The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023

In view of the failure of the U.S. Silicon Valley Bank and the sale of the UK subsidiary of the Silicon Valley Bank UK Limited (SVBUL) to HSBC UK Bank plc., the regulators have issued a new order, the Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023 which was now published on legislation.gov.uk, the official website of the UK government for publicizing legal documents.
The order makes amendments to Article 11 of the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014 (SI 2014/1960) and to Articles 1 and 3 of the Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) Order 2023 (SI 2023/319) to
– facilitate the ongoing exclusion of the SVBUL from ring-fencing requirements which would otherwise be restricted to four years following the acquisition provided that certain conditions are met by HSBC UK and SVBUL; and
– make other minor modifications for clarification and correction purposes within SI 2023/319.