Banking Reform Act secondary legislation—Ring-fenced Bodies and Core Activities Order
Banking Reform Act secondary legislation—Ring-fenced Bodies and Core Activities Order

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Banking Reform Act secondary legislation—Ring-fenced Bodies and Core Activities Order
  • Regulatory steps towards ring-fencing
  • Ring-fenced Bodies and Core Activities Order
  • Which firms are required to ring-fence?
  • RFB Order 2014—circumstances when accepting a deposit is not a core activity
  • Is the qualifying organisations approach correct in the context of core deposits?
  • Do the exemptions for eligible individuals need further consideration?
  • Financial institutions and EEA deposits
  • Ring-fenced banks must curb exposure to financial institutions
  • UK, EEA and non-EEA deposits
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) received Royal Assent on 18 December 2013. . There are eight parts and ten schedules in FS(BR)A 2013. FS(BR)A 2013, Pt 1 refers to the ring fencing provisions—see: Financial Services (Banking Reform) Act 2013 - essentials—Ring-fencing for further information. FS(BR)A 2013, s 6 and Sch 1 (Ring-fencing transfer schemes) and FS(BR)A 2013, s 4 (Ring-fencing of certain activities for the purposes of inserting sections 142A–142F, 142I and 142W–142Z1 of the Financial Services and Markets Act 2000 (FSMA 2000)) came into force 1 March 2014. See the Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014, SI 2014/377.

For further reading on banking reform see:

  1. Practice Notes: Financial Services (Banking Reform) Act 2013—essentials and UK structural banking reform - ring-fencing and EU proposal on banning proprietary trading

  2. news analysis: What changes should the Financial Services sector expect from the Financial Services (Banking Reform)

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