The Securities Lending and Repo Committee of the Bank of England has published a revised version of the Securities Borrowing and Lending Code of Guidance (the Code).
This new version of the Code supersedes the previous version agreed by the Committee in December 2004. It has been approved by the Committee to come into immediate effect.
The Code sets out, for guidance, a summary of the basic procedures which UK-based participants in securities lending/borrowing of both UK domestic and overseas securities observe as a matter of good practice. It is derived from current practices observed by leading participants in the securities lending/borrowing market and is kept under regular review.
The Code is intended to apply to all participants in the securities borrowing and lending market, including beneficial owners, pension and other fund managers and trustees and, as appropriate, their agents or advisors. The Code applies to participants even when a function has been outsourced, for example to a custodian. All participants, including all relevant staff of participant firms, are expected to be familiar with and understand the Code.
View Securities Borrowing and Lending Code of Guidance, 31 July 2009