The Bank of England and Financial Services Act 2016 (Commencement No. 1) Regulations 2016

Made: 9th May 2016

The Treasury make the following Regulations in exercise of the powers conferred by section 41(3) of the Bank of England and Financial Services Act 2016[^f00001]:

Citation

1

These Regulations may be cited as the Bank of England and Financial Services Act 2016 (Commencement No. 1) Regulations 2016.

Appointed day for the coming into force of certain provisions of section 25 of the Bank of England and Financial Services Act 2016

2

10th May 2016 is the appointed day for the coming into force of subsections (1), (2)(e), (f) and (g) and (3)(e), (f) and (g) of section 25 (misconduct) of the Bank of England and Financial Services Act 2016.

Signed

George Hollingbery — Mel Stride — Two of the Lords Commissioners of Her Majesty’s Treasury — 9th May 2016

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations bring into force on 10th May 2016 subsections (1), (2)(e), (f) and (g) and (3)(e), (f) and (g) of section 25 (misconduct) of the Bank of England and Financial Services Act 2016 (c. 14) (“the Act”). These are the first commencement regulations made under this Act.

Section 25 of the Act amends sections 66A and 66B of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). Subsections (2)(e), (f) and (g) and (3)(e), (f) and (g) change the requirements for establishing that a senior manager is guilty of misconduct in relation to disciplinary proceedings that can brought by the Financial Conduct Authority (“the FCA”) and the Prudential Regulation Authority (“the PRA”). The effect is that a senior manager will not be guilty of misconduct under Condition C in section 66A(5) or 66B(5) of FSMA unless the FCA or the PRA can prove that that senior manager did not take reasonable steps to avoid the contravention of a requirement by the authorised person occurring or continuing.

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

Footnotes

[^f00001]: 2016 c. 14.