Regulatory architecture

Regulatory architecture guidance:

The work and foundations of BIS The Bank for International Settlements (BIS) assists central banks in relation to monetary and financial stability. Its head office is in...

Practice Note

The work and foundations of the Committee on Payments and Market Infrastructures (CPMI) The Committee on Payments and Market Infrastructures (CPMI) is a forum housed...

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BREXIT: The law as set out in this Practice Note may be affected by Brexit. For further details on the potential impact of Brexit on competition law, see Practice Notes:...

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EU integration of banking regulation Further economic integration in regulatory areas was called for in response to the perceived lack of an integrated EU-level framework...

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What does EIOPA do? The European Insurance and Occupational Pensions Authority (EIOPA) is one of three European Supervisory Authorities (ESAs) which was created to...

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On 1 April 2013 the Financial Services Authority (FSA) Handbook was split between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to...

Practice Note

Why are the FCA's functions relevant? BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this...

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The role of the FCA The Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a wide-ranging brief to: •...

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What legislation forms the FCA? BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice...

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Background to the Financial Policy Committee The Financial Policy Committee (FPC) was formally initiated from 1 April 2013, in accordance with provisions in the Financial...

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Established in April 2009 at the G20 summit in London, the Financial Stability Board (FSB) is the successor to the Financial Stability Forum (FSF). The FSB was created...

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The Financial Stability Board (FSB) was established to co-ordinate elements of international work towards the implementation of effective regulatory, supervisory and...

Practice Note

What is G-20? G-20, or the Group of Twenty, is a supra-national forum for international co-operation in relation to economics and finance. It is formed from 19 country...

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ESMA is an independent European Union Authority established on 1 January 2011 to replace and continue the work of the Committee of European Securities Regulators (CESR)...

Practice Note

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on...

Practice Note

IOSCO The International Organization of Securities Commissions emerged in 1983 from a decision by several north and south American securities regulatory...

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General duties The Payment Systems Regulator (PSR) has a number of statutory duties and powers under the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013). In...

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Establishment of the PSR The UK government commissioned in 1998 an independent review of the banking industry and the review report (the Cruickshank report) which was...

Practice Note

Background to the Fundamental Rules Prior to the creation of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in 2013, the predecessor...

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Scope of PRA regulation While Prudential Regulation Authority (PRA)-regulated firms are regulated by the Financial Conduct Authority (FCA) for conduct purposes, the PRA...

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The PRA's powers The Financial Services Act 2012 (FSA 2012) received Royal Assent on 19 December 2012. Predominantly in force from 1 April 2013, it reformed the...

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Legislation establishing the PRA The Prudential Regulation Authority (PRA) forms part of the regulatory structure that the UK government put in place on 1 April 2013. The...

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The European Supervisory Authorities (ESAs) work with the European Systemic Risk Board (ESRB) to ensure financial stability and to strengthen and enhance the EU...

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Background The origin of the European Economic Area (EEA) dates from 1990 and was largely the initiative of former European Commission (Commission) President Jacques...

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The Bank of England at the heart of the UK financial system BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This...

Practice Note

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For guidance, see...

Practice Note

On 23 June 2016, the United Kingdom held an advisory referendum on its membership of the EU, with a small majority of those voting (and allowed to vote) being in favour...

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The European Central Bank (ECB) represents the core institution for the Eurosystem and the European System of Central Banks (ESCB). The ECB became the successor of the...

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ESRB Background The European Systemic Risk Board (ESRB) emerged out of recommendations following on from the initial stages of the 2007–08 financial crisis. The European...

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Overview of the FCA’s competition law powers The Financial Conduct Authority (FCA) has a statutory objective under the Financial Services and Markets Act...

Practice Note