Search Legislation

The Financial Services Act 2012 (Transitional Provisions) (Enforcement) Order 2013

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Disciplinary measures

This section has no associated Explanatory Memorandum

11.—(1) Paragraphs (5) and (6) apply in respect of a contravention of a requirement listed in paragraph (2)—

(a)which occurred or began before the commencement date; and

(b)in respect of which—

(i)the Authority had not given a warning notice under section 207(1)(1) (proposal to take disciplinary measures), and

(ii)the PRA would have been the appropriate regulator within the meaning of section 204A(2) (meaning of “relevant requirement” and “appropriate regulator”) had the act or omission which constituted the contravention occurred or begun to occur on the commencement date.

(2) The requirements are—

(a)a requirement within the meaning of section 205(3) or 206(4) as they applied at the time of the contravention;

(b)a relevant requirement within the meaning of section 206A(5) as it applied at the time of the contravention.

(3) Paragraphs (5) and (6) also apply in respect of a contravention, beginning on or after the commencement date, of a requirement which—

(a)was imposed before the commencement date under a provision listed in paragraph (4); and

(b)is to be treated as if it had been imposed by the PRA by virtue of an order made under section 119(3) of the 2012 Act.

(4) The provisions are—

(a)section 43 (imposition of requirements);

(b)section 44 (variation etc. at request of authorised person);

(c)section 45 (variation etc. on the Authority’s own initiative), including the exercise of powers under section 45 by virtue of section 47 (exercise of power in support of overseas regulator);

(d)section 46 (variation of permission on acquisition of control);

(e)section 196 (the power of intervention).

(5) Section 204A applies as if it defined both the PRA and the FCA as the appropriate regulator in respect of the contravention for the purposes of Part 14 (disciplinary measures).

(6) For the purposes of section 210(7)(6), the statement to which the PRA must have regard—

(a)where the misconduct occurred and ceased to occur before the commencement date, is the statement published by the Authority and in force at the time that the misconduct occurred;

(b)where the misconduct occurred before the commencement date and continued to occur on or after the commencement date, is the first statement published by the PRA under that section.

(1)

Section 207 was amended by the Financial Services Act 2010, Schedule 2, Part 1, paragraph 18 and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 14.

(2)

Section 204A is inserted by the 2012 Act, Schedule 9, Part 4, paragraph 10.

(3)

Section 205 was amended by S.I. 2007/126, 2011/1613 and 2012/1906, and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 11.

(4)

Section 206 was amended by S.I. 2007/126, 2011/1613 and 2012/1906, and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 12.

(5)

Section 206A was inserted by the Financial Services Act 2010, section 9 and amended by S.I. 2011/1613 and 2012/1906, and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 13.

(6)

Section 210 is amended by the 2012 Act, Schedule 9, Part 4, paragraph 17.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources