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Abstract definition

What does Abstract mean? In patent practice, an abstract is a short, stand‑alone summary of the technical disclosure in a patent application or granted patent. Its purpose is to help patent offices and third parties understand the gist of the invention quickly and to facilitate searching and classification. In the UK (England & Wales, Scotland and Northern Ireland) and Ireland, patent legislation and associated rules require an abstract forming part of the patent specification. It should concisely indicate the technical field, the problem addressed, the essential features of the solution, and, where relevant, principal use and the most illustrative drawing. The UK Intellectual...

UK bank ring-fencing regime: legislative, regulatory and judicial developments timeline (2011–2023) [Archived]

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Structural banking reform and Ring-fencing

The global financial crisis underscored the necessity for international structural reform of banking. In the UK, the Government brought forward a suite of measures to bolster the resilience of the UK financial system and to avoid taxpayers carrying the burden when banks fail.

The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) inserted fresh measures into the Financial Services and Markets Act 2000 (FSMA 2000), obliging the largest UK banks to segregate, within their groups, essential retail banking services from other activities, such as investment and international banking. This separation is termed ring-fencing. Its objective is to shield UK retail banking from shocks arising elsewhere in a banking group, which could otherwise adversely affect global financial markets. Ring-fencing legislation applies only to UK banks with a three-year average of more than £25bn in ‘core deposits’—broadly from individuals and small to medium-sized businesses...

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