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In September 2014, the Prudential Regulation Authority (PRA) published a supervisory statement (the Supervisory Statement) setting out the PRA’s approach to the authorisation and supervision of existing and prospective international banks in the United Kingdom (UK). The Supervisory Statement is directed at PRA supervised deposit-takers and designated investment firms incorporated elsewhere in, and outside of, the European Economic Area (EEA). Notwithstanding that the Supervisory Statement applies to all foreign banks operating in the UK, there is a particular focus on non-EEA bank branches (the foreign branches). This article sets out the key considerations arising from the Supervisory Statement with respect to the future direction of foreign branches within the UK.
Rachpal Thind a partner, and Alice Bellan an associate, in Sidley Austin’s EU Financial Services Regulatory Group explore this in more detail.
JIBFL will be sharing two articles per month on-line only. They will be available on the Loan Ranger blog one month after publication in LexisLibrary.
Click here to download the article.
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