Latest Commencement Order under the Financial Services (Banking Reform) Act 2013 published

By Simon Lovegrove (UK) on April 21, 2016

There has been published on the legislation.gov.uk website the Financial Services (Banking Reform) Act 2013 (Commencement No. 10) Order 2016.

The Order brings into force on 21 April 2016 certain provisions of the Financial Services (Banking Reform) Act 2013 (the Act). In particular:

section 4 (ring-fencing of certain activities) of the Act (partially commenced on 1 March 2014) is brought into force for the additional purpose of inserting section 142H (ring-fencing rules) of the Financial Services and Markets Act 2000 (FSMA);
section 133 (power of the FCA and PRA to make rules applying to parent undertakings) of the Act (partially commenced on 31 December 2014) is brought into force for the additional purpose of inserting section 192JA (rules applying to parent undertakings of ring-fenced bodies); and
section 142H and 192JA of FSMA relate to the appropriate regulator’s powers to make rules for ring-fenced bodies and parent undertakings of ring-fenced bodies.