UK:
UK Makes Technical Amendments To Its Ring-Fencing Legislation
29 November 2016
Shearman & Sterling LLP
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On October 28, 2016, the Financial Services and Markets Act 2000
(Ring-fenced Bodies, Core Activities, Excluded Activities and
Prohibitions) (Amendment) Order 2016 was published. The Amendment
Order amends the Financial Services and Markets Act 2000
(Ring-fenced Bodies and Core Activities) Order 2014 and the
Financial Services and Markets Act 2000 (Excluded Activities and
Prohibitions) Order 2014. The Amendment Order, amongst other
things, changes the definition of a UK deposit- taker so that it
does not capture UK branches of foreign banks, and amends the duty
of a ring-fenced bank to provide specified information so that it
only applies where individuals are located in a European Economic
Area state and in relation to deposit accounts. The amendments come
into force on December 1, 2016.
The Amendment Order is available at: http://www.legislation.gov.uk/uksi/2016/1032/pdfs/uksi_20161032_en.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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