UK supervision of international banks: issues impacting non-EEA branches

UK supervision of international banks: issues impacting non-EEA branches

jibfl_feb2015In 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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About the author:

Neeta started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her paralegal experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office in 2006. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice. She has been working at Lexis Nexis since April 2013.