Treasury publishes draft ring-fencing regulations: Treasury has published draft Statutory Instruments covering:

  • certain exemptions from the ring-fencing requirements in the Financial Services and Markets Act 2000 (FSMA) including types of institution that are exempt from the definition of "ring-fenced body" and circumstances in which accepting a deposit is not a "core activity". It also addresses the scope of "qualifying organisations" and related requirements; and
  • the circumstances in which ring-fenced bodies will be able to deal in investments as principal. The dealing would otherwise be excluded.

(Source: Draft Ring-Fenced Bodies and Core Activities Order and Draft Excluded Activities and Prohibitions Order)