The FCA and the PRA are responsible for the supervision of regulated banks to which certain central counterparties (CCPs) provide services. The Bank of England is responsible for the supervision of CCPs in the UK.
The FCA, the PRA and the Bank of England (the regulators) welcome HM Treasury’s statement and the government’s proposed amendments to the Financial Services and Markets Bill relating to the CCP run-off regime.
The regulators recognise and fully support the intention to facilitate the continuity of these clearing services to UK firms consistent with the original amendment tabled for these purposes in January 2023. The regulators continue to work together towards this aim, having regard to their respective duties. In the event of a gap between 1 July and Royal Assent, the regulators will take a proportionate and risk-based approach when giving consideration to the use of their supervisory powers in relation to firms that may be impacted pending Royal Assent.