Designing the shackles: draft secondary ring-fencing legislation published for consultation

Following the publication of the Financial Services (Banking Reform) Bill on 4 February 2013, the government published illustrative drafts of three statutory instruments in order to aid parliamentary scrutiny of the bill. Given that the bill is primarily an enabling bill, the draft illustrative orders were intended to provide some detail on the policy underlying key areas of the bill. The government continued to develop these instruments in the interim and on 17 July published four statutory instruments for public consultation.

In addition to orders on ring-fenced bodies and core activities, excluded activities and prohibitions and fees and prescribed international organisations regulations, HMT and BIS also published an order on loss absorbency requirements. The consultation closes on 9 October and the government intends to introduce the final versions of the statutory instruments into Parliament shortly after the bill receives Royal Assent…

If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.

Analysis from The Lawyer

  • Panel reviews

    Panel reviews 2014: The chosen ones

    Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all

  • training

    Accutrainee: Revolution postponed

    At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.

View more analysis from The Lawyer


One Bishops Square
E1 6AD

Turnover (£m): 1,189.00
No. of lawyers: 2,304
Jurisdiction: UK
No. of offices: 11
No. of qualified lawyers: 273