Task Force Publishes Report on Whether New Statutory Powers are Needed to Deal with Major Operational Disruption

Sir Andrew Large, chairman of the Task Force on Major Operational Disruption in the Financial System, announced today that the Task Force had concluded that no new statutory powers are needed to deal with the aftermath of major operational disruption in financial markets.
Published on 03 December 2003

The Task Force found that existing contractual mechanisms and legal provisions available to market participants and infrastructures were generally sufficient to allow the financial sector to manage risks appropriately. It concluded that such mechanisms, together with co-ordinated contingency planning across the public and private sectors were best suited to the particularly international and interconnected nature of the UK's financial markets.

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