Part VII Transfer
As part of our Brexit plans, Barclays received approval from the High Court on 29th January 2019 to transfer certain Banking and Markets, Corporate and PBOS business to Barclays Bank Ireland (BBI) under Part VII of the Financial Services and Markets Act 2000.
This is a critical part of our preparations for Brexit, which enables us to duplicate or transfer contracts currently in place with Barclays Bank PLC (BBPLC) and Barclays Capital Securities Limited (BCSL) to BBI rather than requiring new documentation to be signed.
A copy of the Court Order (which effects the duplication/transfer of in scope agreements) can be downloaded in the Court Documents section of this website.
Barclays may also contact you directly with details of the specific contracts that you have and the transfer mechanisms applicable to you. If you have any questions about the date of transfer or duplication, you should reach out to your usual Barclays contact.
Court Documents and further Part VII Information
*Please note the transfer of Private Banking to BBI took place over the weekend of 29 - 30 June 2019, with an effective transfer date of Monday, 01 July 2019. BBI is now live to serve our European clients. We will have contacted you if any of your products and services were impacted by this transfer.*
English - Scheme Summary (PDF 84KB)
French - Scheme Summary (PDF 257KB)
German - Scheme Summary (PDF 104KB)
Italian - Scheme Summary (PDF 35KB)
Spanish - Scheme Summary (PDF 3.7MB)
English - Part VII Notification Letter (PDF 1.1MB)
French – Part VII Notification Letter (PDF 320KB)
German – Part VII Notification Letter (PDF 276KB)
Italian – Part VII Notification Letter (PDF 267KB)
Spanish – Part VII Notification Letter (PDF 308KB)
Summary of Contractual Amends
In order to facilitate and give effect to the transfer of your business relationship(s) to BBI, we may need to make certain consequential amendments to the contracts and terms you have with Barclays (whether transferring and/or duplicating contracts through the Part VII or through one of the other mechanisms). Such amendments will be limited to those changes which support the migration to BBI (e.g., to address the new jurisdiction and/or regulatory regime), and many such amendments will be administrative, e.g., changes to the Barclays entity name, contact details, address, custody/securities account details, bank account details, process agent details, applicable regulator(s), and jurisdiction of incorporation.
Certain amendments will be generic and apply to all transferring agreements, while other changes may be specific to the particular agreement type. While many of these amendments are being made to bring the resulting transferred/replicated agreement in line with the templates for new BBI documentation, note that they may not always result in exactly the same agreement.
The amendments we have identified in our review of transferring contracts have been summarised in the documents below:
- General (for all in scope agreements and businesses) (PDF 396KB)
- Corporate Banking (PDF 370KB)
- Investment Banking – Terms of Business (PDF 676KB)
- Investment Banking - Markets specific (ISDA Master Agreement, CSA, GMRA & GMSLA) (PDF 417KB)
- Investment Banking - all other agreements referenced in the Scheme (PDF 438KB)
- Investment Banking - Rahmenvertrag (German) (PDF 172KB)
- Investment Banking - FBF (French) (PDF 342KB)
- Investment Banking - Contrato Marco de Operaciones Financieras (CMOF) (Spanish) (PDF 527KB)
- Private Banking and Overseas Clients (PDF 323KB)
- Supplier contracts (PDF 280KB)
If you have any questions or concerns in relation to your existing positions, we encourage you to contact the Brexit support team, your relationship manager, or your Private Banker.
Our responses to some Frequently Asked Questions (“FAQs”) about the Part VII can be found here: