<p>The Bank of England
and the UK Financial Conduct Authority (FCA) have given an update on their
joint supervision of the country’s financial market infrastructure (FMI),
noting that their Memorandum of Understanding (MoU) in this regard “remain
effective with appropriate coordination and no material duplication.”</p><p>The authorities
stated this on Friday in <a href=”https://www.bankofengland.co.uk/news/2023/february/update-on-mou-on-the-supervision-of-market-infrastructure-and-payment-systems” target=”_blank” rel=”follow”>their update on their MoU</a> on the supervision
of market infrastructure and payment systems in the country. They noted that
the conclusion was reached based on their review of FMP providers. </p><p>According to <a href=”https://www.financemagnates.com/tag/boe/” target=”_blank” rel=”follow”>the BOE</a>, FMIs allow the clearing, settlement,
and recording of financial transactions and also enable millions of
transactions to take place each day. They include entities such as payment
systems, central securities depositories and central counterparties. </p><p>The British central
bank noted that these service providers “acknowledged the efforts made on
co-operation particularly on <a href=”https://www.financemagnates.com/institutional-forex/the-fca-proposes-synthetic-dollar-libor-rate/” target=”_blank” rel=”follow”>LIBOR transition</a> and operational resilience and
the Bank and <a href=”https://www.financemagnates.com/tag/fca/” target=”_blank” rel=”follow”>FCA</a> remain committed to effective co-operation going
forwards.”</p><p>FCA Seeks to Strengthen Regulatory Regime</p><p>Last month, the FCA <a href=”https://www.financemagnates.com/forex/fca-consults-on-asset-management-regulation-update/” target=”_blank” rel=”follow”>started consulting with the public</a> on ways to update
and improve the country’s asset management regime. Asset managers in the United
Kingdom superintend over £11 trillion in assets, making the country the second
biggest asset management market after the United States.</p><p>FCA noted that it
will ensure that any modification to the country’s asset management laws tallies with global standards and promote technological advancement
and innovation.</p><p>”The UK has an
opportunity to update and improve the UK regime for asset management. We want
to hear from a wide range of voices about how we can enhance the existing
standards, and what we should prioritise to bring the most benefits to
consumers, firms and the wider global economy,” Camille Blackburn, the
Director of Wholesale Buy-Side at FCA, explained.</p><p>In another development,
the UK financial markets supervisor last month asked local and foreign
cryptocurrency firms targeting UK consumers <a href=”https://www.financemagnates.com/cryptocurrency/fca-seeks-crypto-firms-preparedness-for-upcoming-promotions-regime/” target=”_blank” rel=”follow”>to be ready to comply</a> with the country’s
upcoming new financial promotions regime. The FCA warned them of “robust action” for promotional rules breaches. These measures will include takedowns of websites, public warnings,
and enforcement action, the regulator noted.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
