UK:
UK Prudential Regulation Authority Publishes Policy Statement On Ring Fencing Rules
10 June 2015
Shearman & Sterling LLP
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On May 27, 2015, the PRA published a policy statement on
ring-fencing rules concerning legal structure, governance and
continuity of services and facilities. The policy statement applies
to banks that are required to ring-fence their core activities,
banking groups with core deposits exceeding £25 billion and
financial and other institutions who deal with ring-fenced bodies.
The document sets out the new rules and the new "Ring-Fenced
Bodies" Part to the PRA Rulebook, all in near-final versions.
A second consultation paper on ring-fencing will be published later
in 2015. Final versions of all the rules and supervisory statements
relating to ring-fencing will be published in the first half of
2016.
The policy statement is available at: http://www.bankofengland.co.uk/pra/Documents/publications/ps/2015/ps1015.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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