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The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) (England and Wales) Order 2018

S.I. 2018/848 · Made 12 July 2018

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 12th July 2018

The Treasury make the following Order in exercise of the power conferred by section 148(5) of the Financial Services (Banking Reform) Act 2013f1.

Annotations to the whole text

Footnotes

f1

2013 c. 33.

Contents

  1. 1Citation and interpretation
  2. 2Appointed day for the coming into force of section 112 and other provisions of Part 6, so far as not already in force
  3. Signature
  4. Explanatory note

1Citation and interpretation

(1)

This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 1) (England and Wales) Order 2018.

(2)

In this Order “the Act” means the Financial Services (Banking Reform) Act 2013.

2Appointed day for the coming into force of section 112 and other provisions of Part 6, so far as not already in force

So far as they extend to England and Wales, the following provisions of the Act come into force on 13th July 2018—

(a)

section 112 of the Act for all purposes;

(b)

section 121(1) and (3) of the Act, so far is that section is not already in forcef1; and

(c)

all other provisions of Part 6 of the Act (special administration for operators of certain infrastructure systems) for all purposes.

Signature

Andrew Stephenson

Paul Maynard

Two of the Lords Commissioners of Her Majesty’s Treasury

12th July 2018

Explanatory note

(This note is not part of the Order)

This Order commences section 112 of the Act for all purposes, section 121 of the Act, so far as not already in force, and all other provisions of Part 6 of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) on 13th July 2018, but only in England and Wales.

Part 6 of and Schedules 6 and 7 to the Act make provision for the special administration of infrastructure companies. An infrastructure company is a company which is—

  • the operator of a recognised payment system (as defined in section 113(1) of the Act), other than a recognised central counterparty (as defined by section 285 of the Financial Services and Markets Act 2000 (c. 8));

  • a recognised CSD operating a securities settlement system (this definition of an infrastructure company was inserted by the Central Securities Depositaries Regulations 2017 (S.I 2017/1064) and is subject to the saving provision set out in regulation 7(3)(b) of S.I 2017/1064); or

  • a company designated by the Treasury by order in certain circumstances.

An impact assessment was prepared for Part 6 of the Act and is available on HM Treasury’s website (www.gov.uk/treasury) or from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. This Order will have no separate impact on the costs of business and the voluntary sector, and for that reason no further impact assessment has been produced.