New objectives and regulatory principles Exercise of Bank of England regulatory powers Internal decision-making processes
Currently, the Bank largely undertakes its decision-making for its regulation of CCPs and CSDs through its FMI Board. This is an internal, non-statutory executive committee constituted by the Governor of the Bank of England to exercise the Bank’s powers in relation to the FMI it regulates. It is chaired by the Deputy Governor for Financial Stability and includes senior Bank executives, as well as three external members. The Governor has reserved limited decisions to himself; the Governor can also be consulted on important decisions that would otherwise fall within the Board’s remit (and resolve to take such decisions himself). The Board can also delegate matters to Bank officials if it deems it appropriate to do so.
	The Act places the Bank’s decision-making processes for CCPs and CSDs onto a statutory footing by creating a new FMI Committee. The intention of this is to increase transparency and accountability around the Bank’s internal decision-making processes as it exercises its new rule-making power for CCPs and CSDs. The constitution of this Committee will be left largely to the Bank’s judgment; but the Act specifies that there should be at least three independent members on the Committee, and that the Committee should be chaired by either the Governor or a Deputy Governor of the Bank. The Act allows the FMI Committee to, as it sees fit, arrange for any of its functions to be carried out by the Governor or after consultation with the Governor. It also continues to provide for matters to be delegated within the Bank where appropriate, with the exception of its rule-making functions.
	The Act leaves the Committee’s procedures largely to the judgment of the Bank. The Bank will be required to publish a statement on a number of matters relating to the Committee. This includes its membership, arrangements for meetings, voting and decision taking procedures, arrangements for any decisions to be taken by, or in consultation with, the Governor and arrangements for matters to be delegated within the Bank.