UK:
UK Completes Bank Structural Reform Legislation
24 March 2015
Shearman & Sterling LLP
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On March 5, 2015, the UK Government announced that the
legislation to implement the bank ring-fencing regime has been
enacted. The Banking Reform Pensions Regulations, enacted on March
4, 2015, will require a ring-fenced bank to ensure that it cannot
be liable for the pension liabilities of other group entities by
giving powers to the trustees of a ring-fenced bank's pension
scheme to amend the pension scheme, with the consent of employers
of the scheme, to achieve ring-fencing of the bank. A ring-fenced
bank will be able to seek a court order for release from a shared
liability arrangement if the terms of the release cannot be agreed
by the parties to the arrangement. The Prudential Regulation
Authority, responsible for making the detailed rules applicable to
ring-fenced banks, will continue to put those rules in place. The
Government expects the ring-fencing regime to be in place by 2019,
however, ring-fenced banks have until 2021 to separate their
pension schemes.
The announcement is available at: https://www.gov.uk/government/news/government-completes-banking-reforms
and the legislation is available at: http://www.legislation.gov.uk/uksi/2015/547/pdfs/uksi_20150547_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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