BoE sets out post-Brexit supervision plans
Central bank says UK will aim to stay open as banks, insurers and CCPs are brought under the PRA’s oversight
The Bank of England has set out how it plans to grant authorisations to banks and insurers post-Brexit, offering some clarity on what future supervisory relationships may be.
Currently, branches of EU-headquartered banks and insurers operating in the UK are supervised by home authorities. Post-Brexit, firms will need to apply for authorisation from the BoE’s Prudential Regulation Authority, which will become their new supervisor.
The key points, set out in a series of documents today (December
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