Following Over-Issuance of Securities Under Barclays Bank PLC US Shelf, and Subsequent Planned Amendments to Form 20-F Filings, Barclays Suspends Market Making Activities in its Own Debt Securities
April 29 2022 - 3:15AM
Business Wire
As detailed in its Q1 2022 results announcement, Barclays
determined that it had issued securities in excess of the amount
registered under the Barclays Bank PLC (BBPLC) US shelf
registration statement.
In relation to this over-issuance and the associated impact,
Barclays PLC (BPLC) is preparing an amendment to its Annual Report
on Form 20-F for the year ended 31 December 2021 (the BPLC 2021
Form 20-F). This amendment will reflect the change in management’s
assessment of BPLC’s internal control over financial reporting and
KPMG’s auditor attestation thereon as well as its disclosure
controls and procedures. Barclays Bank PLC is preparing an
amendment to its Annual Report on Form 20-F for the year ended 31
December 2021 (the BBPLC 2021 Form 20-F) to include its restated
2021 financial statements and to reflect the change in management’s
assessment of internal control over financial reporting and
disclosure controls and procedures.
These amendments will be filed as soon as practicable. Until the
BPLC 2021 Form 20-F has been amended to disclose that its internal
controls were not effective, KPMG’s audit report should not be
relied upon by users of BPLC’s financial statements. Until BBPLC
has restated its financial statements for the year ended 31
December 2021 and amended the BBPLC 2021 Form 20-F, investors and
other users of BBPLC’s filings with the US Securities and Exchange
Commission are cautioned not to rely on the financial statements
included in the BBPLC 2021 Form 20-F.
As a result, Barclays has suspended its market making activities
of BPLC and BBPLC debt securities at this time. Barclays will
continue to evaluate the extent to which it can resume market
making in any such individual security.
About Barclays
Barclays is a British universal bank. We are diversified by
business, by different types of customers and clients, and by
geography. Our businesses include consumer banking and payments
operations around the world, as well as a full-service corporate
and investment bank.
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