Treasury makes ring-fencing order: Treasury has made the Financial Services and Markets Act 2000 (FSMA) (Ring-fenced Bodies and Core Activities) Order 2014, which will come into force on 1 January 2015. This is the final form of the instrument that sets out:
- the circumstances in which accepting a deposit is not a "core activity" for FSMA purposes (including the definitions of "core deposit", "qualifying organisation" and "eligible individual" for these purposes);
- circumstances in which UK deposit-takers are not ring-fenced bodies (including how to calculate the core deposit level); and
- a requirement for FCA to make rules on information provision obligations of non-ring-fenced bodies.
(Source: Treasury Makes Ring-Fencing Order)