{"id":611976,"date":"2023-02-26T04:49:07","date_gmt":"2023-02-26T10:49:07","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/26\/market-infrastructure-providers-greenlight-boe-fca-supervision\/"},"modified":"2023-02-26T04:49:07","modified_gmt":"2023-02-26T10:49:07","slug":"market-infrastructure-providers-greenlight-boe-fca-supervision","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/26\/market-infrastructure-providers-greenlight-boe-fca-supervision\/","title":{"rendered":"Market Infrastructure Providers Greenlight BoE, FCA Supervision"},"content":{"rendered":"
\n

The Bank of England
\nand the UK Financial Conduct Authority (FCA) have given an update on their
\njoint supervision of the country\u2019s financial market infrastructure (FMI),
\nnoting that their Memorandum of Understanding (MoU) in this regard \u201cremain
\neffective with appropriate coordination and no material duplication.\u201d<\/p>\n

The authorities
\nstated this on Friday in their update on their MoU<\/a> on the supervision
\nof market infrastructure and payment systems in the country. They noted that
\nthe conclusion was reached based on their review of FMP providers. <\/p>\n

According to the BOE<\/a>, FMIs allow the clearing, settlement,
\nand recording of financial transactions and also enable millions of
\ntransactions to take place each day. They include entities such as payment
\nsystems, central securities depositories and central counterparties. <\/p>\n

The British central
\nbank noted that these service providers \u201cacknowledged the efforts made on
\nco-operation particularly on LIBOR transition<\/a> and operational resilience and
\nthe Bank and FCA<\/a> remain committed to effective co-operation going
\nforwards.\u201d<\/p>\n

FCA Seeks to Strengthen Regulatory Regime<\/h2>\n

Last month, the FCA started consulting with the public<\/a> on ways to update
\nand improve the country\u2019s asset management regime. Asset managers in the United
\nKingdom superintend over \u00a311 trillion in assets, making the country the second
\nbiggest asset management market after the United States.<\/p>\n

FCA noted that it
\nwill ensure that any modification to the country\u2019s asset management laws tallies with global standards and promote technological advancement
\nand innovation.<\/p>\n

“The UK has an
\nopportunity to update and improve the UK regime for asset management. We want
\nto hear from a wide range of voices about how we can enhance the existing
\nstandards, and what we should prioritise to bring the most benefits to
\nconsumers, firms and the wider global economy,” Camille Blackburn, the
\nDirector of Wholesale Buy-Side at FCA, explained.<\/p>\n

In another development,
\nthe UK financial markets supervisor last month asked local and foreign
\ncryptocurrency firms targeting UK consumers to be ready to comply<\/a> with the country\u2019s
\nupcoming new financial promotions regime. The FCA warned them of “robust action” for promotional rules breaches. These measures will include takedowns of websites, public warnings,
\nand enforcement action, the regulator noted.<\/p>\n<\/div>\n

\n

The Bank of England
\nand the UK Financial Conduct Authority (FCA) have given an update on their
\njoint supervision of the country\u2019s financial market infrastructure (FMI),
\nnoting that their Memorandum of Understanding (MoU) in this regard \u201cremain
\neffective with appropriate coordination and no material duplication.\u201d<\/p>\n

The authorities
\nstated this on Friday in their update on their MoU<\/a> on the supervision
\nof market infrastructure and payment systems in the country. They noted that
\nthe conclusion was reached based on their review of FMP providers. <\/p>\n

According to the BOE<\/a>, FMIs allow the clearing, settlement,
\nand recording of financial transactions and also enable millions of
\ntransactions to take place each day. They include entities such as payment
\nsystems, central securities depositories and central counterparties. <\/p>\n

The British central
\nbank noted that these service providers \u201cacknowledged the efforts made on
\nco-operation particularly on LIBOR transition<\/a> and operational resilience and
\nthe Bank and FCA<\/a> remain committed to effective co-operation going
\nforwards.\u201d<\/p>\n

FCA Seeks to Strengthen Regulatory Regime<\/h2>\n

Last month, the FCA started consulting with the public<\/a> on ways to update
\nand improve the country\u2019s asset management regime. Asset managers in the United
\nKingdom superintend over \u00a311 trillion in assets, making the country the second
\nbiggest asset management market after the United States.<\/p>\n

FCA noted that it
\nwill ensure that any modification to the country\u2019s asset management laws tallies with global standards and promote technological advancement
\nand innovation.<\/p>\n

“The UK has an
\nopportunity to update and improve the UK regime for asset management. We want
\nto hear from a wide range of voices about how we can enhance the existing
\nstandards, and what we should prioritise to bring the most benefits to
\nconsumers, firms and the wider global economy,” Camille Blackburn, the
\nDirector of Wholesale Buy-Side at FCA, explained.<\/p>\n

In another development,
\nthe UK financial markets supervisor last month asked local and foreign
\ncryptocurrency firms targeting UK consumers to be ready to comply<\/a> with the country\u2019s
\nupcoming new financial promotions regime. The FCA warned them of “robust action” for promotional rules breaches. These measures will include takedowns of websites, public warnings,
\nand enforcement action, the regulator noted.<\/p>\n<\/div>\n

Read More<\/a>
\n Solomon Oladipupo<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of England and the UK Financial Conduct Authority (FCA) have given an update on their joint supervision of the country\u2019s financial market infrastructure (FMI), noting that their Memorandum of Understanding (MoU) in this regard \u201cremain effective with appropriate coordination and no material duplication.\u201dThe authorities stated this on Friday in their update on their<\/p>\n","protected":false},"author":1,"featured_media":611977,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27827,497],"tags":[],"class_list":{"0":"post-611976","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-infrastructure","8":"category-market"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=611976"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/611977"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=611976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=611976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=611976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}