Notifications / reporting

FMIs must report certain matters to the Bank of England

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Notifications on selling and buying CCP shares

Under article 31 of the European Market Infrastructure Regulation (EMIR) as onshored, those proposing to directly or indirectly dispose of, acquire or increase their qualifying holding in a UK CCP must first notify the Bank of England (the Bank).

Anyone who fails to comply with this obligation or who provides information to the Bank which is false in a material particular is guilty of a criminal offence under Regulation 15 of the Financial Services and Markets Act (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (SI/2013/504).

  • Anyone proposing to dispose, directly or indirectly, of a qualifying holding in a UK CCP is required to notify us in writing before making the disposal. They are also required to notify us of a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10%, 20%, 30% or 50%, or so that the CCP would cease to be their subsidiary.

    You must send these details by email to FMIInformation@bankofengland.co.uk.

    The email should include:

    1. Details of the current and proposed shareholding in the CCP.
    2. Who the shares are being sold to.
    3. The date the sale is expected to take effect.

  • Anyone who wishes to acquire or increase, directly or indirectly, their qualifying holding in a UK CCP or to further increase such a qualifying holding with the result that their voting rights or capital held reaches or exceeds 10%, 20%, 30% or 50%, or so that the CCP would become their subsidiary, must first contact the Bank of England for approval.

    If the proposed acquirer is not a body corporate, please contact us by email at FMIInformation@bankofengland.co.uk to discuss the form of the notification.

  • We have a pre-notification stage which is designed to help those proposing to acquire or increase a qualifying holding in a CCP to understand the process and to submit a complete application.

    We recommend that you contact us at FMIInformation@bankofengland.co.uk to discuss whether a pre-notification meeting is necessary. You can submit a notification without contacting us first, but this increases the likelihood of your application being incomplete.

    To notify us, email a copy of the acquisition notification form and your supporting documents to FMIInformation@bankofengland.co.uk and send two hard copies to:

    The Director, Financial Market Infrastructure Directorate, Bank of England, 20 Moorgate, London EC2R 6DA.

     

Securities Internalised Settlement reporting

The Central Securities Depositories Regulation (CSDR) (as onshored) introduces a requirement that firms that carry out settlement activity outside central securities depositories (CSDs) report data quarterly on this activity to the Bank of England. This requirement, which is contained in Article 9 of the legislation, applied as of July 2019.

This is likely to be relevant for firms having either, or both, of the following regulatory permissions, specified in Article 40 of the Regulated Activities Order, which are more relevant to carrying out settlement internalisation activities:

  • arranging safeguarding and administration of assets
  • safeguarding and administration of assets (without arranging)

Following the end of transitional relief under the temporary transitional power (TTP) on 31 March 2022, the settlement internalisation reporting obligation now applies to UK branches of EEA firms. If you think your firm will need to report settlement internalisation activity, please email InternalisedSettleme@bankofengland.co.uk.

Details about the timeline following the end of the TTP and the onboarding process for internalised settlement reporting are available below.

FMI whistleblowing and confidential reporting

Whistleblowing is when someone reports suspected wrongdoing at work. You can make whistleblowing disclosures about financial market infrastructures to the Bank of England.

To make a disclosure, email whistleblowing@bankofengland.co.uk or telephone +44 (0)20 3461 8703 or write to Bank of England (Legal Directorate - IAWB), Threadneedle Street,  London, EC2R 8AH.

The Bank of England and PRA are both Prescribed Persons as defined by Parliament under The Public Interest Disclosure (Prescribed Persons) Order 2014.

Since April 2017, all ‘Prescribed Persons’ are required to report in writing annually on workers (whistleblowing) disclosures they have received. This report covers the period 1 April 2023 to 31 March 2024.

Notification of new products within the TRR

The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022 amended Article 17 of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 to enable CCPs in the Temporary Recognition Regime (‘TRR’) to provide additional services, activities or classes of financial instrument (‘services’) to clearing members or trading venues established in the UK. Any CCP wishing to provide such services must:

  1. be authorised or permitted to provide these services in the country in which they are established, 
  2. notify the Bank of their intent to launch these services, and 
  3. provide any supporting information regarding these services as the Bank may specify. 

If a CCP within the TRR wishes to launch a new product they must notify the Bank using the attached form. Notifications should be made to FMIInformation@bankofengland.co.uk. The Bank will respond within 10 working days of receipt. 

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This page was last updated 31 July 2024