UK CSDs, recognised UK CCPs and systemic third-country CCPs. This power is given to it by the Financial Services and Markets Act 2000 (FSMA) as amended by the Financial Services and Markets Act 2023.
The final SoP clarifies the BoE’s policy regarding the allocation of decision-making regarding statutory notices, its approach to supervisory statutory notice decision-making, and its approach to publication of supervisory statutory notice decision
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