RBS Reports Approval Of FSMA Part VII IPED Business Transfer

(RTTNews) - Royal Bank of Scotland Group Plc. (RBS, RBS.L) Monday announced the approval of FSMA Part VII investor products and equity derivatives or IPED business transfer.

The lender had announced on November 19 that the Court of Session in Scotland had pronounced an order under Part VII of the UK Financial Services and Markets Act 2000 sanctioning a banking business transfer scheme or the Part VII Scheme between RBS Plc. and BNP Paribas S.A. in respect of certain securities and deposits and certain assets and liabilities relating to them which form part of RBS plc's structured retail IPED business.

RBS Plc. announced that the Part VII Scheme, as approved by the Court, took effect on December 7.

The assets and liabilities of RBS Plc. in respect of the IPED Products and certain related agreements were transferred to BNP Paribas, acting through its London branch, at 00:01hrs GMT.

Immediately after the transfer of the relevant IPED securities which form part of the IPED Products and related agreements to BNP Paribas, acting through its London branch, the role of the issuer of those IPED Securities and such related agreements were transferred to BNP Paribas Arbitrage Issuance B.V.