The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) (No. 2) Order 2016

Made: 21st October 2016

Laid before Parliament: 24th October 2016

Coming into force: 21st November 2016

The Treasury, in exercise of the powers conferred by section 145 of the Financial Services (Banking Reform) Act 2013[^f00001], make the following Order:

Citation and commencement

1

This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Consequential Amendments) (No. 2) Order 2016 and comes into force on 21st November 2016.

Amendments to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013

2

In the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013[^f00002], in article 2 (qualifying EU provisions: general)—

• (a) in paragraph (1) for “66(2)(b)” substitute “66A(4)(b)”;

• (b) in paragraph (5) for “66(2A)(b)” substitute “66B(4)(b)”;

• (c) in paragraph (9) for “66(2A)” substitute “66B(4)(b)”; and

• (d) in paragraph (10) for “66A(4)” substitute “66A(4)(b)”.

Amendments to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) (No. 2) Order 2013

3

In the Financial Services and Markets Act 2000 (Qualifying EU Provisions) (No. 2) Order 2013[^f00003]—

• (a) in article 2(a) (qualifying EU provisions: credit ratings agencies regulation) for “66(2)(b)(ii)” substitute “66A(4)(b)”; and

• (b) in article 3(a) (qualifying EU provisions: capital requirements instruments) for “66(2)(b)(ii), 66(2A)(b)(ii)” substitute “66A(4)(b), 66B(4)(b)”.

Signed

Guy Opperman — David Evennett — Two of the Lords Commissioners of Her Majesty’s Treasury — 21st October 2016

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order makes amendments to secondary legislation in consequence of the amendments made to section 66 (disciplinary powers) of the Financial Services and Markets Act 2000 (c. 8) and the insertion of new sections 66A (misconduct: action by the FCA) and 66B (misconduct: action by the PRA) in that Act by the Financial Services (Banking Reform) Act 2013 (c. 33).

This Order will have no effect on the costs of business or voluntary sector. For that reason, no impact assessment has been produced for this instrument.

Footnotes

[^f00001]: 2013 c. 33.

[^f00002]: S.I. 2013/419. Article 2(9) was inserted by S.I. 2014/3348. Article 2(10) was inserted by S.I. 2016/680.

[^f00003]: S.I. 2013/3116.