In this DechertOnPoint, we summarise HM Treasury’s work to establish effective resolution arrangements for investment banks and firms, which resulted in the introduction of a special administration regime (“SAR”) earlier this year.
Introduction
The Government embarked on a review of resolution arrangements for investment banks and firms following the failure of Lehman Brothers International (Europe) (“LBIE”) designed to improve the UK’s ability to deal with the failure of investment firms (specifically large and complex firms), by addressing the policy issues highlighted by the failure of LBIE.
The review was announced in the 2008 Pre-Budget Report and also referred to in the 2009 Budget.
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