-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessBOE: Banks Can Seek Post-Brexit Authorisation From Jan>
London (MNI) - The Bank of England sought to get the ball rolling
on authorisation of overseas banks and insurers post-Brexit, stating
that they can apply for authorisation from January next year.
Firms have repeatedly said time is fast running out before they
have to trigger contingency plans and the BOE's move is a pitch to try
and ensure overseas financial service firms will register to carry on
business here once the UK leaves the EU.
With the negotiations with the EU over Brexit ongoing, financial
sector firms have no legal certainty but the BOE said that they could
plan on the basis that there will be cooperation between EU and UK
regulators and regulatory equivalence.
There was an agreement this month between the UK and the EU on the
need to negotiate an implementation period during which firms could
carry on cross-border activities.
BOE Deputy Governor Sam Woods said in letter to financial sector
firms' CEO's that "We ... expect those negotations to progress early in
the New Year. In the meantime, firms may submit applications for
authorisation from January, and we will then review timelines and
assumptions as the political process moves forward."
The clear message is that the BOE and its regulatory arm, the
Prudential Regulation Authority, want to get the authorisation process
moving despite the uncertainty over the final shape of any deal between
the UK and the EU. Around 200 firms could apply for authorisation.
The PRA's approach to authorisation is based in part on the
assumption that there will be regulatory equivalence between the UK and
the EU.
"It is ... premature for the PRA to reach a final view in these
areas ... However, given progress to date in the Brexit negotiations,
for the present firms may plan on the assumption that these requirements
will be met," Woods said.
e-mail: david.robinson@marketnews.com
[TOPICS:M$$BES]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.