Bank of England consults on post-Brexit market infrastructure rules

LONDON (Reuters) – The Bank of England said on Tuesday it was launching a consultation on proposed, post-Brexit rules for clearing houses, payment system operators and other financial market infrastructure in order to improve transparency.

The BoE said the consultation about its new Fundamental Rules represented its first use of new powers to make legally binding regulation for central counterparties and central securities depositories in Britain.

The new rules – which Britain is now able to set for itself after leaving the European Union – will also apply to BoE-regulated UK payments systems and specified service providers.

“Building on the strong foundations we already have, we’re using this opportunity to be clear on what we expect from the firms we supervise,” Sarah Breeden, the BoE’s deputy governor for financial stability, said in a statement.

“Together with our updated approach to supervision, it marks the next stage of the Bank designing a nimble, effective and forward-looking regulatory regime, with more to come in the near future.”

The consultation will run until Feb. 19, the BoE said.