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The Volcker strip – making banking less regulated again

US regulators have disclosed the much awaited revision of the Volcker Rule that had been taken on by the Trump administration. Wall Street has undoubtedly received a huge win, but who is likely to bear the losses? The Volcker Rule was implemented after the financial crash to stop banks from engaging in proprietary trading (buying […]

Ring-fencing: the current state of play

Many senior financiers would describe the post-financial crisis architecture as brutalist and overpriced, with the plethora of regulations designed and implemented by a legion of legal bodies costing British banks billions over the last few years. As the deadline for ring-fencing is fast approaching, it seems opportune to assess the current state of the ring-fence […]

EU Banks- Too Big to fails, Too Big to Save- now Too Big To Separate

The European Commission has quietly buried its TBTF ringfence proposal. At least to the financial community, the contents of Tuesday’s publication of the Commission Work Programme for 2018 were more notable for what they omitted. Under the aspirational subtitle “A Deeper and Fairer Economic and Monetary Union”, Annex III of the Programme contains nine financial […]

FSB on Structural Reform- too early to tell, may be trouble ahead

The FSB has published an interesting round-up of structural banking reforms as a report to the G20 Leaders for the November 2014 summit. The short (21 page) report overviews structural reform in the G20 jurisdictions and assesses their consonance and cross-border consistency. While it is a usefully concise summary of the various nascent and ongoing […]

UK Ringfencing- quite exceptional

HM Treasury has published The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 and an accompanying explanatory memorandum. The Order was made on 23 July 2014. Articles 1, 2 and 3 and the Schedule to the Order come into force on 1 January 2015, the substantive provisions of the Order come […]

The Banking Reform Bill: Secondary Legislation Hints at the Data Challenge Facing Banks

Introduction On 8 March 2013, three draft statutory instruments to be made under the Financial Services (Banking Reform) Bill 2012-13 (the “Banking Reform Bill”) were published by HM Treasury: The Financial Services and Markets 2000 (Ring-fenced Bodies and Core Activities) Order (the “Ring-fenced Bodies Order”); The Financial Services and Markets Act 2000 (Excluded Activities and […]

Bank Ring-fencing in the UK: The Financial Services (Banking Reform) Bill 2013

Introduction On 4 February 2013, the Financial Services (Banking Reform) Bill 2013 (the “BRB”) was published on the UK Parliament website.  The BRB had its first reading in the House of Commons on 4 February, and its second reading on 5 February.  Its purpose is to implement the recommendations of the Independent Commission on Banking […]

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