Explanatory note

This Order amends the Financial Services (Banking Reform) Act 2013 (Commencement No. 9) Order 2015 (“the 2015 Order”) which brings into force provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the 2013 Act”) relating to the regulation of persons performing functions in relation to financial services firms.

Article 2 of this Order amends Article 2(1) of the 2015 Order which brings into force provisions in sections 30 and 32 of the 2013 Act.

Section 30 of the 2013 Act inserts sections 64A and 64B into the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). The 2015 Order was made to bring into force these new sections on 7 March 2016 so far as they were not already in force. The effect of this Order is that these new sections come into force on 7 March 2016 with the exception of section 64B(5) of FSMA.

Section 32 of the 2013 Act amends section 66 of FSMA and inserts sections 66A and 66B into FSMA. The 2015 Order was made to brings into force these amendments and new sections on 7 March 2016. The effect of this Order is that these amendments and new sections come into force on 7 March 2016 so far as they apply to Conditions A and B as described in section 66A(2) and (3) and section 66B(2) and (3) of FSMA.

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.