Treasury consults on SMCR for Financial Market Infrastructures

HM Treasury is consulting on proposals to create an SMCR for financial market infrastructures (FMIs). The proposed regime would mirror the existing SMCR and would give the BoE new rule-making, supervisory and enforcement powers analogous to those which the FCA and PRA have in respect of the existing SMCR. The FMIs covered by the proposal are CCPs, central securities depositaries, payment systems recognised under the Banking Act 2009 and specified service providers to those recognised payment systems.

The consultation closes on 22 October 2021.

Lucy Hadrill