The Bank of England (BoE) has issued its first formal rules for central counterparties (CCPs) and central securities depositories (CSDs), alongside a series of consultation papers and draft policy statements that lay the groundwork for a reshaped regulatory framework. Regulation Tomorrow has compiled a full overview of the publications.
The new Fundamental Rules for Financial Market Infrastructures, finalised in a policy statement, will come into force on 18 July 2026. These rules are the first made under the BoE’s expanded rulemaking powers, granted through the Financial Services and Markets Act 2023. They are now available in the BoE’s FMI Rulebook.
The policy follows a consultation held between November 2024 and February 2025 and marks a shift towards more UK-specific oversight of CCPs and CSDs.
Seeking input
Alongside the new rules, the BoE opened several consultations. One sets out how the BoE plans to use its new permissions power, allowing recognised UK and overseas firms to request exceptions to specific rules. The paper also outlines how these permissions would be published. Comments are invited until 18 November 2025.
The BoE is also consulting on how to future-proof CCP resilience as it moves parts of UK EMIR into its own regulatory framework. The paper proposes targeted updates to existing requirements and will shape the long-term structure of UK CCP regulation. This consultation also runs until 18 November 2025.
A draft supervisory statement focuses on CCP margin practices. It highlights expectations around procyclicality, portfolio margining, margin model reviews, and the ongoing provision of margin simulation tools.
