The Financial Services (Banking Reform) Act 2013 (Commencement No. 12) Order 2018

Made: 4th December 2018

The Treasury make the following Order in exercise of the powers conferred by section 148(5) and (6) 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. 12) Order 2018.

• (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 January 2019 is the appointed day for the coming into force of the following provisions of the Act—

• (a) section 1 (objectives of Prudential Regulation Authority);

• (b) section 2 (modification of objectives of Financial Conduct Authority);

• (c) section 3 (amendment of PRA power of direction);

• (d) section 4 (ring-fencing of certain activities), so far as that section is not already in force;

• (e) section 5 (PRA annual report);

• (f) section 7 (building societies: power to make provision about ring-fencing);

• (g) section 8 (reviews);

• (h) section 9 (PRA review of proprietary trading);

• (i) section 10 (independent review of propriety trading);

• (j) section 11 (reviews of proprietary trading: interpretation);

• (k) section 12 (right to obtain documents and information); and

• (l) section 133 (power of FCA and PRA to make rules applying to parent undertakings), so far as that section is not already in force.

Signed

David Rutley — Craig Whittaker — Two of the Lords Commissioners of Her Majesty’s Treasury — 4th December 2018

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order brings into force on 1st January 2019 the provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) relating to the ring-fencing regime that are not already in force. This is the twelfth commencement order to be made under the Act that extends to the United Kingdom.

The ring-fencing regime applies to ring-fenced bodies, which are UK institutions that fall within the definition in section 142A of the Financial Services and Markets Act 2000 (“FSMA”). The coming into force of the provisions of the Act set out in this Order will enable the ring-fencing regime to take effect.

An impact assessment of the effect that ring-fencing will have on the costs of business, the voluntary sector and the public sector has been prepared and is available on HM Treasury’s website (www.gov.uk/treasury) or from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ. No separate impact assessment has been produced for this Order.

Footnotes

[^f00001]: 2013 c. 33.