Explanatory note

This Order is made under the Financial Services Act 2012 (c.21) (“the 2012 Act”) and makes transitional provision in relation to the coming into force of various provisions of that Act which amend the Financial Services and Markets Act 2000 (c.8) (“FSMA 2000”).

Article 1 provides for that article and article 70 to come into force on 25th March 2013. The rest of the Order to comes into force on 1st April 2013; that date is defined as the “commencement date” for the purpose of the Order.

Articles 2 to 7 make transitional provision in respect of the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”). Article 2 makes provision in respect of the board of the Financial Services Authority (which is renamed as the Financial Conduct Authority by FSMA 2000 (as amended by the 2012 Act)). Article 3 makes provision in respect of the FCA’s first annual report, and article 4 makes provision in respect of the PRA’s first annual report. Articles 5 and 6 make provision in respect of the Consumer and Practitioner Panels. Article 7 makes provision in respect of references to “consumers” in certain provisions of FSMA 2000 (as amended by the 2012 Act).

Articles 8 to 11 make transitional provision in respect of control of business transfers under Part 7 of FSMA 2000.

Articles 12 to 14 make transitional provision in respect of appeals to the Upper Tribunal.

Articles 15 to 22 make transitional provision in respect of the information gathering and investigation powers in Part 11 of FSMA 2000, and in respect of legally privileged information.

Articles 23 to 30 make transitional provision in respect of control over authorised persons.

Article 31 makes transitional provision in respect of the scheme manager of the financial services compensation scheme.

Articles 32 to 43 make transitional provision in respect of recognised clearing houses and recognised investment exchanges.

Article 44 makes transitional provision in respect of Lloyd’s of London.

Articles 45 to 60 make transitional provision in respect of Part 24 of FSMA 2000 (insolvency).

Articles 61 to 63 make transitional provision in respect of complaints.

Articles 64 to 68 make transitional provision in respect of amendments to the Companies Act 1989 relating to recognised clearing houses.

Article 69 makes transitory provision in relation to a reference in FSMA 2000 (as amended by the 2012 Act) to Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

Article 70 makes transitory provision in relation to the making of rules by the Bank of England under FSMA 2000 (as amended by the 2012 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 http://www.hm-treasury.gov.uk/ and is published alongside the Order on http://www.legislation.gov.uk/ .