The Financial Services (Banking Reform) Act 2013 (Commencement No. 5) Order 2014

Made: 9th July 2014

The Treasury, in exercise of the powers conferred by section 148(5) and (6) of the Financial Services (Banking Reform) Act 2013[^f00001], make the following Order:

Citation and interpretation

1

• (1) This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 5) Order 2014.

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

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

2

• (1) 25th July 2014 is the day appointed for the coming into force of the following provisions of the Act—

• (a) section 19,

• (b) section 27,

• (c) section 28, and

• (d) section 33.

• (2) 25th July 2014 is the day appointed for the coming into force of the following provisions of the Act for the purpose of the making of rules—

• (a) section 18,

• (b) section 29,

• (c) section 30, and

• (d) section 31.

• (3) 25th July 2014 is the day appointed for the coming into force of section 20 of the Act for the purpose of giving directions or imposing requirements.

• (4) 25th July 2014 is the day appointed for the coming into force of section 35 of the Act, for the purpose of introducing the following provisions of Schedule 3 to the Act—

• (a) paragraph 2 in so far as it relates to the making of rules, and

• (b) paragraphs 7, 8, 9, 16(b)(i), 17(b)(i), 19(2)(b)(i) and 19(3)(b)(i).

Signed

Sam Gyimah — Anne Milton — Two of the Lords Commissioners of Her Majesty’s Treasury — 9th July 2014

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order brings into force certain provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) relating to the conduct of persons working in the financial services sector, to enable the Prudential Regulatory Authority and the Financial Conduct Authority to consult on and make the rules provided for in Part 4 of the Act (conduct of persons working in financial services sector), and to issue the statement of policy required by section 27. This is the fifth commencement order to be made under the Act.

This Order will have no effect on the costs of business and the voluntary sector independent of the provisions this Order brings into force. For that reason, no impact assessment has been produced for this instrument.

Footnotes

[^f00001]: 2013 c. 33.