The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020
Citation1.
These Regulations may be cited as the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020.
Amendments to the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 20192.
(1)
(2)
In regulation 2(6) for “9th December 2020” substitute “31st March 2021”.
(3)
In regulation 3—
(a)
in paragraph (2)—
(i)
in sub-paragraph (b), for “9th December 2020” substitute “31st March 2021”;
(ii)
in the closing words, for “12 months” substitute “15 months and 22 days”;
(b)
in paragraph (3), for “9th December 2020” substitute “31st March 2021”.
These Regulations amend the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019 (S.I. 2019/1136) “the 2019 Regulations”.
Regulation 2(2) of these Regulations amends regulation 2(6) of the 2019 Regulations which brings into force on 9th December 2020 the employee certification provisions (as defined in regulation 2(8) of the 2019 Regulations) in relation to solo-regulated firms other than benchmark firms. Regulation 2(2) of these Regulations amends that date to 31st March 2021.
Regulation 2(3) of these Regulations amends regulation 3(2) and (3) of the 2019 Regulations which contains a transitional provision in relation to claims management companies. Regulation 3(2) and (3) provide that the commencement of the employee certification provisions on 9th December 2020 under regulation 2(6) of the 2019 Regulations does not apply until the claims management company has had full permission from the Financial Conduct Authority to carry on claims management activity for 12 months or has permission to carry on any other regulated activity. The period of 12 months does not apply if the firm receives full permission before 9th December 2019. Regulation 2(3)(a)(ii) of these Regulations amends this period to 15 months and 22 days. This extended period for claims management companies will align with the revised commencement date of the employee certification provisions for solo-regulated firms provided for in regulation 2(2) of these Regulations. The effect is that no claims management company will be required to comply with the certification regime provisions in advance of any other solo-regulated firm. Regulation 2(3) of these Regulations also makes consequential amendments to the date of 9th December 2020 in regulation 3(2) and (3) of the 2019 Regulations.
A full impact assessment has not been produced for this instrument because no, or no significant, impact on the private, voluntary or public sector is foreseen.
The following provisions of the Bank of England and Financial Services Act 2016 have been brought into force by commencement regulations made before the date of these Regulations:
Provision | Date of Commencement | S.I. No. |
|---|---|---|
Section 1 (partially) | 6th July 2016 | |
Section 1 (so far as not already in force) | 1st March 2017 | |
Sections 2 to 10 | 6th July 2016 | |
Section 11 (for the purpose of inserting sections 7D, 7E, 7G and 7H in the Bank of England Act 1998 (c. 11) | 6th July 2016 | |
Section 11 (so far as not already in force) | 1st March 2017 | |
Sections 12 to 15 | 1st March 2017 | |
Section 16 (partially) | 6th July 2016 | |
Section 16 (so far as not already in force) | 1st March 2017 | |
Section 17 (partially) | 6th July 2016 | |
Section 17 (so far as not already in force) | 1st March 2017 | |
Sections 18 to 20 | 6th July 2016 | |
Sections 21 (for specified purposes in relation to insurers) | 13 September 2018 | |
Section 21 (for all other purposes in relation to insurers) | 10th December 2018 | |
Section 21 (for specified purposes) | 18th July 2019 | |
Section 21 (for all other purposes in relation to authorised persons who are not solo-regulated firms) | 9th August 2019 | |
Section 21 (except the employee certification provisions, for all other purposes in relation to solo-regulated firms other than benchmark firms) | 9th December 2019 | |
Section 21 (except the employee certification provisions, for all remaining purposes in relation to benchmark firms) | 7th December 2020 | |
Section 21 (for the purpose of bringing into force the employee certification provisions in relation to solo regulated firms other than benchmark firms) | 9th December 2020 | |
Section 21 (so far as not already in force) | 7th December 2021 | |
Sections 22 to 24 | 6th July 2016 | |
Sections 25 (partially) | 10th May 2016 | |
Section 25 (so far as not already in force) | 6th July 2016 | |
Sections 26 to 29 | 6th July 2016 | |
Section 32 | 13th May 2016 | |
Sections 33 to 36 | 6th July 2016 | |
Section 38 | 6th July 2016 | |
Schedule 2, paragraph 1, 5 to 7, 8(1), (2)(a) and (b), (3)(a), (5)(a)(ii) and (6), 9(1), (2) and (4), 11, 15 to 18, 20(1), (2) and (4) to (7), 21(1), (2) and (4) to (7) and 32 | 6 July 2016 | |
Schedule 2, paragraph 68 (partially) | 6th July 2016 | |
Schedule 3, paragraph 1 (partially) | 6th July 2016 | |
Schedule 3, paragraph 6 | 6th July 2016 | |
Schedule 4 (for specified purposes in relation to insurers) | 13th September 2018 | |
Schedule 4, paragraph 1 to 10 and 12 to 22 (for all other purposes in relation to insurers) | 10th December 2018 | |
Schedule 4, paragraph 11 (for all other purposes in relation to insurers) | 10th December 2019 | |
Schedule 4 (for specified purposes) | 18th July 2019 | |
Schedule 4 (for all purposes in relation to authorised persons who are not solo regulated firms) | 9th August 2019 | |
Schedule 4 (except the employee certification provisions, for all other purposes in relation to solo regulated firms other than benchmark firms) | 9th December 2019 | |
Schedule 4 (except the employee certification provisions, for all remaining purposes in relation to benchmark firms) | 7th December 2020 | |
Schedule 4 (for the purpose of bringing into force the employee certification provisions in relation to solo regulated firms other than benchmark firms) | 9th December 2020 | |
Schedule 4 (so far as not already in force) | 7th December 2021 |