Leading City firms have teamed up with the City of London Law Society (CLLS) to raise concerns about the implementation of the 2009 Banking Act, which came into effect last month (21 February). Partners have been working with a dedicated finance, regulatory and insolvency committee at the CLLS, chaired by Herbert Smith competition partner Dorothy Livingstone, to put forward concerns and proposed amendments to the legislation, which will give the Bank of England (BoE), HM Treasury and Financial Services Authority (FSA) powers to step in and take control of distressed banks to protect depositors.
March 04, 2009 at 11:33 PM
1 minute read
The original version of this story was published on Legalweek
City Law Society committee searches for clarity on sweeping state powers to take over failing banks
Leading City firms have teamed up with the City of London Law Society (CLLS) to raise concerns about the implementation of the 2009 Banking Act, which came into effect last month (21 February).
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