The proposals would give the Bank of England wide-ranging powers to deal with acute failure scenarios, treating policyholder liabilities as loss-absorbing. By Victoria Sander and Tim Scott HM Treasury is proposing a new UK resolution regime for insurers that would appoint the Bank of England as resolution authority with sweeping powers to resolve insurers through … Continue Reading
The decision clarifies the role of the English courts and the UK executive branch in the recognition of foreign heads of state and the ability of English courts to adjudicate the lawfulness of executive and legislative acts of foreign states. By Charles Claypoole, Isuru Devendra and Michelle Taylor The UK Supreme Court (UKSC) recently issued … Continue Reading
The decision confirms that the UK government can recognise one person as de jure head of state of a foreign state and implicitly recognise another person as the de facto head of state. By Charles Claypoole and Isuru Devendra The English Court of Appeal’s recent decision in The “Maduro Board” of the Central Bank of … Continue Reading
By Andrew Moyle, Stuart Davis, Fiona Maclean, Christian McDermott and Charlotte Collins The Bank of England (BoE) announced on 19 July 2017 that it is extending direct access to its real-time gross settlement (RTGS) service to non-bank payment service providers (i.e., e-money institutions and payment service providers that do not have regulatory permissions to carry … Continue Reading
By Paul Davies and Michael Green On 16 June 2017, the Bank of England (BoE) published an article setting out its response to climate change, explaining that climate change and society’s response to it presents certain financial risks. These risks arise through two main ways: The physical effects of climate change such as droughts, floods … Continue Reading
