Minutes of the Securities Lending Committee meeting - March 2026 — BOE — GB

Item 3: T+1 update

There is broad industry consensus that firms are on track for transition in October 2027. Although members expressed some concern around funding mismatches, they noted progress made on the corporate action workstream and CSDs remain engaged. The Committee discussed the complexities of collateral constraints and market close behaviour, noting that pre-emptive processes are lender-dependent but can reduce problems.

Item 4: Market update - Committee

Following recent global tensions, the Committee noted some changing behaviour from market participants but the market remained broadly stable. Members noted increased focus on regulatory requirements including capital efficiency and risk-weighted asset optimisation, which influences collateral supply and participation. Demand has been resilient through recent turbulence pointing to market maturity.

Item 5: Digital assets and future infrastructure

Members discussed regulatory alignment and the EU Market Integration and Supervision Package (MISP), which will provide deeper capital market integration across the EU. The legislation will modernise settlement finality, collateral rules for tokenised assets and provide legal certainty for Distributed Ledger Technology (DLT). Members noted cautious uptake from beneficial owners who have queried insolvency protection, legal certainty around collateral ownership in a default scenario and double-token issuance. Banks continue to explore use-cases in tokenised assets for intraday liquidity, instant settlement, margin call coverage and collateral mobility.

The Committee also discussed crypto asset regulation, developments in central security depositories and central counterparties.

Item 6: SLC Tax and Regs update

The SLC Tax and Regulations sub-committee provided an update to the group on tax and regulatory changes including mitigating the impact of T+1 on taxation of market claims and harmonisation across central security depositories. The Group provided further updates on regulatory changes in European jurisdictions and progression towards harmonisation across tax authorities.

Item 7: AOB

No further business.


Attendees:
Organisation	Name
M&G	Chair, Nina Moylett
BoNY	Ina Budh-Raja
Barclays	Devi Aujeet
Blackrock	Tim McLeod
Clifford Chance	Habib Motani
Goldman Sachs	Johanne Armita
HSBC	Jamie Anderson
ICMA	Godfried de Vidts
ISLA	Andrew Dyson
JP Morgan	Harpreet Bains
Morgan Stanley	Krishan Chada
MUFG	Tim Smollen
M&G Plc	Simon Dunderdale
Norges Bank IM	Morten Gevoll
State Street Global Markets	Matt Neville
FCA	Alan Barnes
DMO	James Hickling
Blackrock	Davina Stickland (Tax & Regulatory sub-committee)
Clifford Chance	Caroline Dawson (Tax & Regulatory sub-committee)
HSBC	Shikha Kalra (Tax & Regulatory sub-committee)
ISLA	Adrian Dale (Tax & Regulatory sub-committee)
Norges Bank IM	Christy Stagemeyer (Tax & Regulatory sub-committee)
BoE
Simon Dolan
Trinity Frost
Kirstine McMillan

Apologies:
Organisation	Name
AIMA	Adam Jacobs-Dean

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