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August 03, 2018

BoE published policy statement (PS/EDMC2018) on Enforcement Decision Making Committee (EDMC), which provides feedback to responses to the consultation paper CP/EDMC2017. The policy statement sets out final procedures for the EDMC in Appendix 1 while it details the final amendments to the PRA decision-making framework in Appendix 2. Final amendments to the Financial Market Infrastructures (FMI) decision-making framework are detailed in Appendix 3. BoE also published the updated statement of policy on PRA decision-making framework and policy statement on FMI decision-making framework.

BoE had received three responses to CP/EDMC2017. The respondents all supported establishing a unified EDMC and made a number of representations. The CP/EDMC2017 proposed that EDMC will be the decision making body of BoE in relation to contested enforcement cases within the statutory regimes operated by BoE in relation to prudential regulation, FMI, and resolution. EDMC will strengthen the enforcement processes of BoE by ensuring a functional separation between the investigation teams of BoE and the decision makers in contested enforcement cases. EDMC, a committee of BoE, will be made up of individuals who are not employees of BoE and who will be independent from the existing executive management structure of BoE.

 

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Keywords: Europe, UK, FMI, Enforcement Decisions, EDMC, BoE

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