The Financial Services (Banking Reform) Act 2013 (Commencement No. 4) Order 2014

Made: 25th March 2014

The Treasury, in exercise of the powers conferred by section 148(5) 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. 4) 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

1st April 2014 is the day appointed for the coming into force of the following provisions of the Act—

• (a) section 59 (the Regulator’s functions under Part 4 of the Enterprise Act 2002);

• (b) section 60(1),(2),(3) and (7) (restrictions on the exercise of functions under Part 4 of the Enterprise Act 2002);

• (c) section 63 (provision of information and assistance to a CMA group);

• (d) section 64 (function of keeping markets under review);

• (e) section 65 (exclusion of general duties);

• (f) section 66 (concurrent competition powers: supplementary provision);

• (g) section 67(3), (4) and (5) (amendments relating to Regulator’s competition powers).

Signed

Sam Gyimah — Stephen Crabb — Two of the Lords Commissioners of Her Majesty’s Treasury — 25th March 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 competition functions given to the Payment Services Regulator (established under this Act) concurrently with the Competition and Markets Authority (established under the Enterprise and Regulatory Reform Act 2013). This is the fourth 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.