Banking Business Transfer Scheme
Getting ready for Brexit.
We’ll use our banking entity in the Netherlands, NatWest Markets N.V., to serve certain non-UK European Economic Area (EEA) customers when the UK leaves the European Union (EU).
We’re using a legal scheme called a “Banking Business Transfer Scheme” under Part VII of the Financial Services and Markets Act 2000 (the Scheme) to replicate master documentation for the majority of EEA customers and transfer certain existing transactions from NatWest Markets Plc to NatWest Markets N.V.
Phase 1 of the Scheme replicates master documentation for EEA customers and Phase 2 transfers certain existing transactions that some customers have with NatWest Markets Plc to NatWest Markets N.V.
On 20 February 2019, the expected “Effective Time” of Phase 1 was revised to “22 March 2019” and the expected “Effective Time” of Phase 2 was revised to “on a date between 23 March and 31 December 2019 (inclusive)”. Any references to the effective times in the Scheme documentation now relate to these dates. Any references to 4 March 2019 in relation to entering into new transactions with NatWest Markets N.V no longer apply and customers will be advised of the date from which transactions will be entered into with NatWest Markets N.V. rather than NatWest Markets Plc, if required.
The Court of Session in Scotland approved the Scheme at a hearing on 22 February 2019. Phase 1 was implemented on 22 March 2019. Phase 2 is being implemented in stages, with relevant customers contacted in advance of each implementation.
Extension to the Scheme: December 2019
Following the recent Article 50 extension and continued uncertainty surrounding the timing of Brexit and the terms of the UK’s future trading relationship with the EU, the Court of Session in Scotland has approved extending the latest date for transferring transactions to 31 December 2020 at a hearing in Edinburgh on 20 December 2019.
We are contacting all affected customers to inform them of this. You can find a copy of the communication notifying customers of the request here, and a copy of the amended Scheme below.
The following documents contain more information on how the Scheme works and what it means for you.
|The Scheme document contains the terms of the Banking Business Transfer Scheme in full. The amended Scheme document was published on 20 February 2019 and a proposed further amended Scheme document was published on 28 November 2019.|
|The Summary of the principle terms of the Scheme contains a summary of the key terms of the above Scheme document. The amended Summary of the principle terms of the Scheme was published on 22 February 2019.|
|This Legal Notice was published in the relevant newspapers following the first Court hearing, and this Post Sanctions Hearing Legal Notice was published in the relevant newspapers following the approval hearing on 22 February 2019. This Legal Notice was then published following the request to extend the latest date for transferring transactions.|
|The Notification of the Banking Business Transfer Scheme booklet explains the Scheme, and what it means for customers. The amended Notification of the Banking Business Transfer Scheme booklet was published on 22 February 2019.|
|The Scottish High Court Order evidences the original approval of the Banking Business Transfer Scheme.|
Who to contact
If you have questions after reading this information, please speak to your usual contact within NatWest Markets or email us at email@example.com.