The Bank of England chaired a meeting of the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub‑Committee on 17 March 2026 to review regulatory developments affecting the FX market. Following the approval of the previous meeting’s minutes, the committee discussed the EU Benchmarks Regulation, noting that non‑EU FX benchmarks face practical difficulties and that the EU is narrowing its scope to critical, significant, climate‑related, and certain commodity benchmarks, with exemptions for non‑central‑bank‑administered ones. The UK will maintain a systemically important benchmark regime, with HM Treasury reviewing designations. Stablecoins and other cryptoassets were highlighted as having regulatory treatment; the EU’s Markets in Crypto‑Assets Regulation introduces new categories, while the UK’s approach focuses on systemic stablecoins and sandbox testing. Artificial intelligence was identified as a tool in FX trading, with UK and EU rules emphasizing transparency and liability, and the committee urged further clarity on cyber security, resilience, data protection, and intellectual property. Future agenda items include a review of competition guidance, ISDA consultations, and updates on UK crypto‑asset regulation. The committee also approved the appointment of a deputy chair.
© Governor and Company of the Bank of England.
Summary adapted from the Bank of England website (https://www.bankofengland.co.uk ).
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