On Monday March 13, 2023, the Bank of England announced that Silicon Valley Bank UK Limited has been sold to HSBC UK Bank Plc. The situation remains fluid, and the following Q&A reflects our understanding as of Monday...more
3/14/2023
/ Acquisitions ,
Bank of England ,
Banking Sector ,
Banks ,
Deposit Insurance ,
Depository Institutions ,
Financial Institutions ,
Financial Services Industry ,
HSBC ,
Insolvency ,
Silicon Valley ,
UK
On Friday March 10, 2023, the Bank of England moved to put the UK arm of Silicon Valley Bank into insolvency after it applied for £1.8bn of liquidity as its parent company was collapsing. The situation remains fluid, and the...more
3/13/2023
/ Bank of England ,
Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Insolvency ,
Receivership ,
Silicon Valley ,
UK
With a new operational resilience framework in force in the UK and similar reforms proposed in the EU and the US, we examine how the regimes compare and their practical impact on financial services firms....more
12/5/2022
/ Bank of England ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Cyber Incident Reporting ,
Cybersecurity ,
EU ,
European Commission ,
Federal Deposit Insurance Act ,
FFIEC ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Infrastructure ,
IOSCO ,
Natural Disasters ,
New Rules ,
Prudential Regulation Authority (PRA) ,
UK
In our client alert entitled "Government-backed initiatives to support businesses impacted by the Coronavirus" we gave an overview of various measures announced by the UK Government to help UK business through the economic...more
3/27/2020
/ Bank of England ,
Coronavirus/COVID-19 ,
Covid Commercial Financing Facility ( CCFF) ,
Financial Distress ,
HM Treasury ,
Loan Agreements ,
Loans ,
Promissory Notes ,
Relief Measures ,
State of Emergency ,
UK
The UK Government has been quick to respond to the economic shock and disruption caused by the outbreak of COVID-19 and, over the past week, the Chancellor of the Exchequer, HM Treasury and the Bank of England have announced...more
3/24/2020
/ Bank of England ,
Borrowers ,
Business Interruption ,
Coronavirus/COVID-19 ,
Corporate Issuers ,
EU ,
Financial Crisis ,
Government-Guaranteed Loans ,
HM Treasury ,
Industrial Sector ,
Relief Measures ,
State Aid ,
UK