Consultation outcome

Future Regulatory Framework Review: Central Counterparties and Central Securities Depositories

From:
HM Treasury
Published
17 January 2022
Last updated
20 July 2022 鈥� See all updates
This was published under the 2019 to 2022 Johnson Conservative government
This consultation has concluded

Read the full outcome

Ref: ISBN 978 1 915596 04 8, PU 3227

PDF, 169 KB, 14 pages

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Detail of outcome

In January 2022, HM Treasury published the consultation document, 鈥楩uture Regulatory Framework Review: Central Counterparties and Central Securities Depositories鈥�. The consultation proposed giving the Bank of England (the Bank) a general rule-making power over two types of financial services firm, central counterparties (CCPs) and central securities depositories (CSDs). It also proposed the introduction of an updated set of statutory objectives and principles for the Bank to follow when regulating these firms, as well as strengthening the mechanisms which govern the Bank鈥檚 accountability to Parliament, its relationship with HM Treasury and its engagement with stakeholders.

The government received 12 responses to the consultation. This document provides a breakdown of the key themes raised by respondents in response to the questions posed. The government is legislating for these reforms through the Financial Services and Markets (FSM) Bill and further detail is available in the accompanying Bill documents.

Original consultation

Summary

A consultation setting out the government鈥檚 proposals for adapting the UK regulatory framework for central counterparties and central securities depositories.

This consultation ran from
to

Consultation description

The Future Regulatory Framework (FRF) Review was established to consider how the financial services regulatory framework should adapt to be fit for the future, and in particular to reflect the UK鈥檚 new position outside of the EU.

On 9 November 2021 the government published a consultation in which it made a series of proposals to deliver the intended outcomes of the Review, building on the strengths of the UK鈥檚 existing framework. The consultation specified that the government would set out further detail on the approach for the Bank of England鈥檚 regulation of central counterparties (CCPs) and central securities depositories (CSDs) under the FRF Review in due course. This subsequent consultation delivers on this commitment and sets out the government鈥檚 proposals in this area.

Documents

Ref: ISBN 978-1-911686-57-6, 3184

PDF, 372 KB, 33 pages

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Updates to this page

Published 17 January 2022
Last updated 20 July 2022 show all updates

  1. Government response added

  2. First published.

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