Within the Federal Reserve System, we have reorganized our supervision of the most systemically important institutions to emphasize what we call a “horizontal perspective,” which examines institutions as a group and in comparative terms, focusing on their interaction with the broader financial system.
In addition, Parliament also passed the Dematerialisation of Government Securities Act 2018 to provide for the issuance of statements rather than physical certificates for the new instruments. This change to the issue format, as well as in the nature of the securities, has resulted in the need for the Bank to alter its pre-existing software to facilitate ease of issue of statements.