Getting Ready for Brexit – Banking Business Transfer Scheme
We plan to use our banking entity in the Netherlands, NatWest Markets N.V., to serve our 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 EEA customers and transfer certain existing transactions from NatWest Markets Plc to NatWest Markets N.V.
The Court of Session in Scotland approved the Scheme at a hearing on 22 February 2019.
Phase 1 of the Scheme will replicate master documentation for EEA customers and Phase 2 will transfer certain existing transactions that some customers have with NatWest Markets Plc to NatWest Markets N.V. We will contact the relevant customers again before implementing Phase 2, providing a minimum of ten business days’ notice.
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, which have been confirmed following the approval of the Scheme. 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 following documents contain more information on how the Scheme works and what it means for you. If you still have questions or concerns after reading this information, please speak to your usual contact within NatWest Markets or email us at email@example.com.
- The Scheme document contains the terms of the Banking Business Transfer Scheme in full. The amended Scheme document was published on 20 February 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 will be published in the relevant newspapers.
- 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 approving the Banking Business Transfer Scheme will be published here in the coming days.