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The Financial Services (Banking Reform) Act 2013 (Commencement No. 6) Order 2014

S.I. 2014/2458 · Made 12 September 2014

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

Competition

Made 12th September 2014

The Treasury make the following Order in exercise of the powers 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 days for the coming into force of certain provisions of the Act
  3. 3Appointed days for the coming into force of certain provisions of the Act
  4. Signature
  5. Explanatory note

1Citation and interpretation

(1)

This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 6) Order 2014.

(2)

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

2Appointed days for the coming into force of certain provisions of the Act

1st November 2014 is the day appointed for the coming into force of—

(a)

the following provisions of the Act for the purpose of enabling the Payment Systems Regulator, established under section 40 of the Act, to carry out functions under section 52 of the Competition Act 1998f1—

(i)

section 61 (the Regulator’s functions under the Competition Act 1998); and

(ii)

section 67(2) (amendments relating to the Regulator’s competition powers); and

(b)

section 129 of the Act, so far as it introduces the following provisions of Schedule 8 to the Act (functions of FCA under competition legislation)—

(i)

for the purpose of enabling the Financial Conduct Authority to carry out functions under section 52 of the Competition Act 1998—

(aa)

paragraph 3, so far as it inserts new sections 234J and 234M into the Financial Services and Markets Act 2000f2; and

(bb)

paragraph 9; and

(ii)

for all purposes—

(aa)

paragraph 3, so far as it inserts new sections 234N and 234O into the Financial Services and Markets Act 2000; and

(bb)

paragraphs 4, 5 and 7.

3Appointed days for the coming into force of certain provisions of the Act

1st April 2015 is the day appointed for the coming into force of—

(a)

section 62 of the Act (duty to consider exercise of powers under Competition Act 1998); and

(b)

the following provisions, so far as they are not already in force—

(i)

section 60 of the Act (restrictions on exercise of functions under Part 4 of the Enterprise Act 2002);

(ii)

section 61 of the Act (the Regulator’s functions under the Competition Act 1998);

(iii)

section 67 of the Act (amendments relating to the Regulator’s competition powers);

(iv)

section 129 of the Act (functions of FCA under competition legislation); and

(v)

Schedule 8 to the Act (functions of FCA under competition legislation).

Signature

Mark Lancaster

Alun Cairns

Two of the Lords Commissioners of Her Majesty’s Treasury

12th September 2014

Explanatory note

(This note is not part of the Order)

This Order brings into force the remaining provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) relating to the competition functions conferred on the Payment Services Regulator (established under this Act) and the Financial Conduct Authority (established under the Financial Services and Markets Act 2000 (c. 8)) concurrently with the Competition and Markets Authority (established under the Enterprise and Regulatory Reform Act 2013 (c. 24)). Article 2 brings into force provisions about giving guidance under the Competition Act 1998 (c. 41) in relation to enforcement of competition law on 1st November 2014. Article 3 brings into force the remaining uncommenced provisions in the Act relating to the conferral of competition functions on the Payment Services Regulator and the Financial Conduct Authority on 1st April 2015. This is the sixth commencement order to be made under the Act.

This Order will have no effect on the costs of business and the voluntary sector independent of the provisions this Order brings into force. For that reason, no impact assessment has been produced for this instrument.