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

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News
    News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8596