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Smf-application-form - SMF APP FORM

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1
SMF Application Form -
for applicants wishing to become participants in the Bank of
England’s Sterling Monetary Framework facilities
Notes for applicants on the application process
1. Applicants should be aware that there are a number of defined steps required to meet the Bank’s Eligibility
Criteria and become a participant in the Sterling Monetary Framework (SMF). Many of these steps involve
action by the applicant and the application process will vary depending on your particular circumstances,
operational readiness and the outcome of the Bank’s risk assessment so the time taken for each application
will be different. Admission is at the sole discretion of the Bank, and any work undertaken or expense
incurred is at the applicant’s own risk and does not guarantee entry. The Bank will provide a key contact
name in managing the application process and encourages a regular dialogue throughout.
2. The Bank may require other entities within the applicant’s group to provide a guarantee in respect of the
applicant’s obligations to the Bank. Such a guarantee must conform with the pro forma guarantee published
by the Bank on its website:
https://www.bankofengland.co.uk/markets/the-sterling-monetary-framework.
The
Bank may seek a legal opinion in respect of the guarantee which must conform with the pro forma legal
opinion on the guarantee published by the Bank on its website.
3. The Bank will require applicants incorporated outside of the UK to provide a legal opinion from a suitably
qualified and experienced in-house or external lawyer on its constitutional capacity to be a Participant; and
the Bank may require the provision by the applicant of a legal opinion on the enforceability of the SMF
Documentation under its home country law by a suitably qualified and experienced external lawyer. The
Bank will notify the applicant when it requires these legal opinions to be provided and these must conform
with the pro forma legal opinions published by the Bank on its website.
4. The Bank strongly encourages SMF applicants and Participants to adhere to the UK Money Markets Code
and any other guidelines, such as the FX Global Code, which are relevant to the Participant’s activities.
5. Institutions that are not required to place Cash Ratio Deposits with the Bank, will be required to pay a fee
every six months as a condition of their participation in the SMF facilities, as set out in the SMF Operating
Procedures Section 2.
Please provide the following information together with this Application Form:
a group structure chart of the applicant’s group including all main holding companies and subsidiaries
of the applicant company, and fellow subsidiaries;
an organisation chart, including individual names and job titles, which shows all lines of reporting
applicable to the relevant sections of the applicant; and
a copy of the latest annual report and accounts of the applicant and of its holding company/group and
of any company which does or will guarantee the obligations of the applicant. (It is acceptable to refer to
the location of such information on a website)
2
Instructions for completing this Application Form
Please ensure full and comprehensive answers are provided in response to each question.
All SMF applicants should complete Sections 1, 2, 3, 4, 10, 11 and 12.
Reserves Account Facility applicants should complete Section 5.
Operational Standing Facilities applicants should complete Section 6.
Discount Window Facility applicants should complete Section 7.
Open Market Operations applicants should complete Section 8.
Gilt Purchase OMO applicants should complete Section 9.
Please note that CCPs are not eligible to apply for Open Market Operations or Gilt Purchase OMOs.
Overview of Application Form
Section 1: Questions for all SMF applications
Section 2: Front Office Contact Details
Section 3: Contingency Site Details
Section 4: Notice Details
Section 5: Questions for Reserves Account Facility applicants
Section 6: Questions for Operational Standing Facilities applicants
Section 7: Questions for Discount Window Facility applicants
Section 8: Questions for Open Market Operations applicants
Section 9: Questions for Gilt Purchase OMO applicants
Section 10: Bank of England Authorised Signatory Evidence Form
Section 11: Front Office Contact Number Form
Section 12: Declaration and Application Form Sign Off
3
Section 1: To be completed by all SMF applicants
1. Name of applicant (please give the applicant’s name as it appears on the certificate of incorporation
or similar document, along with any business/trading name).
2. Name, job title, phone number, and postal and email addresses of senior manager responsible for
the Bank of England relationship with regard to the Sterling Monetary Framework.
Name:
Job Title:
Phone Number:
Address:
Postcode:
Email Address:
3. Name, job title, phone number, and postal and email addresses of individual completing the
Application Form.
Name:
Job Title:
Phone Number:
Address:
Postcode:
Email Address:
4. Address of applicant (for the purpose of correspondence on this application) and address of head
office where different.
Address of applicant:
Address of head office
where different:
4
8. Bloomberg ticker of the applicant (if available):
9.
Please indicate whether the institution is applying as a (tick one):
Bank or building society
Broker-dealer
CCP
10.
Please indicate the facilities the institution would like to apply for:
Reserves Account and Operational Standing Facilities
1
Discount Window Facility
Open Market Operations
If the institution is a Gilt-edged Market Maker, would the institution al
s
o like t
OMOs?
Gilt Purchase OMOs
5. Country or territory of incorporation of the applicant.
6. Office(s) / branch(es) of the applicant (including address(es)) which will transact the
relevant
business
with the Bank of England (where several offices are involved, please indicate the role of the
office, e.g. one office may participate in Open Market Operations and another hold the Reserves
Account).
7 Legal Entity Identifier of the applicant:
o apply for Gilt
Purchase
11. Please indicate whether the institution has signed a Statement of Commitment to the UK Money
Markets Code:
Yes No
1
Under certain circumstances, and at its own discretion, the Bank will consider granting
Applicants/Participants a waiver from the Operational Standing Facilities requirement, for smaller institutions
without a securities custodian relationship. Please contact
applications@bankofengland.co.uk
if you wish to
enquire about this waiver.
5
12. Please give details here of any institution in your Group that is eligible to become a Participant in the
Bank’s Sterling Money Market Operations? For example, please list the institution here if it is (i) an
authorised person as defined in the Financial Services and Markets Act 2000 and is either (a) an
eligible institution (as defined in paragraph 1 of Schedule 2 of the Bank of England Act 1998) or (b)
an investment firm which has been designated by the Prudential Regulation Authority for prudential
supervision, or (ii) a central counterparty operating in UK markets either authorised under EMIR or
recognised by ESMA (a ‘CCP’).
For the purposes of this question “Group” has the same meaning as in section 421 of the Financial
Services and Markets Act 2000. Please see Part F (Glossary) of the Sterling Monetary Framework
Terms and Conditions for a full definition. Note that the definition of “Group” covers a “participating
interest” in an undertaking (i.e. a “holding of 20% or more of shares in an undertaking”).
Regulation
For banks, building societies and broker-dealers
13. Please confirm that the applicant is authorised for the purposes of the Financial Services and
Markets Act 2000.
Yes
14. What is the applicant’s PRA firm reference number?
15. If the applicant is incorporated elsewhere in the European Economic Area, does it operate in the
United Kingdom under the EEA passport arrangements?
Yes No
If yes, please give details:
6
16. Please list the name, telephone number and email address of the individuals at the PRA and FCA
responsible for supervision of the applicant.
Name:
Phone Number:
Email Address:
Name:
Phone Number:
Email Address:
Name:
Phone Number:
Email Address:
Name:
Phone Number:
Email Address:
For CCPs
17. Please confirm that the firm is either authorised under EMIR by a competent authority or recognised
under EMIR by the European Securities and Markets Authority.
Yes
For applicants incorporated overseas
18. Where applicable please list the name, telephone number and email address of the individual
responsible for supervision of the applicant at the relevant supervisory authority in the applicant’s
country of incorporation, along with the name of that supervisory authority.
Name:
Phone Number:
Email Address:
Name of supervisory
authority:
7
For all applicants
19. Has this application been discussed with the relevant supervisory authority?
Yes No
Compliance with the Terms and Conditions
20. Have any of the events of default set out in Section A.11 of the Terms & Conditions occurred in
relation to the company?
Yes No
If yes, please give details:
21. What arrangements would the applicant have to ensure that the clause in the Terms and Conditions,
which requires participants to immediately notify the Bank if an Event of Default or a Potential Event
of Default occurs, is complied with?
22. What arrangements will the applicant have in place to help ensure that it complies with the
confidentiality requirements in the Documentation?
8
Settlement Arrangements, Business Plan and Business Continuity
23. Can the applicant confirm that it would be delivering to the Bank (whether directly or through another
party) eligible collateral to which it has absolute title free from all liens, claims, charges and
encumbrances?
Yes No
24. Can the applicant confirm that, if another group company or third party would be responsible for
delivering eligible collateral to the Bank on behalf of the applicant, that other group company or third
party would have no interest in such collateral?
Yes No
25. In summary, how will participation in the SMF facilities fit into the applicant’s liquidity management
and overall business plan?
26. Could there be any conflicts of interests between the applicant and any related company relating to
its money market transactions with the Bank? If so, please provide details and state how the
applicant would expect to manage these conflicts of interest and what regulatory requirements there
would be in this area.
27. What business continuity arrangements would the applicant use for its operations with the Bank?
Please list details of any contingency site in Section 3 of this application form.
28. Can the applicant confirm that it will promptly take all such steps and execute all tax
documentation/forms (in such form as the relevant tax authority may require) in connection with the
Documentation? All tax documentation should be sent to CMCClientSetup@bankofengland.co.uk
Yes
9
Section 2: Front Office Contact Details
Company Name:
Company Address:
Postcode:
Front Office staff with whom SMF Participation may be discussed as part of the Bank’s SMF
Relationship Management Framework:
Name:
Position:
Telephone Number:
Email Address:
Name:
Position:
Telephone Number:
Email Address:
Name:
Position:
Telephone Number:
Email Address:
10
Section 3: Contingency Site Details
Address:
Postcode:
Telephone Numbers:
11
Section 4: Notice Details
For the purposes of the notices clause (A.5) of the Terms & Conditions for the Sterling Monetary Framework,
the Participant’s notice details are as follows:
Address:
Postcode:
For the attention of:
Email Address:
12
Section 5: To Be Completed by Reserves Account Facility Applicants
The Reserves Account is operated via Enquiry Link software, which runs over SWIFT. Applicants will be
required to install and complete testing on Enquiry Link including the execution of a £1 on/off test in the live
environment, prior to their being accepted as a Reserves participant.
If the applicant is not a member of SWIFT it will be required to seek membership of SWIFT.
1 Is the applicant currently a member of SWIFT?
Yes No
The Reserves Account is funded/defunded via CHAPS, to ensure that transactions are settled efficiently (i.e.
on a same day basis). Applicants must therefore ensure they have access to CHAPS either directly or
indirectly, via their settlement bank.
2 Does the applicant have access to CHAPS?
Yes No
3 If the applicant has indirect access to CHAPS, what is the name of the applicant’s settlement bank?
13
Section 6: To be completed by Operational Standing Facilities Applicants
Operational Standing Facilities applicants will be required to complete a test trade, to demonstrate that they
have the operational capacity to execute Operational Standing Facilities transactions. Applicants will be
required to provide the Bank with some eligible collateral as part of the trade. Details of eligible collateral are
available here:
https://www.bankofengland.co.uk/markets/eligible-collateral
1 Does the applicant have experience in conducting collateralised lending transactions?
Yes No
If yes, please give summaries of the nature and scale of any collateralised lending activity.
2 Does the applicant typically hold, outright or in repo or collateralised lending transactions, Eligible
Securities (as defined in the Documentation)?
Yes No
3 If no to question 2, does the applicant intend in the near future to hold, outright or in repo or
collateralised lending transactions, Eligible Securities (as defined in the Documentation)?
4 Which types of eligible security would the applicant typically have available for collateralised lending
transactions with the Bank? (Please give an indication of the approximate size of recent and
expected holdings and positions)
5 Does the applicant wish to apply for a waiver from the OSF requirement and apply for a reserves
account only? (This is only applicable to smaller banks without a securities custodian relationship)
Yes No
14
Section 7: To Be Completed by Discount Window Facility Applicants
Discount Window Facility applicants will be required to complete a test trade, to demonstrate they have the
operational capability to execute Discount Window Facility transactions. Applicants will be required to
provide the Bank with some eligible collateral as part of the trade. Details of eligible collateral are available
here:
https://www.bankofengland.co.uk/markets/eligible-collateral
Discount Window Facility applicants which intend to provide loans to the Bank as collateral will need to
complete a separate process and provide certain additional documentation as notified to the applicant by the
Bank. Further information on providing loans as collateral to the Bank is available in the Operating
Procedures, on the Bank’s website or by contacting the Bank’s Collateral Management Team at
eligible.loans@bankofengland.co.uk.
1 Does the applicant have experience in conducting collateralised lending transactions?
Yes No
If yes, please give summaries of the nature and scale of any collateralised lending activity.
2 Does the applicant typically hold eligible collateral?
Yes No
3 Which types of eligible collateral does the applicant typically have available? (Please give an
indication of the approximate size of recent and expected holdings and positions.)
4 Does the applicant have a CREST account?
Yes No
15
Section 8: To Be Completed by Open Market Operations Applicants
Open Market Operations applicants will be required to complete a test trade, to demonstrate that they have
the operational capacity to execute Open Market Operations transactions. Applicants will be required to
provide the Bank with some eligible collateral as part of the trade. Details of eligible collateral are available
here:
https://www.bankofengland.co.uk/markets/eligible-collateral
The Bank’s Open Market Operations are conducted over its electronic tendering system, Btender, which runs
over SWIFT. Applicants will be required to install and complete testing on Btender prior to admission. If the
applicant is not a member of SWIFT it will be required to seek membership of SWIFT.
The Bank also requires Open Market Operations applicants to install and maintain a designated direct
telephone line to the Bank’s sterling dealing desk. The Bank may agree to waive this requirement where it
proves operationally challenging and disproportionately costly for the Participant to install such a line.
Participants requesting a waiver must accept the additional risks associated with not having a designated
direct line.
1 Does the applicant have experience in conducting collateralised lending transaction?
Yes No
If yes, please give summaries of the nature and scale of any collateralised lending
transaction activity.
2 Does the applicant typically hold, outright or in repo or collateralised lending transactions, Eligible
Securities (as defined in the Documentation)?
Yes No
3 Which types of eligible security would the applicant typically have available for collateralised lending
transactions with the Bank? (Please give an indication of the approximate size of recent and
expected holdings and positions)
4 Is the applicant currently a member of SWIFT?
Yes No
5 Does the applicant wish to apply for a waiver from the requirement to install a designated direct line?
Yes No
16
Section 9: To Be Completed by Gilt Purchase OMO Applicants
1 Please give an indication of the approximate size of recent and expected holdings and traded
volumes of gilts.
17
BANK OF ENGLAND AUTHORISED SIGNATORY EVIDENCE FORM
This form must be completed on behalf of your organisation if you wish to participate in any Bank of
England (the Bank) or Bank of England Asset Purchase Facility Fund Limited (BEAPFF) or any other Bank
subsidiary’s market operations, facilities or schemes (the Facilities). To ensure our records are kept up to
date, the Bank (acting for itself or as Agent for BEAPFF or any other Bank subsidiary) may require that this
form is updated by you from time to time.
NAME OF PARTICIPANT ………………………………………….................................
EFFECTIVE AS FROM ...........................................................................................
Name of Authorised
Signatory
Specimen Signature (scanned
version acceptable)
E-mail Address
[I] [We]
1
hereby certify:
(i) that the signatures contained on this form are authentic and are true copies of those named;
(ii) [that any person listed above acting singly is] [that any [ ]
2
persons listed above acting jointly are ]
3
duly authorised to sign any and all documentation (as required) for and on behalf of the Participant in
connection with the Facilities,
and that the persons listed above have full authority to bind the Participant
in accordance with the Participant’s internal corporate governance or board approvals;
(iii) that [I am an authorised signatory] [we are authorised signatories]
4
on behalf of the Participant and have
the relevant authority (delegated or otherwise) to complete this form for and on behalf of the Participant.
Signed ...................................... [Signed .............................................
Name ...................................... Name .............................................
Title
...................................... Title .............................................
Authorised Signatory for and on
behalf of the Participant
Authorised Signatory for and on
behalf of the Participant]
5

1
Please delete/remove brackets as appropriate
2
Insert number of persons who should jointly sign documentation if relevant
3
Please delete/remove brackets as appropriate
4
Please delete/remove brackets as appropriate
5
Please delete/remove brackets as appropriate
18
FRONT OFFICE CONTACT NUMBER FORM
This form must be completed on the behalf of your organisation if you wish to participate in any Bank of
England facilities, but do not wish to set up a designated direct line to the Bank’s sterling dealing desk.
Organisations wishing to participate in OMOs without setting up a designated direct line must apply for a
waiver from this requirement. To ensure our records are kept up to date, the Bank may require that this
form is updated by you from time to time.
NAME OF PARTICIPANT ………………………………………….................................
EFFECTIVE AS FROM ...........................................................................................
Telephone number (landline only) Facilities this number may be used for
(eg OSFs, OMOs, DWF, FLS, contingency)
I (or We) hereby certify that:
(i) the telephone number(s) above may be used to authenticate instructions given on behalf of the
Participant, in relation to the facilities specified;
(ii) the telephone number(s) above will be answered during working hours rather than reverting to voicemail;
(iii) (for OMO participants) I (or we) accept the additional risks of not installing a designated direct line, set
out in the SMF Operating Procedures; and
(iv) I (or we) are authorised signatories on behalf of the Participant and have the relevant authority
(delegated or otherwise) to complete this form for and on behalf of the Participant
6
.
Signed ................................................. Signed .................................................
Name
................................................. Name .................................................
Title ................................................. Title .................................................
Authorised Signatory for and on
behalf of the Participant
Authorised Signatory for and on
behalf of the Participant

6
Please provide evidence to support the authority of the Authorised Signatories signing this form on behalf of the participant, together with
specimen signatures duly certified as authentic and true. Guidance on the evidence required to support the Authorised Signatory Evidence
Form is available at http://www.bankofengland.co.uk/markets/Pages/money/applications.aspx or
http://www.bankofengland.co.uk/markets/Pages/apf/termfunding/applications.aspx
Section 12: Declaration and Application Form Sign Off
By filling out this form, the applicant:
(i) applies to become a counterparty in the Sterling Monetary Framework, for the facilities indicated
in Section 1, question 8;
(ii) represents and warrants that the information given in this application form is true, accurate, and
complete to the best of its knowledge.
For and on behalf of applicant
Signed .............................................
Name................................................
Title..................................................
Date…………………………………….
This Application Form is available on the Bank’s website:
https://www.bankofengland.co.uk/markets/the-sterling-monetary-framework
Bank of England
October 2018
19
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Completed 2 May 2020

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