Important consultations to close on 15 September
The Tripartite Authorities (FSA, the Bank of England and HM Treasury) published two further consultations (on 1 and 22 July 2008) on banking reform – covering financial stability, depositor protection and the new Special Resolution Regime ("SRR"). The deadline for responses is 15 September 2008.
The new SRR legislation is a major concern to the banking industry
The second consultation paper (22 July 2008) deals with the new and contentious legislation for the SRR. This legislation is a major concern to the banking industry because it threatens to undermine legal certainty for counterparties dealing with UK banks and building societies. (To read a summary of the SRR proposals and the key issues and concerns, please click here).
The first consultation was covered in our Law Now of 2 July 2008; (please click here to access).
Seminar on Banking reform on 3 September (12 days before the current consultation closes)
One year after the start of the credit crunch and the run on Northern Rock, the proposals for banking reform are now starting to fall into place. We are therefore holding a seminar on 3 September 2008, which will review the latest proposals from the Tripartite Authorities. This will assist those involved in making or contributing to consultation responses but will be of much broader interest.
Our seminar will put the various reforms in context and will cover:
- the new SRR for UK banks and building societies and the
key issues that it raises;
- the reforms to prudential and financial requirements for
banks;
- depositor protection, both via the FSCS scheme and
market-led solutions for larger deposits.
The implications for a wide range of parties include account holders, bank counterparties – both financial and commercial, and firms which are liable to levies to fund SRR and bank insolvency.
Our seminar will be relevant to legal, regulatory risk and business divisions of banks and building societies and to a wide range of interested parties in the financial and other sectors, such as bank account holders, bank counterparties (both financial and commercial) and those interested in providing insurance and other forms of deposit protection.
Seminar registration is from 8.30am with breakfast; the seminar itself runs from 9.00-10.30 and has 1.5 hours of CPD points. The seminar and the materials provided are free of charge.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 26/08/2008.