On Jul. 2, UKRN CB developed financial operations for critical periods
UKRN CB developed algorithm (rules) for continuous operation of financial services during critical periods which covers banks, financial institutions and financial services.
Key Points
This developed algorithm consolidates nearly 200 acts from 2004 to 2024 and defines operating modes for financial service providers during critical periods (e.g. wartime).
Also, new regulation establishes UKRN CB's decision-making and notification process and outlines regulatory directions for continuous operation and customer service.
It requires the development of specific protocols by UKRN CB and market participants and aims for coordinated operation and synchronized response modes.
And ensures readiness for limited operation modes during external disruptions.
Effectiveness
The reg is approved by res 67 on approval of reg on organization of ensuring uninterrupted functioning in conditions of critical periods of the banking system, activities of non-bank financial institutions and other persons who are not financial institutions, but have the right to provide separate financial services, regulation and supervision of which is carried out by UKRN CB in force from Jul. 2, 2024.
Financial services market participants must develop/approve internal documents to ensure smooth operation in a critical period and inform UKRN CB by Feb. 2, 2025.
