Bank of England Definition

GLOSSARY

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What does Bank of England mean?

The Bank of England, established in 1694, has the exclusive right of note issue in England and Wales. As an institution it is under the control of HM Treasury and is expected to regain the power to regulate the banking industry.

Since the transfer of banking regulation from the Bank of England to the Financial Services Authority, the Bank's functions in relation to the regulation of financial services had been reduced but it is expected to regain these powers after announcement by the Chancellor on June 16, 2010 to abolish the Financial Services Authority and to transfer its functions to the Bank of England. The Bank's functions include maintaining the stability of the financial system and ensuring its effectiveness, and maintaining the integrity and value of the currency. The Bank sets interest rates for sterling, issues bank notes and acts as banker to the commercial banks and to the government. The Bank of England acts as 'lender of last resort' to banks which are solvent but encounter liquidity problems.

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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...

FCA consultation paper tracker—2019 [Archived]

FCA consultation paper tracker—2019 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2019, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/Handbook Notice BrexitAuthorisation, approval and supervisionComplaints, compensation and claims managementRegulation of capital marketsPayment services and systems Regulation of personal pension and stakeholder products CP19/33: Quarterly Consultation No 26 The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), in which it consults on proposed miscellaneous amendments to the FCA Handbook:—clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals—changes to the Listing Rules’ requirements, which cross-refer to the Prospectus Regulation, for information to...

The Connect system

The Connect system BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. Connect is the web-based system for notifications and applications. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have been using Connect since 1 October 2014, when it replaced the previous Online Notification and Application System (ONA) . Although the FCA oversees the Connect system, it is used by both the FCA and PRA. Submissions route to the relevant regulator and, in the case of dual-regulated firms, the PRA takes the lead on handling submissions. Applications and notifications available via Connect Firms can make applications and notifications via Connect for the following:...

Key cross-border guidelines for insolvency or restructuring cases

Key cross-border guidelines for insolvency or restructuring cases Introduction In addition to the formal provisions of the UNCITRAL Model Law on Insolvency (enacted in England by the Cross-Border Insolvency Regulations 2006 (CBIR 2006), SI 2006/1030) (see Practice Note: UNCITRAL Model Laws—overview), and the Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency]) which applies between Member States (see: EU Recast Regulation on Insolvency (Member State to Member State)—overview), there are various other guidelines which although having no formal legal status, are sometimes voluntarily chosen by parties to assist in cross-border restructurings and insolvencies including: • INSOL International (International Association of Restructuring, Insolvency & Bankruptcy Professionals): Statement of Principles for a global approach to multi-creditor workouts II, 2017 (the INSOL principles) • INSOL Europe Turnaround Wing Guidelines for Restructuring and Turn Around Professionals (the INSOL TW Guidelines) • ALI (American Law Institute) Principles of cooperation in transnational insolvency cases among the members of the North American Free Trade Agreement...

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Short-form facility agreement (term loan): single company borrower—bilateral—unsecured

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the...

Memorandum on the responsibilities and obligations of a director of an AIM company

Memorandum on the responsibilities and obligations of a director of an AIM company 1 Introduction 1.1 This memorandum has been prepared for the directors and proposed directors (the Directors) of the Company to provide a general introduction to the principal responsibilities and obligations of a director of a company whose shares are admitted, or will be admitted, to AIM, a market operated by London Stock Exchange plc (LSE). 1.2 Once a company’s securities are admitted to trading on AIM, a company and its directors are subject to an increased layer of regulation. This includes requirements set out in the AIM Rules for Companies published by the LSE (AIM Rules), the Disclosure Guidance and Transparency Rules sourcebook (DTRs), the Prospectus Rules and the Market Abuse Regulation. 1.3 As a Director, you will be responsible (individually and collectively with your fellow Directors) for the Company's compliance with these provisions. The LSE has the power to fine or publicly censure an AIM company in the case of a...

Dive into our 66 Precedents related to Bank of England

In the event an assured shorthold tenancy agreement contains a clause which allows a landlord to recover interest, but this clause includes a higher rate of interest than the Tenant Fees Act 2019 allows (and is therefore unenforceable) can a landlord seek to recover statutory interest when issuing a claim for the rent arrears?

In the event an assured shorthold tenancy agreement contains a clause which allows a landlord to recover interest, but this clause includes a higher rate of interest than the Tenant Fees Act 2019 allows (and is therefore unenforceable) can a landlord seek to recover statutory interest when issuing a claim for the rent arrears? An assured shorthold tenancy (AST) may provide for a contractual rate of interest to be applied to sums owed by the tenant to the landlord. A tenancy agreement is a contract and the starting point therefore is that the provision in respect of interest in the AST is binding as between the parties and should be applied by the court to any money judgment (such as for arrears of rent). However, the Tenant Fees Act 2019 (TFA 2019) (as well as various other statutes, such as the Housing Act 1988 (HA 1988) which overrides any provisions that relate to the taking of possession or the giving of notice in a manner not...

Where can I find information on the UK sanctions regime for Russia?

Where can I find information on the UK sanctions regime for Russia? The following resources are available on Lexis+ to assist practitioners with regards to the UK sanctions regime in relation to Russia: • Practice Note: Sanctions regime—Russia which provides an introduction to the UK sanctions regime against Russia under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018) and the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855 and highlights additional sources of guidance and information to assist in understanding the regime and the prohibitions created under it • Practice Note: Conflict in Ukraine—UK sanctions tracker [Archived] which aims to assist lawyers to track relevant developments published by the UK government in relation to the conflict in Ukraine. It includes legislation, financial sanctions notices, Office of Financial Sanctions Implementation (OFSI) licences, guidance and other announcements from HM Treasury, OFSI, the Foreign, Commonwealth and Development Office, the Department for International Trade, the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and the Payment Systems Regulator...

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BoE recalibration of indexed long-term repo facility for transition to repo-led framework

The Bank of England (BoE) has published a Discussion Paper outlining plans to recalibrate the Indexed Long-Term Repo (ILTR) facility as part of its transition to a demand-driven, repo-led framework for supplying reserves. In light of this, the Prudential Regulation Authority (PRA) has issued a statement encouraging firms to engage with the proposals and test their operational readiness for accessing the ILTR. Changes to the ILTR are set to take effect in 2025.

TMT weekly highlights—5 December 2024

Welcome to this week’s edition of the TMT weekly highlights: a hand-picked summary of news analysis, updates and new content from across the technology, media and telecoms sectors. These highlights focus on key topics including new technologies, software, cloud computing, internet, outsourcing, music, film & television, publishing, defamation and telecoms.

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