LegalizeThe Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014
Made: 26th November 2014
The Treasury make the following Order in exercise of the powers conferred by section 148(5) of the Financial Services (Banking Reform) Act 2013[^f00001].
Citation and interpretation
1
- (1) This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014.
- (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) 31st December 2014 is the day appointed for the coming into force of the following provisions of the Act—
- (a) section 13 (preferential debts (Great Britain)),
- (b) section 17 and paragraphs 1 to 33 of Schedule 2 (bail-in stabilisation option), so far as those provisions are not already in force, and
- (c) section 133(2)(a) (power of FCA and PRA to make rules applying to parent undertakings).
- (2) 31st December 2014 is the day appointed for the coming into force of section 133(1) of the Act, so far as it inserts section 192JB into the Financial Services and Markets Act 2000[^f00002].
Signed
Harriet Baldwin — Gavin Barwell — Two of the Lords Commissioners of Her Majesty’s Treasury — 26th November 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 preferential debts, the powers of the Bank of England to bail in liabilities of a bank, and the power of the Prudential Regulation Authority and the Financial Conduct Authority to make rules applying to certain holding companies in relation to resolution. This is the seventh 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.
[^f00002]: 2000 c. 8.
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