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The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013

S.I. 2013/1765 · Made 15 July 2013

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Financial Services And Markets

Made 15th July 2013

Laid before Parliament 16th July 2013

Coming into force 1st September 2013

The Treasury make the following Order in exercise of the powers conferred by sections 115(2), 118(1) and 119(3) and (5) of the Financial Services Act 2012f1.

Annotations to the whole text

Footnotes

f1

2012 c.21.

Contents

  1. 1Citation and commencement
  2. 2Bank of England Act 1998: meetings of the Financial Policy Committee
  3. 3The Individual Savings Account Regulations 1998
  4. 4The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001
  5. 5The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) Order 2001
  6. 6The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
  7. 7The Building Society Special Administration (England and Wales) Rules 2010
  8. 8The Child Trust Funds Regulations 2004
  9. 9The Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010
  10. 10The Investment Bank Special Administration Regulations 2011
  11. 11The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013
  12. 12The Criminal Legal Aid (Determinations by a Court and Choice of Representative) Regulations 2013
  13. Signature
  14. Explanatory note

1Citation and commencement

This Order may be cited as the Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 and comes into force on 1st September 2013.

2Bank of England Act 1998: meetings of the Financial Policy Committee

Paragraph 10(1) (meetings) of Schedule 2A (Financial Policy Committee) to the Bank of England Act 1998f1 has effect in relation to the calendar year beginning on 1st January 2013 as if for “4 times” there were substituted “3 times”.

3The Individual Savings Account Regulations 1998

In regulation 14(2)(b)(iia) (account manager – qualifications and Board’s approval) of the Individual Savings Account Regulations 1998f1, for “section 31(1)(a) of the Financial Services and Markets Act 2000” substitute “FISMA 2000”.

4The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001

(1)

Subject to paragraph (2), the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001f1 is revoked.

(2)

In that Order—

(a)

articles 3 (interpretation) and 4 (transfers of functions) continue to have effect to the extent necessary for the purposes of article 7 (consequential modifications of non-statutory provisions) of that Order;

(b)

article 7 and paragraphs 5, 7, 11, 12, 21, 22 and 25(a) of Schedule 5 (transitional provisions and savings) continue to have effect;

(c)

in article 7(5)—

(i)

for “4(1)” substitute “5D”;

(ii)

for “adequate resources” substitute “business to be conducted in a prudent manner”.

5The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) Order 2001

(1)

The The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) Order 2001f1 is amended as follows.

(2)

In article 3(a)f2, after “sections” insert “103A,”.

(3)

In article 4(c)f3, after “PRA” insert “and the FCA”.

(4)

In article 5f4—

(a)

in paragraph (1)(a), omit “and”;

(b)

after paragraph (1)(a), insert—

“(aa)

the members concerned were authorised persons with permission to carry on the regulated activities of effecting a contract of insurance as principal and carrying out a contract of insurance as principal; and”;

(c)

after paragraph (2), insert—

“(2A)

Paragraphs 2, 3, 4 and 5 of Part 1 of Schedule 12 to the Act apply as if the members concerned were authorised persons with permission to carry on the regulated activities of effecting a contract of insurance as principal and carrying out a contract of insurance as principal.”.

6The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

(1)

The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005f1 is amended as follows.

(2)

In article 16(2)(a)(ii) (exempt persons), after “that section” insert “or in relation to which sections 20(1) and (1A) and 23(1A) of the Actf2 do not apply by virtue of that section”.

(3)

In article 28B(1)(b)(ii) (real time communications: introductions)f3, after “is exempt from the general prohibition” insert “or in relation to which sections 20(1) and (1A) and 23(1A) of the Act do not apply”.

7The Building Society Special Administration (England and Wales) Rules 2010

In rule 4(1) (interpretation) of the Building Society Special Administration (England and Wales) Rules 2010f1—

(a)

for “FSA”, in each place, substitute “FCA”;

(b)

in sub-paragraph (h)—

(i)

in paragraph (iii), for “Financial Services Authority” substitute “Financial Conduct Authority”;

(ii)

after paragraph (vi), insert—

“(via)

“the PRA” (the Prudential Regulation Authority – s166(2)),”.

8The Child Trust Funds Regulations 2004

In regulation 14(2)(d)(iia) (account provider – qualifications and Board’s approval) of the Child Trust Funds Regulations 2004f1, for “section 31(1)(a) of the Financial Services and Markets Act 2000” substitute “FISMA 2000”.

9The Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010

In the Schedule (persons to whom the Bank of England may disclose specified information for specified purposes) to the Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010f1, below the last entry in the table insert, in the first column, “The investigator appointed under section 84 of the Financial Services Act 2012.” and, in the second column, “His or her functions as such.”.

10The Investment Bank Special Administration Regulations 2011

In Schedule 2 to the Investment Bank Special Administration Regulations 2011f1 (special administration (bank administration)) for “deposit-taking”, in each place, substitute “investment”.

11The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013

(1)

The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013f1 is amended as follows.

(2)

In article 4 (prohibitions, restrictions and assets requirements), after paragraph (4), insert—

“(5)

Where the requirement was imposed under section 196, a reference in this article to a provision in Part 4A is to be read as a reference to that provision as applied by section 196.”.

(3)

In article 7 (variation or cancellation of requirement in force before the commencement date)—

(a)

in paragraph (2), after “applies” insert “to a requirement treated as imposed under that Part”;

(b)

after paragraph (2), insert—

“(2A)

Section 200 (rescission and variation of requirements) applies to a requirement imposed under section 196 with the following modifications—

(a)

the FCA may vary or rescind the requirement with the consent of the PRA; and

(b)

the PRA may vary or rescind the requirement with the consent of the FCA.”;

(c)

in paragraph (3)—

(i)

after “(2)” insert “or (2A)”;

(ii)

in sub-paragraph (a), after “or 55M” insert “or its power of intervention under section 196 (the power of intervention)”;

(d)

in paragraph (5)—

(i)

in sub-paragraph (a), after “55L” insert “or, where article 3(6) applies (see article 3(5)), section 196”;

(ii)

in sub-paragraph (b), after “(2)” insert “or, as the case may be, (2A)”.

12The Criminal Legal Aid (Determinations by a Court and Choice of Representative) Regulations 2013

For regulation 12(c)(i) (representation by a provider in criminal proceedings) of the Criminal Legal Aid (Determinations by a Court and Choice of Representative) Regulations 2013f1, substitute—

“(i)

a decision of the Financial Conduct Authority;

(ia)

a decision of the Prudential Regulation Authority;”.

Signature

Desmond Swayne

Mark Lancaster

Two of the Lords Commissioners of Her Majesty’s Treasury

15th July 2013

Explanatory note

(This note is not part of the Order)

This Order makes transitional provision and amendments to subordinate legislation in connection with the Financial Services Act 2012 (c.21) (“the Act”). Article 2 makes transitional provision in connection with the Act. Articles 3 to 10 and article 12 make consequential amendments to subordinate legislation in connection with the Act. Article 11 amends subordinate legislation which makes transitional provision in connection with the Act.

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.gov.uk and is published alongside this Order on www.legislation.gov.uk.