UK ring fencing

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A ring-fenced bode is regulated by Part 9B of FSMA. There are certain “core activities” and “excluded activities”, including “dealing in investments as principal”. The treasury promulgated the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 excluding certain excluded activities. These do not include

• dealing in investments as principal
• commodities trading
• securitisation and covered bonds
• central bank exemption
• derivatives
• general exceptions