Banking Business Transfer Scheme
Brexit - next steps
Brexit - next steps
We’re using our banking entity in the Netherlands, NatWest Markets N.V., to support certain European Economic Area (EEA) customers.
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 replicated master documentation for EEA customers on 22 March 2019. Phase 2 transfers certain existing transactions that some customers have with 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 was implemented on 22 March 2019. Phase 2 is being implemented in stages, with relevant customers contacted in advance of each implementation and is currently applicable until the 31 December 2020.
Requested extension to the Scheme: November 2020
To give us the flexibility we need, we extended the latest date for transferring transactions to 31 December 2021. In order to make this change, following a preliminary Court hearing held on 3 November 2020, the Scheme was amended and then approved by the Court of Session, in Edinburgh, on 2 December 2020.
We have contacted all affected customers to inform them of this extension to 31 December 2021. You can find a copy of this new communication 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 and extension to 31 December 2019. A proposed further amended Scheme document was published on 4 November 2020.|
|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. A further Legal Notice was then published following the request to extend the latest date for transferring transactions following the court hearing on 3 November 2020.|
|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.