Update 7 May 2020: On 20 March, we announced an extension to the Bank’s consultation papers on Operational Resilience of FMIs until 1 October 2020. It is planned that FMIs will not need to meet requirements resulting from the consultations before the end of 2021. While operational resilience remains a top priority for the Bank, PRA and FCA, the delays are intended to alleviate the burden on FMIs in the wake of the Covid-19 outbreak.
In the consultation papers (CPs), the Bank of England sets out its proposals for improving the operational resilience of Financial Market Infrastructures (FMIs). The proposals set out policies designed to improve the operational resilience of FMIs and protect the wider financial sector and UK economy from the impact of operational disruptions. The draft requirements and expectations in the policies seek to embed the concepts of the July 2018 Discussion Paper (DP) 1/18 ‘Building the UK financial sector’s operational resilience’ (the DP).
The Bank has published:
- individual CPs and draft supervisory statements (SSs) consulting on the Bank’s operational resilience expectations for each of central counterparties and central securities depositories.
- a CP, draft SS and draft operational resilience chapter of the Code of Practice for recognised payment system operators and specified service providers.