The Financial Services (Banking Reform) Act 2013 (Commencement No. 10) Order 2016
Citation and interpretation1.
(1)
This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 10) Order 2016.
(2)
In this Order—
“the Act” means the Financial Services (Banking Reform) Act 2013;
Appointed date for the coming into force of certain provisions of the Act2.
21st April 2016 is the day appointed for the coming into force of—
(a)
section 4 (ring-fencing of certain activities) of the Act for the purpose of inserting section 142H (ring-fencing rules) of FSMA; and
(b)
section 133 (power of the FCA and PRA to make rules applying to parent undertakings) of the Act for the purpose of inserting section 192JA (rules applying to parent undertakings of ring fenced bodies) of FSMA.
This Order brings into force on 21st April 2016 certain provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”).
Section 4 (ring-fencing of certain activities) of the Act (partially commenced on 1st March 2014) is brought into force for the additional purpose of inserting section 142H (ring-fencing rules) of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). Section 133 (power of the FCA and PRA to make rules applying to parent undertakings) of the Act (partially commenced on 31st December 2014) is brought into force for the additional purpose of inserting section 192JA (rules applying to parent undertakings of ring fenced bodies). Sections 142H and 192JA of FSMA relate to the appropriate regulator’s powers to make rules for ring-fenced bodies and parent undertakings of ring-fenced bodies. A ring fenced body is a UK institution that falls within the definition in section 142A of FSMA. This is the tenth commencement order to be made under the Act.
An impact assessment of the effect that ring fencing will have on the costs of business, the voluntary sector and the public sector has been prepared and is available on HM Treasury’s website (www.gov.uk/treasury) or from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ. No separate impact assessment has been produced for this Order.
The following provisions of the Act have been brought into force by commencement orders made before the date of this Order:
Provision | Date of Commencement | S.I.No. |
|---|---|---|
Section 4 (partially) | 1st March 2014 | |
Section 6 | 1st March 2014 | |
Section 13 | 31st December 2014 | |
Sections 14 and 15 | 1st March 2014 | |
Section 16 | 1st April 2014 | |
Section 17 (partially) | 1st March 2014 | |
Section 17 (so far as not already in force) | 31st December 2014 | |
Section 18 (partially) | 25th July 2014 | |
Section 18 (so far as not already in force) | 7th March 2016 | |
Section 19 | 25th July 2014 | |
Section 20 (partially) | 25th July 2014 | |
Section 20 (so far as not already in force) | 7th March 2016 | |
Sections 21 to 26 | 7th March 2016 | |
Sections 27 and 28 | 25th July 2014 | |
Section 29 (partially) | 25th July 2014 | |
Section 29 (for the purpose of inserting section 63F of the Financial Services and Markets Act 2000) | 7th March 2016 | |
Section 29 (so far as not already in force) | 7th March 2017 | |
Section 30 (partially) | 25th July 2014 | |
Section 30 (partially) | 7th March 2016 | |
Section 31 (partially) | 25th July 2014 | |
Section 31 (so far as not already in force) | 7th March 2016 | |
Section 32 (partially) | 7th March 2016 | |
Section 33 | 25th July 2014 | |
Section 34 | 7th March 2016 | |
Section 35 (partially) | 25th July 2014 | |
Section 35 (so far as not already in force) | 7th March 2016 | |
Section 36 to 38 | 7th March 2016 | |
Sections 39 to 58 | 1st March 2014 | |
Section 59 | 1st April 2014 | |
Section 60(1), (2), (3) and (7) | 1st April 2014 | |
Section 60 (so far as not already in force) | 1st April 2015 | |
Section 61 (partially) | 1st November 2014 | |
Section 61 (so far as not already in force) | 1st April 2015 | |
Section 62 | 1st April 2015 | |
Sections 63 to 66 | 1st April 2014 | |
Section 67(2) (partially) | 1st November 2014 | |
Section 67(3), (4) and (5) | 1st April 2014 | |
Section 67 (so far as not already in force) | 1st April 2015 | |
Sections 68 to 110 | 1st March 2014 | |
Section 121(1) (partially) | 1st March 2014 | |
Section 121(3) (partially) | 1st March 2014 | |
Section 129 (partially) | 1st November 2014 | |
Section 129 (so far as not already in force) | 1st April 2015 | |
Section 130 | 1st March 2014 | |
Section 132 | 1st March 2014 | |
Section 133(1) (for the purpose of inserting section 192JB of the Financial Services and Markets Act 2000) | 31st December 2014 | |
Section 133(2)(a) | 31st December 2014 | |
Section 134 to 137 | 1st March 2014 | |
Section 139 | 21st March 2014 | |
Section 140(1) to (3) | 21st March 2014 | |
Section 140(4) to (6) | 21st March 2014 | |
Section 141 (partially) | 1st March 2014 | |
Section 141 (so far as not already in force) | 1st April 2014 | |
Schedule 1 | 1st March 2014 | |
Schedule 2, paragraph 4 (for the purpose of inserting section 48P of the Banking Act 2009) | 1st March 2014 | |
Schedule 2, paragraph 6(8) (for the purpose of inserting sections 60A and 60B of the Banking Act 2009) | 1st March 2014 | |
Schedule 2 (so far as not already in force) | 31st December 2014 | |
Schedule 3, paragraph 2 (partially) | 25th July 2014 | |
Schedule 3, paragraphs 7, 8, 9, 16(b)(i), 17(b)(i), 19(2)(b)(i) and 19(3)(b)(i) | 25th July 2014 | |
Schedule 3 (so far as not already in force) | 7th March 2016 | |
Schedules 4 and 5 | 1st March 2014 | |
Schedule 6, paragraph 6 (partially) | 1st March 2014 | |
Schedule 8, paragraphs 3 and 9 (both partially) | 1st November 2014 | |
Schedule 8, paragraphs 4, 5 and 7 | 1st November 2014 | |
Schedule 8 (so far as not already in force) | 1st April 2015 | |
Schedule 9, paragraph 4 | 26th March 2014 | |
Schedule 10 paragraphs 1, 2 and 4 to 9 | 1st March 2014 | |
Schedule 10 paragraph 3 | 1st April 2014 | |
Schedule 10 paragraph 10 (partially) | 1st March 2014 | |
Schedule 10 paragraph 10 (so far as not already in force) | 1st June 2014 |