Prudential Regulation Authority banks on legal reshape

As with any change, there’s good news for some and bad news for others. In a consultation paper published today, the Bank of England’s (BoE) Prudential Regulation Authority (PRA) has set out new hoops for non-EU banks to jump through if they want to do business in the UK.

It will mean a longer to-do list for the PRA, which has been so busy that the BoE’s legal team has had to add two roles to its roster.

The new spots – head of markets and banking and head of financial stability and market infrastructure – have been filled by longstanding BoE lawyers Jonathan Grant, who led on the integration of the PRA last year, and Jacqueline Joyston-Becha.

Sources say the BoE is on the hunt for more lawyers as the PRA, created by the 2012 Financial Services Act, increases the bank’s in-house workload.

A BoE spokesperson wouldn’t comment on how any internal changes might impact the bank’s use of external advisers – but the bank is a longstanding client of Freshfields Bruckhaus Deringer, where BoE’s chief legal officer Graham Nicholson was a partner until 2008.

Not one to lose interest over.

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