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Ring-Fencing

Cadwalader, Wickersham & Taft LLP

The UK’s Banking Regulator Reports on Its Review of the Ring-Fencing Regime

The UK’s Prudential Regulation Authority (“PRA”) has reported on the conclusions of a review of its ring-fencing rules conducted during the course of 2023.  While the report concludes that most rules are ‘performing...more

Skadden, Arps, Slate, Meagher & Flom LLP

Exits, Ring-Fencing and Other Risk Management Strategies for Multinationals Operating in Geopolitically Volatile Areas

With mounting geopolitical tensions, multinationals face a very real and immediate risk of being deprived of profits, control or even ownership of some wholly or partially owned local businesses. As a result, business leaders...more

A&O Shearman

HM Treasury and PRA launch consultations on reforms to ring-fencing regime

A&O Shearman on

On 28 September, HM Treasury (the Treasury) and the Prudential Regulation Authority (PRA) published consultation papers on the proposed near-term reforms to ring-fencing measures... The Treasury also published its response to...more

Latham & Watkins LLP

UK Outlines Bank Ring-Fencing Reforms

Latham & Watkins LLP on

Government plans to add more flexibility to the regime, but its long-term future remains undecided. On 28 September 2023, HM Treasury published further papers in relation to the planned reform of the UK bank ring-fencing...more

BCLP

FCA’s Cash Savings Market Review

BCLP on

On 31 July 2023, following roundtable discussions held with banks earlier that month, the FCA published its Cash Savings Market Review (the “Review”). In this insight we explore the content of the Review, as well as...more

A&O Shearman

Re-fencing: the pitfalls, and opportunities, of M&A for ring-fenced banks

A&O Shearman on

The UK’s bank ring-fencing regime puts barriers in the way of mergers and acquisitions by ring-fenced bodies. The government has recently evidenced its intention to relax these, both as part of its review of the regime...more

A&O Shearman

UK Mulls Aligning its Ring-Fencing and Resolution Regimes for Banks

A&O Shearman on

On March 2, 2023, HM Treasury issued a Call for Evidence requesting views on the practicalities of aligning the ring-fencing and resolution regimes for banks. The potential to align the U.K. ring-fencing and resolution...more

Hogan Lovells

UK HM Treasury: Aligning the ring-fencing and resolution regimes – Call for Evidence

Hogan Lovells on

HM Treasury have published a Call for Evidence seeking views on the practicalities of aligning the ring-fencing and resolution regimes for banks and long-term options for reform. The Call for Evidence closes on 7 May 2023....more

BCLP

FCA’s New Rules for SPACs

BCLP on

In response to Lord Hill’s review of the UK Listing Regime, the FCA consulted earlier this year on changes to the Listing Rules for special purpose acquisition companies (SPACs). The proposed changes remove the presumption of...more

White & Case LLP

SAR Reform: Law Commission publishes report

White & Case LLP on

The Law Commission has published its much anticipated report on reform of the UK's anti-money laundering and terrorism financing regime, and in particular of the system of suspicious activity reports ("SARs"). The proposed...more

A&O Shearman

UK Prudential Regulation Authority Sets Out 2019 Systemic Risk Buffer Rates

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The Prudential Regulation Authority has released its first systemic risk buffer rates, which will apply from August 1, 2019. The rates determine the amount of additional regulatory capital which must be held by "systemic risk...more

Dechert LLP

New Hong Kong Profits Tax Exemption Regime Currently Effective

Dechert LLP on

A new profits tax exemption ordinance (Bill)1 became effective on 1 April 2019. The Bill introduces a Private Funds Exemption, which has significant implications for the private funds industry. Benefits include: fund managers...more

A&O Shearman

UK Ring-Fencing Order Brings Full Regime Into Force From January 2019

A&O Shearman on

The U.K. Financial Services (Banking Reform) Act 2013 (Commencement No. 12) Order 2018 has been made. The Order brings into force, from January 1, 2019, those provisions of the Financial Services (Banking Reform) Act 2013 on...more

A&O Shearman

UK Prudential Regulator Proposes Minor Policy Change for Systemic Risk Buffer

A&O Shearman on

The U.K. Prudential Regulation Authority has published a consultation paper entitled "The systemic risk buffer: Updates to the Statement of Policy," proposing minor updates to its Statement of Policy, "The PRA’s approach to...more

A&O Shearman

UK Prudential Regulator Finalizes Changes to the Leverage Ratio Rules for Ring-Fenced Banks

A&O Shearman on

The U.K. Prudential Regulation Authority has published a Policy Statement on applying the U.K. leverage ratio to systemic Ring-fenced Bodies and reflecting the Systemic Risk Buffer. The SRB is one of the elements of the...more

A&O Shearman

Financial Regulatory Developments Focus - November 2018 #4

A&O Shearman on

In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

A&O Shearman

UK Prudential Regulator Publishes Information Pack on Ring-fencing Reporting Requirements

A&O Shearman on

The U.K. Prudential Regulation Authority has published an information document entitled "Ring-fencing: Summary of regulatory reporting requirements." The document summarizes the regulatory reporting and reporting system...more

A&O Shearman

UK Ring-Fencing Regime to Remain Unchanged in a "No Deal" Brexit Scenario

A&O Shearman on

HM Treasury has published explanatory guidance on potential changes to the U.K.'s laws on ring-fencing in preparation for a "no deal" scenario in which the U.K. leaves the EU on March 29, 2019. The draft Ring-Fenced Bodies...more

A&O Shearman

UK Secondary Legislation Published to Align Ring-Fencing With Financial Sanctions Legislation

A&O Shearman on

The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018 has been made and will come into force on October 31, 2018....more

Broker-Dealer Compliance + Regulation

2018: Business As (Un)usual – European Financial & Regulatory Developments into 2018

2017 in the UK and the rest of Europe seems to have been primarily a year devoted to implementation – both of political decisions already made and of legislation that had already been enacted. On the political front, Brexit...more

A&O Shearman

UK Prudential Regulation Authority Confirms its Revised Expectations on Recovery Planning

A&O Shearman on

Following its consultation earlier this year on its expectations on recovery planning, the Prudential Regulation Authority has published a Policy Statement which sets out the PRA's final revised expectations on the content of...more

Jones Day

Singapore Enacts New Corporate Bankruptcy Law in Bid to Become Center for International Debt Restructuring

Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 (the "Act") to enhance the country's corporate debt restructuring framework. The Act, a copy of which is available here, was assented to...more

Jones Day

Singapore Enacts New Corporate Bankruptcy Law to Promote International Debt Restructuring

Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March...more

A&O Shearman

Financial Regulatory Developments Focus - February 2017

A&O Shearman on

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

A&O Shearman

UK Prudential Regulation Authority Finalizes Reporting and Prudential Requirements for Ring-Fenced Banks

A&O Shearman on

The UK Prudential Regulation Authority published a Policy Statement, final rules and updates on several Supervisory Statements on the reporting, prudential and recovery and resolution requirements to implement the...more

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