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The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No.4) Order 2013

S.I. 2013/2984 · Made 26 November 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 26th November 2013

Laid before Parliament 27th November 2013

Coming into force 19th December 2013

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

Annotations to the whole text

Footnotes

f1

2012 c.21.

Contents

  1. 1Citation, commencement and interpretation
  2. 2The Open-Ended Investment Companies (Amendment) Regulations 2011
  3. 3Transitional provisions
  4. Signature
  5. Explanatory note

1Citation, commencement and interpretation

(1)

This Order may be cited as the Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No.4) Order 2013 and comes into force on 19th December 2013.

(2)

In this Order, “the Amendment Regulations” means the Open-Ended Investment Companies (Amendment) Regulations 2011f1.

2The Open-Ended Investment Companies (Amendment) Regulations 2011

(1)

The Amendment Regulations are amended as follows.

(2)

In regulation 2 (interpretation), after the definition of “authorised corporate director”, insert—

  • ““Authority” has the meaning given in regulation 2(1) of the Principal Regulationsf1;”.

(3)

In regulation 4(4) (transitional provisions), for “regulatory objectives” substitute “operational objectives (within the meaning of section 1B(3) of the Financial Services and Markets Act 2000f2)”.

3Transitional provisions

(1)

For the purposes of a provision of the Amendment Regulations listed in paragraph (2), a request, notice, notification or direction made to, or as the case may be, by the FCA in the relevant period is to be treated as it would have been treated—

(a)

if it had been made on the day on which this Order comes into force, and

(b)

as if, in regulation 4(4), the words “but prior to the expiry of a period of 23 months from the date on which these Regulations come into force” were omitted.

(2)

The provisions are—

(a)

regulation 4 (transitional provisions);

(b)

regulation 10 (voluntary compliance by micro-businesses).

(3)

In this article, “the relevant period” means the period beginning on 1st April 2013 and ending immediately before this Order comes into force.

Signature

Mark Lancaster

Karen Bradley

Two of the Lords Commissioners of Her Majesty’s Treasury

26th November 2013

Explanatory note

(This note is not part of the Order)

This Order makes consequential amendments to subordinate legislation and related transitional provision in connection with the Financial Services Act 2012 (c.21) (“the Act”). Article 2 makes consequential amendments in connection with the Act. Article 3 makes transitional provisions in connection with the Act.

An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.