The PRA`s first report on certain aspects of circular fencing can be found in the „Compliance with the FSMA“ section of the PRA`s 2019 annual report. We have also published a list of bodies closed on 1 January 2019, in which companies does the PRA regulate? In economic and financial affairs, ringfencing or ring-fencing occurs when part of the assets or profits of a company is financially separated, without necessarily being operated as a separate entity. This could apply: the law requires financial institutions to close their banking activities to consumers in order to protect the deposits of client banks against potential investment banking losses. Institutions have been forced to reorganize their banking arms as separate entities with their own board of directors.26. November 2018: We published „From Construction to Maintenance: Patrolling the Ring Fence“, a speech by James Proudman, Executive Director of UK Deposit Takers Supervision, on ring-fencing and its impact on banks and the PRA. . . .