A cross-practice team at Herbert Smith Freehills has advised on the establishment of Clear.Bank – the UK's first new clearing bank to enter the market for more than 250-years.
Unveiled for the first time today (28 Feb, 2017), Clear.Bank will officially open in Autumn 2017 to financial services providers, FCA-regulated businesses and Fintechs that require access to UK payment systems and core banking technology to support current account capabilities.
As lead adviser on this high-profile matter, Herbert Smith Freehills:
- provided UK regulatory advice, with Clear.Bank having already obtained its regulatory authorisations from the PRA and the FCA;
- advised on a subscription and shareholders' agreement, after Clear.Bank secured investment from PPF Group and CFFI Ventures, and also on management incentivisation arrangements; and
- is assisting Clear.Bank with drafting of commercial agreements, including with financial institution clients.
Key Partners leading on the matter include: Greg Mulley (partner, corporate, London); Andrew Procter (partner, financial services regulatory, London); Caroline Rae (partner, corporate, London); Mark Ife (partner, incentives, London); and Nick Pantlin (partner, TMT & Outsourcing, London).
Other key team members include: Shaun Williamson (associate, corporate, London); Bradley Richardson (senior associate, incentives, London); and David Coulling (senior associate, TMT & Outsourcing, London).
Commenting on the matter, Herbert Smith Freehills Partner Greg Mulley said:
"I am pleased that Herbert Smith Freehills has been a part of such an industry milestone and was able to provide legal advice to enable the launch of a state-of-the-art clearing bank in the UK financial services market. We are very happy to be part of the Clear.Bank team."