SRR legislation to take effect from 1 August: Various legislation made under the Banking Act 2009 relating to the application of the Special Resolution Regime to investment firms takes effect on 1 August:
- The Banking Act 2009 (Exclusion of Investment Firms of a Specified Description) Order 2014 excludes from the definition of "investment firm" (and therefore from the rules on the Special Resolution Regime) any investment firm that does not have a minimum capital requirement of €730,000;
- The Banking Act 2009 (Banking Group Companies) Order 2014 sets out the conditions that a company in the same group as a bank must meet in order to be a "banking group company" for the purposes of the Banking Act. The Banking Act gives the Bank of England the right to exercise a stabilisation power in respect of a banking group company to achieve a transfer to a commercial purchaser or a bridge bank;
- The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) (Amendment) Regulations 2014 apply the existing Regulations to investment firms as well as to banks;
- The Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties (RCCPs)) Order 2014 restricts the making of partial property transfer orders against RCCPs recognised under EMIR.
Treasury made the relevant Commencement Order on 14 July (The Financial Services Act 2012 (Commencement No.5) Order 2014). (Source: Exclusion of Investment Firms Order, Banking Group Companies Order, Third Party Compensation Regulations and Restriction of Partial Property Transfers Order)
Emergency Sudan sanctions regulations: Treasury made The Sudan (European Union Financial Sanctions) Regulations and The South Sudan (European Union Financial Sanctions) Regulations at 1:30pm on 11 July to take effect two hours later. The Regulations revoke the Sudan (Asset Freezing) Regulations 2012 and implement, in the normal form, sanctions imposed on Sudan and South Sudan and set out in an EU Regulation of 10 July. (Source: Sudan Sanctions Regulations and South Sudan Sanctions Regulations)
More Banking Reform Act provisions take effect: Treasury has made the fifth commencement order for the Financial Services (Banking Reform) Act 2013 (Banking Reform Act). The Order brings into force on 25 July powers to allow the PRA and FCA to consult on and make rules and statements of policy on matters of conduct covered by the Banking Reform Act. (Source: More Banking Reform Act Provisions Take Effect)