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…

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