Rule Review for financial market infrastructures (FMIs)

What is Rule Review? 

The review of rules and supervisory statements (‘rule review’) is part of the Bank of England’s approach to policymaking. The Bank considers it to be an important aspect of being a responsive regulator, allowing it to keep pace with market changes (including innovation) and to reconsider rules that are not operating as intended or are no longer appropriate for the UK’s market. The review of rules can inform policy development and improve existing ones. Rule reviews can also lead to  Bank policy changes depending on the circumstances and evidence. 

Our approach to reviewing rules

The Bank's statement on the review of rules sets out how we approach rule reviews. It describes:

• the framework for undertaking rule reviews
• how stakeholders can engage with us , and how we consider their representations
• how we communicate our work to the public
• how we co-ordinate with other public bodies covering areas of shared responsibility

We published our statement on rule review on 5 December 2025 and invite feedback from all stakeholders. You can email fmi_rule_review@bankofengland.co.uk. We would like to hear your feedback by 4 September 2026.    

Who can engage with us? 

We welcome feedback from a broad range of stakeholders on our rulebook. This includes academics, civil society organisations, market participants (including Bank-authorised firms) and public institutions. 

Stakeholders should provide practical evidence to show whether (and what aspects of)a rule would benefit from review. 

How can stakeholders engage us? 

Interested parties can share insights, specific to a rule, a set of rules or a supervisory statement, by emailing us at fmi_rule_review@bankofengland.co.uk. Relevant and verifiable empirical evidence should support all feedback, where possible. You should clearly set out any underlying assumptions. However, please send any feedback on live Bank consultations to dedicated inboxes set out in the consultation papers, rather than to this one. Moreover, stakeholders can use other channels to make representations on the review of rules: 

• they can respond to public consultations and discussion papers on specific topics 
• Bank-regulated firms can engage via their supervisors 
• firms can engage via bilateral meetings, industry roundtables and/or relevant trade bodies