The Financial Services (Banking Reform) Act 2013 (Commencement No. 12) Order 2018

Document Number:2018 No. 1306 (C. 93)
 
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Statutory Instruments

Banks And Banking

Made

4 th December 2018

The Treasury make the following Order in exercise of the powers conferred by section 148(5) and (6) of the Financial Services (Banking Reform) Act 2013(1):

Citation and interpretation

  1. —(1) This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 12) Order 2018.

    (2) In this Order “the Act” means the Financial Services (Banking Reform) Act 2013.

    Appointed day for the coming into force of certain provisions of the Act

  2. 1 st January 2019 is the appointed day for the coming into force of the following provisions of the Act—

    (a) section 1 (objectives of Prudential Regulation Authority);

    (b) section 2 (modification of objectives of Financial Conduct Authority);

    (c) section 3 (amendment of PRA power of direction);

    (d) section 4 (ring-fencing of certain activities) , so far as that section is not already in force;

    (e) section 5 (PRA annual report);

    (f) section 7 (building societies: power to make provision about ring-fencing);

    (g) section 8 (reviews);

    (h) section 9 (PRA review of proprietary trading);

    (i) section 10 (independent review of propriety trading);

    (j) section 11 (reviews of proprietary trading: interpretation);

    (k) section 12 (right to obtain documents and information); and

    (l) section 133 (power of FCA and PRA to make rules applying to parent undertakings) , so far as that section is not already in force.

    David Rutley

    Craig Whittaker

    Two of the Lords Commissioners of Her Majesty’s Treasury

    4 th December 2018

    EXPLANATORY NOTE

    (This note is not part of the Order)

    This Order brings into force on 1 st January 2019 the provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) relating to the ring-fencing regime that are not already in force. This is the twelfth commencement order...

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