FSMA



Getting Ready for Brexit – Banking Business Transfer Scheme

We plan to use our banking entity in the Netherlands, NatWest Markets N.V., to serve 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 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.

Scheme documents

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 brexit@natwestmarkets.com

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