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.
On December 5, 2018, the U.K. Financial Services (Banking
Reform) Act 2013 (Commencement No. 12) Order 2018 was made. The
Order brings into force, from January 1, 2019, those provisions of
the Financial Services (Banking Reform) Act 2013 on ring-fencing
that are not already in force, including the prohibition on
ringfenced bodies to carry on excluded activities and provisions on
group restructuring. The U.K. ring-fencing laws require U.K. banks
which hold more than £25 billion in core deposits and banking
groups whose members hold an average core deposit of more than
£25 billion to separate their core retail banking business
from their investment banking business. Restrictions will limit the
products that a ring-fenced bank can offer and where it can conduct
business. In particular, a ring-fenced bank will not be able to own
a banking subsidiary or branch which is established outside of the
EEA.
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.
