Securities Lending Committee meeting minutes, September 2026

The statements

United Kingdom

• Minutes of the Securities Lending Committee meeting – September 2026 2026-10-22 · central bank · one of several topics in this statement

  The sub-committee reported increased operational challenges from holding-period rules and record date requirements across national tax regimes. The group noted that T+1 could amplify these issues if firms fail to adapt, and stressed the need for greater tax harmonisation and monitoring of tax-related risk.

• Minutes of the Securities Lending Committee meeting – September 2026 2026-10-22 · central bank · one of several topics in this statement

  The committee recorded that industry participants are broadly on track for T+1 implementation in October 2027, though readiness differs significantly between firms. It listed persisting operational challenges and said T+1 readiness requires scalable operating models.

• Minutes of the Securities Lending Committee meeting – September 2026 2026-10-22 · central bank · one of several topics in this statement

  The committee made observations on business growth, capital optimisation and market evolution, including greater central clearing and collateral efficiency. It noted upcoming regulatory developments that could affect lenders, borrowers and funds over coming years.

• Minutes of the Securities Lending Committee meeting – September 2026 2026-10-22 · central bank · one of several topics in this statement

  The group discussed regulatory developments supporting tokenisation and digital securities, and noted several industry working groups. It also discussed a legal case on whether a securities financing transaction could be re-characterised as a secured loan, with possible significant implications for repos and securities lending.

• Minutes of the Securities Lending Committee meeting – September 2026 2026-10-22 · central bank · one of several topics in this statement

  Members characterised current AI adoption as primarily efficiency-driven rather than fully autonomous, centred on administrative tasks. They also expressed concerns about AI in governance, resilience, vendor oversight and data security.