Posted on: September 27, 2022
Bank of England Taxonomy 1.2.4
The Bank of England advised that it will be issuing its taxonomy 1.2.4, which is to address outstanding known issues. Whistlebrook understands that the issues are related to Statistical returns submitted to BEEDS. The relevant changes will be included in WIRES, once they become available.
In addition to 1.2.4, the Bank will also release taxonomy 1.3.0. The first draft of the latter was available for review until 9 September. The effective date of 1.3.0 is not known by Whistlebrook at this time, but any relevant requirements will be included in WIRES, when appropriate.
FCA Regulatory Form Changes
The Financial Conduct Authority advised that some of its regulatory forms will be subject to change. The schemas to which the forms reference, are being amended to accommodate Firm Reference Numbers that have seven digits. WIRES clients need take no action. The appropriate amendments needed by the regulator will be made in WIRES as necessary and have already been done for MIF006 (effective 30 September 2022). Further details are in the FCA’s RegData Notice Board.
The Bank of England advised that OSCA will be withdrawn in November 2022. Therefore, by that time, all firms will be required to submit their Statistical returns to BEEDS. Currently, there is no indication of an interface being provided by the Bank, that will allow direct submissions to the collection system.
Critical Third Parties to UK Financial Sector
The Prudential Regulation Authority and the Financial Conduct Authority issued a joint discussion paper (FCA reference DP 22-3) on operational resilience of third parties that provide services deemed to be of a critical nature. Whistlebrook understands that this paper refers to a proposed critical third party regime. This regulatory requirement may introduce minimum resilience standards, testing of third parties and provision of information to the regulators. Firms are encouraged to respond to the discussion paper by 23rd December 2022.
This regulatory update is Whistlebrook’s understanding of the position as at 22nd September 2022.