Jurisdiction(s):
United Kingdom

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Key definition

Ring-fencing definition

What does Ring-fencing mean? In M&A practice, ring-fencing is a drafting technique that channels claims for defined risk areas (commonly tax, employment, pensions, environmental or anti-bribery) into the specific warranties, covenants or indemnities that address those risks, and excludes reliance on overlapping general warranties or other routes. In a share purchase agreement (SPA) this is usually done through a warranty limitation clause stating that, for example, any tax-related claim must be brought only under the tax warranties or tax deed/covenant. Key features include “exclusive remedy” wording, no overlap/double‑recovery provisions, and separate financial caps, time limits and notice regimes for the ring‑fenced warranties or indemnities. The...

EU banking structural reform: Liikanen proposals on ring-fencing, bail-in, risk‑weighted assets and governance; EU response, 2018 withdrawal, and comparison with the UK ring-fencing regime

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Practice notes

ARCHIVED:

This archived Practice Note outlines the key recommendations of the European Commission’s High‑Level Expert Group in its report on restructuring banking businesses (the Liikanen Report), delivered to the Commission on 2 October 2012.

In July 2018, the Commission withdrew the draft regulation derived from the Liikanen Report, as its objectives had, in the meantime, been met to a large extent by other initiatives, including the Financial Services (Banking Reform) Act 2013. For further details, see Practice Note: UK structural banking reform—ring‑fencing. This Practice Note is provided for background only and is not updated.

The European Commission’s High‑Level Expert Group (HLEG) was created in February 2012 to examine potential structural changes to the EU banking sector. Erkki Liikanen, then Governor of the Bank of Finland, served as chairman. Its remit was to assess whether Financial stability, efficiency and consumer protection would be enhanced by structural measures alongside continuing regulatory reforms. The HLEG conducted a consultation from 3 May to 1 June 2012 and submitted its final report, known as the Liikanen Report, to the Commission on 2 October 2012...

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Web page updated on 21/05/2026

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