UK:
Review Of Authorization Requirements For New UK Banks
25 July 2014
Shearman & Sterling LLP
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On 7 July 2014, the PRA and the FCA published a joint report
update on the review of requirements for firms entering the UK
banking sector. The report is an update of steps that the
regulators have taken following the review of the authorization
process and the prudential and conduct requirements for new bank
applicants published by the FSA and the Bank of England in March
2013. The PRA and FCA joint report set out how the PRA and FCA have
implemented the changes proposed in 2013 and states that: (i)
capital and liquidity requirements for new applicants that are
deemed resolvable with no systemic risk are now lower; (ii) a new
mobilization option has been developed which assists new entrants
obtain restricted authorization whilst putting infrastructure and
controls in place; (iii) increased pre-application support from
both regulators; and (iv) a streamlined application pack. The
report announces that there has been a substantial increase in the
number of firms considering establishing a new bank.
The joint report is available at:
http://www.bankofengland.co.uk/pra/Documents/publications/reports/2014/barriers2014.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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