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Definition of Institutions to Which the Senior Managers Regime and Standards of Conduct Rules Apply 1. This Note Sets out In

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Definition of Institutions to Which the Senior Managers Regime and Standards of Conduct Rules Apply 1. This Note Sets out In UNCLASSIFIED Definition of institutions to which the senior managers regime and standards of conduct rules apply 1. This note sets out in more detail the definition of „bank‟ used for the purposes of the new regime for bank senior managers and banking standards set out in the Financial Services (Banking Reform) Bill as amended in the Lords Committee stage, and explains the effect of the Government‟s Report stage amendments. What is within the definition? 2. Section 71A FSMA, as originally drafted for clause 24 of the Financial Services (Banking Reform) Bill) defines a bank as a UK institution which has a FSMA Part 4A permission to carry on the regulated activity of accepting deposits and which is not an insurer. “UK institution” limits the definition to businesses incorporated or formed under the law of any part of the United Kingdom. The reference to the “regulated activity of accepting deposits” essentially limits the definition to entities which carry on deposit-taking business – that is to say firms which set out to take deposits as their business, not firms that take deposits as an incidental part of some other business.1 It does not limit the definition to purely retail deposit-taking business. 3. The overall effect of these provisions is that the definition of bank in the original section 71A includes all UK banks, building societies and credit unions (including subsidiary companies of foreign banks) but not foreign banks which operate through branches in the UK or any institution which is called a “bank” but does not have a deposit-taking permission. (The definition of bank for the purposes of the new criminal offence of reckless misconduct in the management of a bank is similar except that it does not include credit unions.2) Lists of all UK banks and building societies as at 31 October 2013 are provided in the Annex. 1 The detailed definition of accepting deposits is in Articles 5 to 9AB of the FSMA (Regulated Activities) Order 2001 (as amended) (S.I. 2001/544). Article 2 of the FSMA (Carrying on regulated activities by way of business) Order 2001 (S.I. 2001/1177) clarifies the meaning of deposit taking business. 2 See clause 28, subsections (2) and (3). UNCLASSIFIED - 1 - UNCLASSIFIED The effect of the Government’s Report Stage amendments 4. The Government‟s Report stage amendments will add UK investment firms that are authorised and supervised by the PRA for prudential purposes (as well as supervised by the FCA for conduct of business purposes). These are firms engaged as proprietary traders in securities or derivatives which the PRA considers it desirable that it should supervise to advance its regulatory objectives.3 These are large and systemically important investment firms. The amendments will not add branches of foreign banks or investment firms to the institutions covered. A list of the investment firms that will be added as a result of the Government‟s amendments is included in the Annex. Does this cover “investment banks”? 5. “Investment bank” is not a formal term used in FSMA and can mean different things in different contexts.4 The Government amendment adds those major „City‟ or wholesale market proprietary trading firms which are not banks (because they do not have a deposit-taking permission) but which are considered to be sufficiently systemically important to be prudentially supervised by the PRA. Many UK firms that are called “investment banks” will have a Part 4A permission to accept deposits and so fall within the original section 71A definition. There may be other firms which are called “investment banks” in some contexts which do not have the deposit-taking permission and are not supervised by the PRA and so fall outside both the original and the amended definition in section 71A. 3 The firms are designated by the PRA under Article 3 of the FSMA (PRA-regulated activities) Order 2013 (S.I. 2013/556). The factors the PRA takes into consideration are set out in its policy statement Designation of investment firms for prudential supervision by the PRA which is published on the Bank of England website at http://www.bankofengland.co.uk/publications/Documents/other/pra/policy/2013/designationinvestmentfir ms.pdf 4 See, for example, section 232 of the Banking Act 2009, which gives a definition for the purpose of making special insolvency law provision for “investment banks”. UNCLASSIFIED - 2 - UNCLASSIFIED Annex: Institutions to which the senior managers regime and standards of conduct rules apply A. List of UK banks on 31 October 20135 Abbey National Treasury Services Plc ABC International Bank Plc Access Bank UK Limited, The Adam & Company Plc ADIB (UK) Ltd Agricultural Bank of China (UK) Limited Ahli United Bank (UK) PLC AIB Group (UK) Plc Airdrie Savings Bank Aldermore Bank Plc Alliance Trust Savings Limited Allied Bank Philippines (UK) Plc Alpha Bank London Limited ANZ Bank (Europe) Limited Arbuthnot Latham & Co Limited Axis Bank UK Limited Banc of America Securities Limited Bank Leumi (UK) plc Bank Mandiri (Europe) Limited Bank of Beirut (UK) Ltd Bank of Ceylon (UK) Ltd Bank of China (UK) Ltd Bank of Communications (UK) Limited Bank of Cyprus UK Limited Bank of Ireland (UK) Plc Bank of London and The Middle East plc Bank of New York Mellon (International) Limited, The Bank of Scotland plc Bank of the Philippine Islands (Europe) PLC Bank Saderat Plc Bank Sepah International Plc Barclays Bank Plc Barclays Bank Trust Company Limited BIRA Bank Limited BMCE Bank International plc British Arab Commercial Bank Plc Brown Shipley & Co Limited Butterfield Bank (UK) Limited C Hoare & Co CAF Bank Ltd Cambridge & Counties Bank Limited Cater Allen Limited Charity Bank Limited, The 5 Source: Bank of England „List of banks – October 2013‟, http://www.bankofengland.co.uk/pra/Pages/authorisations/banksbuildingsocietieslist.aspx UNCLASSIFIED - 3 - UNCLASSIFIED China Construction Bank (London) Limited Church House Trust Limited CIBC World Markets Plc CIT Bank Limited Citibank International plc Close Brothers Limited Clydesdale Bank Plc Consolidated Credits Bank Ltd Co-operative Bank Plc, The Coutts & Company Credit Suisse (UK) Limited Credit Suisse International Crown Agents Bank Limited DB UK Bank Limited Diamond Bank (UK) Plc Duncan Lawrie Limited EFG Private Bank Limited Europe Arab Bank plc European Islamic Investment Bank Plc FBN Bank (UK) Ltd FCE Bank Plc FCMB (UK) Limited FIBI Bank (UK) Plc Gatehouse Bank Plc GE Capital Bank Limited Ghana International Bank Plc Goldman Sachs International Bank Guaranty Trust Bank (UK) Limited Gulf International Bank (UK) Limited Habib Allied International Bank plc Habibsons Bank Limited Hampshire Trust Plc Harrods Bank Ltd Havin Bank Ltd HFC Bank Limited HSBC Bank Plc HSBC Private Bank (UK) Limited HSBC Trust Company (UK) Ltd ICBC (London) plc ICICI Bank UK Plc Investec Bank PLC Islamic Bank of Britain Plc Itau BBA International PLC J.P. Morgan Europe Limited J.P. Morgan International Bank Limited J.P. Morgan Securities plc Jordan International Bank Plc Julian Hodge Bank Limited Kaupthing Singer & Friedlander Limited (In Adminstration) Kexim Bank (UK) Ltd Kingdom Bank Ltd Kleinwort Benson Bank Ltd UNCLASSIFIED - 4 - UNCLASSIFIED Kookmin Bank International Limited Lloyds Bank Plc Lloyds Bank Private Banking Limited Macquarie Bank International Ltd Marks & Spencer Financial Services Plc Melli Bank plc Methodist Chapel Aid Limited Metro Bank PLC Mizuho International Plc Morgan Stanley Bank International Limited N M Rothschild & Sons Ltd National Bank of Egypt (UK) Limited National Bank of Kuwait (International) Plc National Westminster Bank Plc Nomura Bank International Plc Northern Bank Limited Northern Trust Global Services Ltd OneSavings Bank Plc Persia International Bank Plc PNB (EUROPE) PLC Punjab National Bank (International) Limited QIB (UK) Plc R. Raphael & Sons Plc Rathbone Investment Management Limited RBC Europe Limited Reliance Bank Ltd Royal Bank of Scotland Plc, The Sainsbury‟s Bank Plc Santander UK Plc Schroder & Co Ltd Scotiabank Europe Plc Scottish Widows Bank Plc Secure Trust Bank Plc SG Hambros Bank Limited Shawbrook Bank Limited Smith & Williamson Investment Services Limited Sonali Bank (UK) Limited Southsea Mortgage and Investment Company Ltd (In Liquidation) Standard Bank Plc Standard Chartered Bank State Street Bank Europe Limited Sumitomo Mitsui Banking Corporation Europe Limited Talos Securities Limited TD Bank Europe Limited Tesco Personal Finance Plc Turkish Bank (UK) Ltd TSB Bank plc UBS Limited Ulster Bank Ltd Union Bank of India (UK) Limited Union Bank UK Plc United National Bank Limited UNCLASSIFIED - 5 - UNCLASSIFIED United Trust Bank Limited Unity Trust Bank Plc Vanquis Bank Limited Virgin Money plc VTB Capital plc Weatherbys Bank Limited Wesleyan Bank Limited Westpac Europe Ltd Zenith Bank (UK) Limited B. List of UK building societies on 31 October 20136 Bath Investment & Building Society Beverley Building Society Buckinghamshire Building Society Cambridge Building Society Chorley and District Building Society, The City of Derry Building Society Coventry Building Society Cumberland Building Society Darlington Building Society Dudley Building Society Dunfermline Building Society (a) Earl Shilton Building Society Ecology Building Society Furness Building Society Hanley Economic Building Society Harpenden Building Society Hinckley and Rugby Building Society Holmesdale Building Society Ipswich Building Society Leeds Building Society Leek United Building Society Loughborough Building Society Manchester Building Society Mansfield Building Society,
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