On 14 March 2023, there was published on the legislation.gov.uk website The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) Order 2023. The purpose of the Order is to make certain amendments to the law, in order to enable powers under Part 1 of the Banking Act 2009 to be used effectively in connection with the sale of Silicon Valley Bank UK Limited to HSBC UK Bank plc.
In particular, the Order:
- Amends the Financial Services and Markets Act 2000 (Excluded and Prohibited Activities) Order 2014 in connection with the application of ring-fencing rules, permitting the provision of liquidity from HSBC UK Bank plc to Silicon Valley Bank UK Limited.
- Makes modifications to certain sections of the Financial Services and Markets Act 2000 with respect to PRA and FCA rule-making powers and duties to consult on rule changes, in relation to Silicon Valley Bank UK.
The Order comes into force on 13 March 2023 at 8am.