Featured Product

    BoE Extends UAT Window for BEEDS, Issues Derivatives Clearing Policy

    December 07, 2021

    The Bank of England (BoE) announced extension of the User Acceptance Testing (UAT) Window for statistical reporting within BEEDS until January 21, 2022. Entities that require access to BEEDS portal should ensure submission of the requisite information to the BEEDS team by December 10, 2021. BoE also published a Policy Statement with final policy on the proposal to add Overnight Index Swaps (OIS) that reference TONA to the scope of contracts subject to the derivatives clearing obligation. The final policy maintains the proposal in the September consultation paper on amendment to BTS 2015/2205, to add TONA OIS contracts with an original maturity between 7 days and 30 years to the clearing obligation. However, BoE has amended the date on which this change will come into force from December 06, 2021 to January 31, 2022.

    The final policy of BoE has been implemented via amendments to the Commission Delegated Regulation 2015/2205 supplementing the Regulation No 648/2012 on OTC derivatives, central counterparties, and trade repositories with regard to the regulatory technical standards on the clearing obligation (referred to as the Binding Technical Standards, or BTS, 2015/2205). The Policy Statement also provides feedback from BoE to the responses to the September consultation paper. The Policy Statement is relevant to financial and non-financial counterparties that are subject to clearing obligation under the European Market Infrastructure Regulation (EMIR) and to central counterparties. Where the final rules differ from the draft in the September consultation paper in a way which is, in the opinion of BoE, significant, the Financial Services and Markets Act 2000 (FSMA) requires BoE to publish details of the difference together with a cost-benefit analysis. The policy set out in this Policy Statement has been designed in the context of the Brexit and the end of the associated transition period. BoE will continue to monitor developments in the USD interest rate derivatives market and, where possible, coordinate with the Commodity Futures Trading Commission on changes to its respective clearing obligations. BoE expects to consult on changes to the clearing obligation related to the contact types referencing USD LIBOR in 2022.

     

    Related Links

    Keywords: Europe, UK, Banking, Statistical Reporting, Statistical Notice, Timeline Extension, BEEDS, BEEDS Testing, Derivatives, Clearing Obligation, TONA, OIS, Benchmark Reforms, LIBOR, Swaps, Overnight Index Swaps, CCPs, BoE

    Featured Experts
    Related Articles
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) granted license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 06, 2022 WebPage Regulatory News
    News

    EU Issues SII Corrigendum; EIOPA Assesses SII Reporting Exemptions

    EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).

    January 06, 2022 WebPage Regulatory News
    News

    EBA Opines on Impact of De-Risking and Associated AML/CFT Challenges

    The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.

    January 05, 2022 WebPage Regulatory News
    News

    French Financial Markets Authority Sets Out Priorities for 2022

    The French Financial Markets Authority (AMF) published its 2022 work priorities, along with the supervisory priorities for 2022.

    January 05, 2022 WebPage Regulatory News
    News

    US Agencies Issue Statement on Community Bank Leverage Ratio Framework

    The U.S. Department of the Treasury issued a determination on a request for an exemption, by RBC US Group Holdings LLC, from certain requirements of the rule implementing the qualified financial contracts (QFC) recordkeeping requirements under the Dodd-Frank Act.

    January 04, 2022 WebPage Regulatory News
    News

    FCA Informs About Changes to LIBOR Settings From End-2021

    The Financial Conduct Authority (FCA) announced that publication of 24 LIBOR settings has ended and that, going forward, the 6 most widely used sterling and Japanese yen settings will be published using a changed methodology.

    January 04, 2022 WebPage Regulatory News
    News

    PBC Sets Out Fintech Development Plan for 2022 to 2025

    The People’s Bank of China (PBC) formulated the recently issued Fintech Development Plan (2022 to 2025) under the Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives through the Year 2035.

    January 04, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7854