Bank of England
All policy statements and rule changes from the BoE (United Kingdom).
Letter from the Chancellor to the Governor
Why this matters
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The Bank of England has today published its policy statement and draft Code of Practice (rules) for systemic stablecoin issuers.
The Bank of England has issued a policy statement and draft **Code of Practice** setting out the prudential and conduct framework for **sterling‑denominated systemic stablecoin issuers**, replacing earlier consultation proposals with a more business‑viable model. For compliance teams, the key changes are a revised backing‑asset composition (70% gilts / 30% BoE deposits vs the previously consulted 60%/40%) and a shift from **per‑holder limits** to a **£40 billion per‑coin issuance guardrail**, plus a clear timetable to finalise rules by end‑2026 and enable UK‑regulated systemic stablecoins from 2027.
The regime is high‑impact and prudentially stringent, and non‑compliance could result in refusal of systemic recognition, restrictions on issuance, enforcement actions under the Banking Act 2009, and forced wind‑down or restructuring of stablecoin businesses. Given the 2027 go‑live and the depth of prudential, safeguarding, and operational changes required, firms intending to issue or support systemic sterling stablecoins face a multi‑year transformation programme with material supervisory scrutiny.
AI-generated analysis. May contain errors or omissions — verify with the original BoE source before acting. Full disclaimer.
Joint statement from the Bank of England and Financial Conduct Authority
Why this matters
This is an informational statement regarding the annual review of the BoE-FCA Memorandum of Understanding on financial market infrastructure supervision. It covers CCPs, RIEs, and RCSDs, which are capital markets infrastructure entities.
The Bank of England and Prudential Regulation Authority have finalised a package of changes to firms’ resolution reporting and disclosure requirements which reduces the burden of regulation while maintaining a robust and credible regime that supports growth and competition.
Why this matters
This regulatory update from the Bank of England streamlines reporting and disclosure requirements for the bank failure regime, which is relevant for banks and wealth managers. The changes aim to reduce regulatory burden while maintaining a robust resolution framework, which is a medium priority topic for these firms.
Exchange of letters between the Governor and the Chancellor
Why this matters
This regulatory update from the Bank of England's Financial Policy Committee is likely to impact banking, investment management, and wealth management firms, with a focus on prudential requirements, operational resilience, and reporting obligations.
Letter from the Chancellor to the Governor
Why this matters
This regulatory update from the Bank of England relates to the remit for the Monetary Policy Committee, which is relevant for banking, investment management, and wealth management firms in terms of prudential requirements, reporting, and governance. The update is informational in nature.
The Financial Policy Committee (FPC) welcomes today the Prudential Regulation Authority’s (PRA’s) policy statement 20/25 – The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs) – near-final.
The Financial Policy Committee (FPC) welcomes the Prudential Regulation Authority's (PRA) Policy Statement (PS) 20/25, which finalizes the second phase of the "Strong and Simple Framework" by introducing a simplified capital regime for Small Domestic Deposit Takers (SDDTs), alongside liquidity simplifications. This matters because it reduces regulatory burdens, enhances competition among smaller UK banks and building societies, and maintains resilience without full Basel 3.1 standards, with implementation on 1 January 2027.
Urgency: High – With full implementation on 1 January 2027 (less than 12 months from today), SDDTs face tight timelines for capital recalibrations, ICR exits, and reporting overhauls; missing deadlines risks supervisory intervention or full Basel 3.1 compliance costs. This significantly eases burdens (e.g., simpler buffers, reduced reporting) but requires proactive gap analysis to leverage simplifications while ensuring resilience.
AI-generated analysis. May contain errors or omissions — verify with the original BoE source before acting. Full disclaimer.
The PRA and FCA have today confirmed plans to increase flexibility around senior banker pay, alongside changes to create better links between bonus awards and responsible risk-taking.
Why this matters
This regulatory update from the PRA and FCA impacts the banking and wealth management sectors, with changes to senior banker pay and bonus structures related to prudential requirements, governance, and consumer protection. The medium urgency reflects the forward-looking nature of the changes for 2025.