Senior finance lawyers press concerns over Banking Act
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.
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