• Recognised clearing houses - response to HM Treasury call for evidence: The UK Government published this response in late November 2015. Going forward, in addition to considering the most appropriate regulatory treatment of Model B clearers and risk management companies providing margining and netting solutions, the Government address the issue of a new recognised body status for CSDs in the upcoming consultation on how to implement the EU CSD Regulation in the UK.
  • Outsourcing standards for regulated firms: On 27 November 2015, the UK’s Prudential Regulation Authority (PRA) announced that it had fined R. Raphael & Sons Plc £1,278,165 in respect of its failure to properly manage its outsourcing arrangements.