On March 5, 2015, UK legislation implementing the revised EU Directive on deposit guarantee schemes was enacted. The Regulations designate the PRA as the UK national authority. The PRA will be responsible for implementing further provisions of the Directive on deposit guarantee schemes through detailed rule-making. The Regulations come into force on March 26, 2015 except for the following provisions, which come into force on July 3, 2015: (i) the requirement for the PRA to notify the Financial Services Compensation Scheme of a firm that may require the intervention of the scheme manager; and (ii) the requirement for the PRA to make rules specifying the maximum compensation available under a compensation scheme.
The Regulations are available at: http://www.legislation.gov.uk/uksi/2015/486/pdfs/uksi_20150486_en.pdf.
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