Rufus Sachdev-Wood
Rufus is an associate in the financial regulation group at Slaughter and May. He advises established financial institutions and newer entrants on a range of transactional and non-transactional matters, with a particular focus on the prudential regulation of banks. Rufus has published several articles on banking regulation and is the co-author of the UK chapter of In-Depth: Banking Regulation.
Before becoming a solicitor, Rufus graduated with a degree in history from the University of Oxford.
Practice Area
Panel
- Contributing Author
1 Contributions by Rufus Sachdev-Wood
PRACTICE NOTES
UK small bank resolution via FSCS levy-funded recapitalisation and PSP/bridge bank transfers: framework, conditions and practice under the Bank Resolution (Recapitalisation) Act 2025
This Practice Note outlines the changes to the UK’s bank recovery and resolution framework introduced by the Bank Resolution (Recapitalisation) Act 2025 (the Act). The Act extends to every institution to which the special resolution regime (SRR) under the Banking Act 2009 (BA 2009) applies. Accordingly, it captures banks, building societies and certain investment firms designated by the Prudential Regulation Authority (PRA). For simplicity, this Practice Note groups these entities collectively as ‘banks’.
Background to the Act
Failure of Silicon Valley Bank
Silicon Valley Bank (SVB) was a US lender with a focus on technology. From July 2022, it operated in the UK via a distinct legal entity, Silicon Valley Bank UK Limited (SVBUK). SVBUK was authorised by the PRA and, like any other UK bank, was dual-regulated by the PRA and the Financial Conduct Authority (FCA). As a self-contained subsidiary, SVBUK maintained its own capital and liquidity requirements, independent of those of its parent, SVB. SVBUK’s customer base was concentrated in the UK innovation sector (notably technology, life sciences and healthcare). In March 2023, SVB realised a significant loss on a portfolio of long-dated bonds and announced a fresh capital raise...
Financial Services
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