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The Financial Services Act 2012 (Consequential Amendments) Order 2013

S.I. 2013/636 · Made 13 March 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 13th March 2013

Coming into force 1st April 2013

The Treasury make the following Order in exercise of the powers conferred by section 118 of the Financial Services Act 2012 (“the Act”)f1:

In accordance with section 116(2)(d) of the Act, a draft of this instrument was laid before Parliament and approved by a resolution of each House of Parliament.

Annotations to the whole text

Footnotes

f1

2012 c.21

Contents

  1. 1Citation and commencement
  2. 2Amendments of enactments
  3. Signature
  4. Schedule: Consequential Amendments of Enactments
  5. 1Superannuation and other Trust Funds (Validation) Act 1927
  6. 2Taxation of Chargeable Gains Act 1992
  7. 3Finance Act 1993
  8. 4Finance Act 1994
  9. 5Finance Act 1998
  10. 6Financial Services and Markets Act 2000
  11. 7Finance Act 2004
  12. 8Income Tax (Trading and Other Income) Act 2005
  13. 9Companies Act 2006
  14. 10Banking Act 2009
  15. 11Corporation Tax Act 2009
  16. 12Corporation Tax Act 2010
  17. 13Taxation (International and Other Provisions) Act 2010
  18. 14Finance Act 2010
  19. 15Finance Act 2011
  20. 16Finance Act 2012
  21. Explanatory note

1Citation and commencement

(1)

This Order may be cited as the Financial Services Act 2012 (Consequential Amendments) Order 2013.

(2)

This Order comes into force on 1st April 2013.

2Amendments of enactments

The Schedule to this Order (which contains amendments to enactments consequential on the Financial Services Act 2012) has effect.

Signature

Anne Milton

David Evennett

Two of the Lords Commissioners of Her Majesty’s Treasury

13th March 2013

1Superannuation and other Trust Funds (Validation) Act 1927

In section 8 (interpretation) of the Superannuation and other Trust Funds (Validation) Act 1927f1, in the definition of “Authority”, for “Financial Services Authority” substitute “Financial Conduct Authority”.

2Taxation of Chargeable Gains Act 1992

In section 117(11)(b) (meaning of “qualifying corporate bond”) of the Taxation of Chargeable Gains Act 1992f1—

(a)

for “General Prudential Sourcebook made by the Financial Services Authority” substitute “PRA Handbook made by the Prudential Regulation Authority”, and

(b)

for “that Sourcebook” substitute “that Handbook”.

3Finance Act 1993

In section 184(1) (interpretation and commencement) of the Finance Act 1993f1, in the definition of “premium trust fund”, for “Insurance Prudential Sourcebook made by the Financial Services Authority” substitute “Prudential Sourcebook for Insurers made by the Prudential Regulation Authority”.

4Finance Act 1994

In section 230(1) (interpretation and commencement) of the Finance Act 1994f1, in the definition of “premium trust fund”, for “Insurance Prudential Sourcebook made by the Financial Services Authority” substitute “Prudential Sourcebook for Insurers made by the Prudential Regulation Authority”.

5Finance Act 1998

(1)

Paragraph 87 (friendly societies with non-annual actuarial investigations) of Schedule 18 (company tax returns, assessments and related matters) to the Finance Act 1998f1 is amended as follows.

(2)

In sub-paragraph (1), for “Prudential Sourcebook (Friendly Societies)” substitute “IPRU (FSOC)”.

(3)

In sub-paragraph (3)(a), for “Prudential Sourcebook (Friendly Societies)” substitute “IPRU (FSOC)”.

(4)

For sub-paragraph (4) substitute—

“(4)

In this paragraph, “IPRU (FSOC)” means the Interim Prudential Sourcebook for Friendly Societies made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.”.

6Financial Services and Markets Act 2000

In section 241 (actions for damages) of the Financial Services and Markets Act 2000f1, for “section 150” substitute “section 138D” and for “that section” substitute “section 138D(2).

7Finance Act 2004

In paragraph 15(8) (exception to direct holding) of Schedule 29A (taxable property held by investment-regulated pension schemes) to the Finance Act 2004f1, in the definition of “internal linked fund”—

(a)

in paragraph (a), for “Financial Services Authority” substitute “Prudential Regulation Authority”, and

(b)

in paragraph (b), for “Authority” substitute “Prudential Regulation Authority”.

8Income Tax (Trading and Other Income) Act 2005

In section 520(4) (the property categories) of the Income Tax (Trading and Other Income) Act 2005f1, in the definition of “internal linked fund”—

(a)

in paragraph (a), for “Financial Services Authority” substitute “Prudential Regulation Authority”, and

(b)

in paragraph (b), for “Authority” substitute “Prudential Regulation Authority”.

9Companies Act 2006

(1)

The Companies Act 2006f1 is amended as follows.

(2)

In section 472A(1) (meaning of “corporate governance statement” etc)f2, for “issued by the Financial Services Authority” substitute “made by the Financial Conduct Authority”.

(3)

In section 474(1) (minor definitions), in the definition of “UCITS management company”, for “Financial Services Authority” substitute “Financial Conduct Authority”.

(4)

In section 497A (auditor’s report on separate corporate governance statement)f3—

(a)

in subsection (1), for “issued by the Financial Services Authority” substitute “made by the Financial Conduct Authority”, and

(b)

omit subsection (2).

(5)

In section 538A (meaning of “corporate governance statement” etc)f4—

(a)

in subsection (1), for “issued by the Financial Services Authority” substitute “made by the Financial Conduct Authority”, and

(b)

omit subsection (2).

(6)

In section 539 (minor definitions), in the definition of “UCITS management company”, for “Financial Services Authority” substitute “Financial Conduct Authority”.

(7)

In section 855(4) (contents of annual return: general)f5, in the definition of “DTR5 issuer”, for “issued by the Financial Services Authority” substitute “made by the Financial Conduct Authority”.

10Banking Act 2009

In section 232(5B) (definition) of the Banking Act 2009f1, in the definition of “investment activity”, for “Financial Services Authority Handbook” substitute “Financial Conduct Authority Handbook or the Prudential Regulation Authority Handbook”.

11Corporation Tax Act 2009

In section 591(2)(b) (conditions A to E mentioned in section 589(5)) of the Corporation Tax Act 2009f1, for “Insurance Prudential Sourcebook” substitute “Prudential Sourcebook for Insurers”.

12Corporation Tax Act 2010

In section 1120(2)(b) (“Bank”) of the Corporation Tax Act 2010f1, for “Part 4” substitute “Part 4A”.

13Taxation (International and Other Provisions) Act 2010

(1)

The Taxation (International and Other Provisions) Act 2010f1 is amended as follows.

(2)

In section 270(1)(a) (relevant dealing in financial instruments), for “FSA Handbook” substitute “FCA Handbook or the PRA Handbook”.

(3)

In section 316(12) (group treasury companies), in the definition of “debt security”, for “FSA Handbook” substitute “FCA Handbook or the PRA Handbook”.

(4)

In section 353 (other expressions)—

(a)

at the appropriate place insert—

  • ““FCA Handbook” means the Handbook made by the Financial Conduct Authority under FISMA 2000 (as that Handbook has effect from time to time),”,

(b)

omit the definition of “FSA Handbook” and the “and” following it, and

(c)

at the end of the definition of “HMRC” insert—

  • “, and

  • “PRA Handbook” means the Handbook made by the Prudential Regulation Authority under FISMA 2000 (as that Handbook has effect from time to time).”.

(5)

In section 371CG (does chapter 8 apply?)f2—

(a)

in subsection (2)(a), for “FSA Handbook” substitute “PRA Handbook”,

(b)

in subsection (3), for each occurrence of “FSA Handbook” substitute “PRA Handbook”,

(c)

in subsection (4), for the definition of “the FSA Handbook” and the “and” following it substitute—

  • ““the PRA Handbook” means the Handbook made by the Prudential Regulation Authority under FISMA 2000 (as that Handbook has effect from time to time), and”,

(d)

in subsection (5)—

(i)

in paragraph (a), for “FSA Handbook” substitute “PRA Handbook”, and

(ii)

in paragraph (b), for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”, and

(e)

in subsection (6)(a), for “FSA Handbook” substitute “PRA Handbook”.

(6)

In the table in Part 5 (index of defined expressions used in Part 7) of Schedule 11—

(a)

omit the entry for “FSA Handbook”, and

(b)

at the appropriate place insert the following entries—

“

FCA Handbook (in Part 7)Section 353

”

“

PRA Handbook (in Part 7)section 353

”

14Finance Act 2010

(1)

The Finance Act 2010f1 is amended as follows.

(2)

In section 64(3) (FSCS intervention in relation to insurance contracts), in the definition of “protected contracts of insurance”, for “Handbook made by the Financial Services Authority” substitute “PRA Handbook made by the Prudential Regulation Authority”.

(3)

In Schedule 1 (bank payroll tax)—

(a)

in paragraph 44(12) (definitions), for “Handbook of Rules and Guidance made by the Financial Services Authority” substitute “PRA Handbook made by the Prudential Regulation Authority”, and

(b)

in paragraph 45(14) (“member of a banking group”), for each occurrence of “Financial Services Authority” substitute “Prudential Regulation Authority”.

15Finance Act 2011

(1)

Schedule 19 (the bank levy) to the Finance Act 2011f1 is amended as follows.

(2)

In paragraph 30(2)(a) (excluded “equity” and liabilities), for “FSA Handbook” substitute “PRA Handbook”.

(3)

In paragraph 31(4) (excluded “equity” and liabilities), for each occurrence of “FSA Handbook” substitute “PRA Handbook”.

(4)

In paragraph 33(4) (excluded “equity” and liabilities), in the definition of “unallocated surplus”, for “Financial Services Authority” substitute “Prudential Regulation Authority”.

(5)

In paragraph 38(3) (excluded “equity” and liabilities)—

(a)

in paragraph (a), for “section 139(1) of FISMA 2000 (rules relating to handling of money)” substitute “section 137B of FISMA 2000 (FCA general rules: clients’ money, right to rescind etc.)”, and

(b)

in paragraph (b), for “section 139 of that Act” substitute “section 137B of that Act”.

(6)

In paragraph 70(definitions)—

(a)

in sub-paragraph (1)—

(i)

omit the definition of “the FSA Handbook”,

(ii)

in the definition of “high quality liquid asset”, for “section BIPRU 12.7.2(1) to (4) of the FSA Handbook” substitute “section 12.7.2(1) to (4) of the Prudential Sourcebook for Banks, Building Societies and Investment Firms made by the Prudential Regulation Authority”, and

(iii)

after the definition of “permanent establishment” insert—

  • ““the PRA Handbook” means the Handbook made by the Prudential Regulation Authority under FISMA 2000 (as that Handbook has effect from time to time);”,

(b)

in sub-paragraph (2), for “FSA Handbook” substitute “PRA Handbook”, and

(c)

in sub-paragraph (4), for “section 148” substitute “section 138A”.

(7)

In paragraph 81(1)(b) (power to make consequential changes), for “FSA Handbook” substitute “PRA Handbook”.

16Finance Act 2012

(1)

Section 139 (minor definitions) of the Finance Act 2012f1 is amended as follows.

(2)

In subsection (1)—

(a)

in the definition of “liabilities”—

(i)

in paragraph (a), for “Insurance Prudential Sourcebook” substitute “INSPRU”, and

(ii)

in paragraph (b), for “General Prudential Sourcebook” substitute “GENPRU”, and

(b)

in the definition of “with-profits fund”, for “Prudential Sourcebook (Insurers)” substitute “IPRU (INS)”.

(3)

In subsection (4)—

(a)

at the end of the definition of “deposit back arrangements” insert—

  • ““GENPRU” means the General Prudential Sourcebook made by the Prudential Regulation Authority under FISMA 2000,

  • “INSPRU” means the Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under FISMA 2000, and

  • “IPRU (INS)” means the Interim Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under FISMA 2000.”,and

(b)

omit the definitions of “the Insurance Prudential Sourcebook”, “the General Prudential Sourcebook” (and the “and” following it) and “the Prudential Sourcebook (Insurers)”.

Explanatory note

(This note is not part of the Order)

This Order provides for consequential amendments of enactments in connection with the Financial Services Act 2012.

Article 2 gives effect to the Schedule to this Order.

The Schedule makes provision for amendments of references to Financial Services Authority Instruments in various enactments and for amendments of references to provisions of the Financial Services and Markets Act 2000 which have been amended by the Financial Services Act 2012.

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.hm-treasury.gov.uk and is published alongside this Order on www.legislation.gov.uk.