Bank of England Launches Consultation on Post-Brexit Financial Rules

LONDON (Reuters) – The Bank of England announced a consultation on proposed post-Brexit rules concerning clearing houses, payment system operators, and other financial market infrastructure to enhance transparency.

The BoE indicated that this consultation regarding its new Fundamental Rules marks its initial application of new powers to establish legally binding regulations for central counterparties and central securities depositories in the UK.

These new rules, now set independently following the exit from the European Union, will also apply to BoE-regulated UK payment systems and designated service providers.

Sarah Breeden, the BoE's deputy governor for financial stability, stated, "Building on the strong foundations we already have, we're using this opportunity to clarify our expectations from the firms we supervise."

She added, "Alongside our updated supervisory approach, this marks the next stage in the Bank's design of a nimble, effective, and forward-looking regulatory regime, with more developments expected soon."

The consultation period will be open until February 19, the BoE confirmed.