Article 2 Commencement

(1)

This Part comes into force on the day after the day on which it is made (“the initial commencement day”).

(2)

The remaining provisions of this Order come into force on the initial commencement day for the following purposes only—

(a)

enabling the FCA^f1—

(i)

to make or approve rules,

(ii)

to give guidance, and

(iii)

to impose requirements or give directions;

(b)

enabling an application for—

(i)

a Part 4A^f2 permission under section 55A (application for permission) of the Act,

(ii)

a variation of a Part 4A permission under section 55H (variation by FCA at request of authorised person) of the Act, and

(iii)

approval under Part 5 (performance of regulated activities) of the Act^f3,

to be made and determined in relation to any activity which becomes a regulated activity by virtue of this Order;

(c)

enabling the FCA to exercise any of its powers under Part 4A of the Act in relation to any activity which is to become a regulated activity by virtue of this Order;

(d)

enabling the scheme operator^f4 to—

(i)

make rules, and

(ii)

give guidance.

(3)

The provisions mentioned in paragraph (2) come into force for all other purposes on 29th June 2028.

Annotations

Footnotes

f1: “The FCA” means the Financial Conduct Authority, as defined in section 417 of the Financial Services and Markets Act 2000.
f2: Part 4A (including sections 55A and 55H) was inserted by section 11 of the Financial Services Act 2012 and amended by Schedule 5 to the Financial Services and Markets Act 2023, S.I. 2013/1773 and S.I. 2018/135; there are other amending instruments but none is relevant.
f3: Part 5 was amended by section 14 of the Financial Services Act 2012. There are other amending instruments but none is relevant.
f4: “Scheme operator” has the meaning given in section 225(2) of the Financial Services and Markets Act 2000.