Bank
Re Barclays Bank plc and another company [2018] EWHC 2868 (Ch), [2018] All ER (D) 03 (Nov)
Barclays Bank plc (BB) and Barclays Bank Ireland plc (BBI) applied for directions in connection with an application under the Financial Services and Markets Act 2000 (FSMA 2000) for the sanction of a banking business transfer scheme, as part of Barclays’ planning for the continuity of service provision to its clients in the European Economic Area, following Brexit. The Companies Court ruled that an order to transfer the business of Barclays Capital Securities Ltd (an English incorporated subsidiary company in the Barclays Group, which was not authorised to accept deposits), to BBI (an Irish incorporated company in the group) was capable of falling within the jurisdiction of FSMA 2000 s 112(1)(d), because the transfer was capable of being ‘necessary to secure that the scheme is fully and effectively carried out’. Accordingly, the court granted the principal direction sought, which was for the publishing of a notice in a variety of publications.
