1.5. The UK Regulatory Infrastructure.

CMA | FPC | Treasury | HMRC | BoE.

Competition and Markets Authority

Competition and Markets Authority

From April 2013, the BoE took on further responsibilities that saw the creation of an independent Financial Policy Committee (FPC) at the BoE.

The FPC meets at least four times a year.

Financial Policy Committee

which covers the stability and resilience of the financial sector.

Bank’s Monetary Policy Committee meets eight times a year (roughly every 6 weeks).

In exceptional circumstances, the BoE may act as the lender of last resort by extending credit to banks.

The government department responsible for implementing the government’s financial and economic policies.

often abbreviated to chancellor

where part of an employee’s salary is added to the employer’s contribution, | where employers solely make the payments.

Both contributory and non-contributory

where a set amount of payment is made to the scheme, | where scheme members are guaranteed to receive x% amount of the final salary.

TPR can take enforcement actions if an employer does not comply with its legal responsibilities.

The European Union (Withdrawal) Act 2018 gave the government powers to amend current legislation.

Markets in Financial Instruments DIRECTIVE

MiFIR

As a regulation, EU member states are not required to ‘transpose’ MiFIR into national law.

European Securities and Markets Authority,| European Banking Authority

Implemented in UK by FCA

In 2021 HMT published a review of the wholesale markets in the UK. UK government believed that the EU approach to regulation meant that some regulation was not calibrated for the uniqueness of the UK markets.

overhaul (przegląd)

Intergovernmental = supernational

The Financial Action Task Force (FATF). | Bank for International Settlements (BIS)

developed 40 Recommendations; 200 countries have committed to implementing them

BIS

63 central banks and monetary authorities are currently members and have rights of voting

The BIS is owned and governed by central banks.

including 6 ‘ex-officio’ Directors, comprising the Central Bank Governors of Belgium, France, Germany, Italy, UK and USA.

over 130 jurisdictions to protect investors, | IOSCO Board comprises 34 regulators

Bank for International Standards

after Brexit ESMA will not apply in the UK. | FCA will replace the EU supervisory bodies Guidelines with its own guidance.

Senior individuals within regulated firms, acting in a personal capacity. | Iindividuals acting on behalf of their firm.

Example of this would be the ‘FX Global Code’ (re: wholesale foreign exchange market)

ie, the Chartered Institute for Securities. The CISI expects members to comply with its ‘code of conduct’.

ie HM Treasury. | PRA/FCA.

ie, ISLA for securities lending, ICMA for bonds and repos, ISDA for OTC derivatives. || AFME, the Association of Foreign Banks.

CCBSAC

*– detailed information about the firm’s owners and controllers. | **Did firm has traded before? | ***each person who is to carry out Senior Management Function

*The Permissions Regime - Part 4A of FSMA