Apply to participate in the Sterling Monetary Framework
The following types of institution can apply to take part in the Sterling Monetary Framework (SMF):
- banks and building societies that are authorised to take deposits in the UK
- investment firms designated for prudential supervision by our Prudential Regulation Authority (referred to as ‘broker-dealers’)
- central counterparties operating in UK markets, which are authorised under the European Market Infrastructure Regulation (EMIR) or recognised by the European Securities and Markets Authority (ESMA).
More information is available in the Sterling Monetary Framework Eligibility Criteria and Terms and Conditions.
We also have guidance for new banks on access to the Sterling Monetary Framework.
Each applicant for SMF facilities should complete the following application form, and provide the additional information requested on page one.
Sterling Monetary Framework application form
Sterling Monetary Framework documentation:
Sterling Monetary Framework Eligibility Criteria and Terms and Conditions
Sterling Monetary Framework Operating Procedures
Applicants will need to provide a completed authorised signatory evidence form along with the application form. We have prepared guidance for applicants on the evidence required to support your authorised signatory evidence form.
Authorised signatory evidence form
Front office contact form
Guidance for the authorised signatory evidence form
We may need you to provide a capacity opinion or a capacity and country opinion in connection with your application:
Pro forma legal opinion (capacity issues only)
Pro forma legal opinion (country and capacity issues)
If the applicant is not the primary entity in its group, we may require a guarantee and an associated legal opinion to be provided:
Pro forma Guarantee
Pro forma legal opinion on the Guarantee
Loan Transactions Annex: Assignment
Loan Transaction Annex: Declaration of Trust
Loan collateral pooling explanatory note
The legal documentation governing participation in our operations under the Sterling Monetary Framework also includes:
- The Admission Letter we send to participants as part of the application process, containing details of information that you need to send us.
- The Commencement Letter we send to participants once we have accepted them into the SMF.
- Any relevant Market Notice, which we publish from time to time.
For queries on applying to participate in the Sterling Monetary Framework, contact the applications team on +44 (0) 20 3461 5928 or email email@example.com