The UK’s new regulatory regime for individuals Part 1: How does it apply to UK branches of EEA and non-EEA banks and PRA-designated investment firms?
Mayer Brown Legal Update
This legal alert will be of interest to non-UK firms which have a branch in the UK that has a permission to accept deposits or, where it is a PRA-regulated activity, deal in investments as principal.
The new UK regime for strengthening accountability in banks and large investment firms comes into force on 7 March 2016. This is the first in a series of legal alerts looking at how the new regulatory regime affects specific individuals and considers the application of the regime to UK branches of non-UK banks and large investment firms. The regime as it applies to branches will be tailored to reflect the lower level of risk they offer to the UK economy but it will follow the same basic framework as the regime for UK firms. The “near final” version of the new rules for UK branches of non-UK firms was published on 13 August 2015. The regime for branches will come into operation on the same date as the main regime (7 March 2016) and the firms affected will have until 8 February 2016 to notify the UK regulators of the individuals who are eligible to transfer from the old regulatory approval regime to the new regime.