ARTICLE
20 October 2014

PRA Consults On Rules For Depositor Protection Schemes

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
The regulator will consult on various other related rules in 2015. Responses to this consultation are requested by January 6, 2015.
United Kingdom Finance and Banking

On October 6, 2014, the PRA issued a consultation paper on proposed rule changes required to implement the recast Deposit Guarantee Schemes Directive (the "DGSD"), to ensure continuity of access during resolution to accounts for depositors protected by the Financial Services Compensation Scheme ("FSCS") and changes to the single customer view requirements for firms. Member states are required to transpose the DGSD into national law by July 3, 2015. The PRA intends to publish final rules, supervisory statements and its statement of policy on the FSCS in the first half of 2015. The regulator will consult on various other related rules in 2015. Responses to this consultation are requested by January 6, 2015.

The consultation paper is available at: http://www.bankofengland.co.uk/pra/Documents/publications/cp/2014/cp2014.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.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More