Ring-Fencing

News & Analysis as of

Building banking ring-fences: too high a cost?

Last week, Douglas Flint, the chairman of HSBC, told the House of Lords’ European economic and financial affairs sub-committee that the changes required by the new ring-fencing rules would be “very expensive”, and estimated...more

UK Banking: Ringing in the Changes

It has been three years since the Independent Commission on Banking (the “IBC”), chaired by Sir John Vickers, published its final report and recommendations on the reform of the UK banking system in response to lessons learnt...more

Comparison of New EU Proposals on Proprietary Trading and Ring-fencing Against US, UK, French and German Rules

The European Commission has published a legislative proposal that would prohibit certain large EU banks from engaging in selected types of risky proprietary trading. The proposal would also potentially require such banking...more

Vickers Recommendations on Bank Ring-fencing Made Law in the UK

New laws requiring the ring-fencing of retail banking from investment banking have been enacted in the UK. The protection of retail businesses was one of many recommendations made by the Independent Commission on Banking in...more

Revlon “Ring-Fencing” Settlement: Greater Risk Of SEC Enforcement Activity In Going Private Transactions?

On June 13, 2013, the Securities and Exchange Commission announced the settlement of administrative proceedings against Revlon, Inc. In the settlement order, the SEC asserted that the company hid information regarding a 2009...more

"UK Regulators to be Given Power to Break Up UK Banks"

The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more

Uncleared OTC Derivatives and Margin Requirements

BCBS/IOSCO Second Consultation Paper and its implications for EMIR - Much of EMIR is now coming more clearly into focus. But a major unknown has for a long time been the question of margin requirements for uncleared OTC...more

Orrick's Financial Industry Week In Review - February 11, 2013

In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune...more

UK’s HM Treasury Unveils Bank Break-Up Legislation, Expects Passage Next Year

On February 4, Britain’s HM Treasury introduced legislation—entitled the Banking Reform Bill—that would provide regulators with new authority to break up a bank if its investment activities put deposits at risk. The...more

Legal Uncertainty in Proposed Ring-Fencing Provisions

On February 5, the Financial Markets Law Committee published a paper highlighting uncertainties identified in relation to the ring-fencing provisions contained in the draft Financial Services (Banking Reform) Bill 2012 –...more

Segregated Portfolio Companies

Any Cayman Islands exempted company (the most common Cayman corporate vehicle limited by shares), including those to be established as funds, may be registered as a segregated portfolio company (an SPC). Registration as an...more

A Proposed Fundamental Shift in US Foreign Bank Supervision

The Board of Governors of the Federal Reserve System (“Board”) has devoted some time to considering how to address the potential threat to the financial stability of the United States posed by a foreign bank with banking...more

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