HM Treasury and BoE announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential central bank digital currency in UK. Additionally, BoE announced that it will establish a CBDC Unit to lead its internal exploration around CBDC, along with its external engagement on CBDC, including with the other UK and international authorities. BoE also announced the creation of a CBDC Engagement Forum to engage senior stakeholders and gather strategic input on non-technology aspects of CBDC as well as the creation of a CBDC Technology Forum to engage stakeholders and gather input on technology aspects of CBDC.
The CBDC Taskforce of HM Treasury and BoE will ensure a strategic approach and promote close coordination among the UK authorities as they explore development of a digital currency. The Taskforce will be co-chaired by Jon Cunliffe, the BoE Deputy Governor, and Katharine Braddick, the HM Treasury Director General of Financial Services. The Taskforce aims to ensure that a strategic approach is adopted between the UK authorities as they explore CBDC and it will:
- Coordinate exploration of the objectives, use cases, opportunities, and risks of a potential UK CBDC
- Guide evaluation of the design features a CBDC must display to achieve the desired goals
- Support a rigorous, coherent, and comprehensive assessment of the overall case for a UK CBDC
- Monitor international CBDC developments to ensure the UK remains at the forefront of global innovation
Keywords: Europe, UK, Banking, Securities, CBDC, CBDC Taskforce, Fintech, Digital Currency, Regtech, HM Treasury, BoE
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.
The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).
The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.
The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.
The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.
In a letter to the federally regulated financial institutions and pension plans, the Office of the Superintendent of Financial Institutions (OSFI) published a summary of the feedback received to the January 2021 discussion paper on ways to address climate risks.