BoE outlines proposed approach to FMI rule permissions

The Bank of England (BoE) has published a consultation paper on a draft statement of policy (SoP) outlining its proposed approach to permissions, waivers and supervisory processes for central counterparties (CCPs), systemic overseas CCPs, UK and third country central securities depositories (collectively referred to as FMI) and critical third parties designated by HM Treasury. The consultation paper sets out how FMI may apply for exemptions or modifications to BoE rules, including the criteria and transparency measures that will guide such decisions. Where there are subject-specific rules and the BoE has issued a related SoP, it proposes to apply the criteria set out in the rules and SoP when assessing permission applications. For rules without a dedicated SoP, BoE intends to assess applications against the statutory criteria for general modification and waiver powers.

The deadline for comments is 18 November. The draft SoP should be considered alongside those which are subject specific, published as part of the consultation on the new regulatory framework for CCPs.

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