The Bank of England and the UK’s Financial Conduct Authority (FCA) provided an update on their joint oversight of the country’s financial market infrastructure (FMI), noting that their Memorandum of Understanding (MoU) to this regard “remains effective with coordination and no material duplication.
Authorities said Friday at their update on their memorandum of understanding on the supervision of market infrastructures and payment systems in the country. They noted that the conclusion was reached based on their review of PGF suppliers.
According to the BOE, FMIs enable the clearing, settlement and recording of financial transactions and also enable millions of transactions to take place every day. They include entities such as payment systems, central securities depositories and central counterparties.
The UK central bank noted that these service providers “recognized the efforts made on cooperation, in particular on the LIBOR transition and operational resilience, and the Bank and the FCA remain committed to cooperating effectively in the future”.
Last month, the FCA began consulting the public on ways to update and improve the country’s asset management regime. Asset managers in the UK manage over £11 trillion in assets, making the country the second largest asset management market after the US.
The FCA noted that it will ensure that any changes to the country’s asset management laws are in line with global standards and promote technological progress and innovation.
“The UK has an opportunity to update and improve the UK asset management regime. We want to hear a wide range of voices on how we can improve existing standards and what we should prioritize to bring the most benefit to consumers, businesses and the wider global economy,” explained Camille Blackburn, Director of Wholesale Purchasing at FCA.
In another development, the UK Financial Markets Supervisor last month asked local and foreign cryptocurrency firms targeting UK consumers to be prepared to comply with the country’s new financial promotions regime. FCA warned them of “vigorous action” for violations of promotional rules. Those actions will include website takedowns, public warnings and enforcement actions, the regulator noted.
The Bank of England and the UK’s Financial Conduct Authority (FCA) provided an update on their joint oversight of the country’s financial market infrastructure (FMI), noting that their Memorandum of Understanding (MoU) to this regard “remains effective with coordination and no material duplication.
Authorities said Friday at their update on their memorandum of understanding on the supervision of market infrastructures and payment systems in the country. They noted that the conclusion was reached based on their review of PGF suppliers.
According to the BOE, FMIs enable the clearing, settlement and recording of financial transactions and also enable millions of transactions to take place every day. They include entities such as payment systems, central securities depositories and central counterparties.
The UK central bank noted that these service providers “recognized the efforts made on cooperation, in particular on the LIBOR transition and operational resilience, and the Bank and the FCA remain committed to cooperating effectively in the future”.
Last month, the FCA began consulting the public on ways to update and improve the country’s asset management regime. Asset managers in the UK manage over £11 trillion in assets, making the country the second largest asset management market after the US.
The FCA noted that it will ensure that any changes to the country’s asset management laws are in line with global standards and promote technological progress and innovation.
“The UK has an opportunity to update and improve the UK asset management regime. We want to hear a wide range of voices on how we can improve existing standards and what we should prioritize to bring the most benefit to consumers, businesses and the wider global economy,” explained Camille Blackburn, Director of Wholesale Purchasing at FCA.
In another development, the UK Financial Markets Supervisor last month asked local and foreign cryptocurrency firms targeting UK consumers to be prepared to comply with the country’s new financial promotions regime. FCA warned them of “vigorous action” for violations of promotional rules. Those actions will include website takedowns, public warnings and enforcement actions, the regulator noted.