UK Banking Bill beset by cherry-picking and Henry VIII

Regulatory News

LONDON - Concerns over counterparty credit rights and a proposed 'Henry VIII clause' are plaguing the UK's new Banking Bill as it goes through parliament. If enacted, the bill would give new powers to the UK's tripartite regulators - the Bank of England, the Financial Services Authority and HM Treasury - to maintain financial stability. Central to the bill is the proposed Special Resolution Regime (SRR), granting the Bank of England new powers to administrate bank rescues.

One of the financial

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