UK: The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014

The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014 was made yesterday and comes into force on 1 January 2015: see here (pdf). The Order forms part of the statutory framework governing the ring-fencing of banking activities and defines which banks are ring-fenced bodies and the activities which can only be done by ring-fenced bodies. It also defines the circumstances in which accepting deposits can be undertaken by banks that are not ring-fenced. Further information is available in the explanatory memorandum prepared to accompany the Order: see here (pdf).