OBS_VALUE: No initial capital requirement for foreign branches and no restrictions on activities conditional on PRA approval. The financial authority has proposed to impose subsidiarisation or ring-fencing of assets for non-EEA banks that accept retail deposits,  if there is a national depositor preference regime in the home country. See Consultation paper: http://www.bankofengland.co.uk/pra/Pages/publications/policy/2013/addressingtheimplications.aspx