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The Financial Services and Markets Act 2000 (Commencement No. 7) Order 2001

S.I. 2001/3538 · Made 31 October 2001 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 October 2001.

FINANCIAL SERVICES AND MARKETS

Made 31st October 2001

The Treasury, in exercise of the powers conferred on them by sections 431(2) and 428(3) of the Financial Services and Markets Act 2000f1 (“the Act”), hereby make the following Order:

Annotations to the whole text

Footnotes

f1

2000 c. 8.

Contents

  1. 1Citation
  2. 2Appointed day
  3. Signature
  4. Explanatory note

1CitationI1

This Order may be cited as the Financial Services and Markets Act 2000 (Commencement No. 7) Order 2001.

2Appointed dayI1

(1)

Except as otherwise provided by the following provisions of this article, 1st December 2001 (“the appointed day”) is the day appointed for the coming into force of all provisions of the Act, so far as not already in force.

(2)

Section 104 of the Act (control of business transfers) comes into force on the appointed day for the purpose of insurance business transfer schemes only.

(3)

Subsections (1) and (2) of section 347 of the Act (record of authorised persons etc.) come into force—

(a)

for the purpose of requiring the Authority to maintain a record of persons who appear to the Authority to be authorised persons who were, immediately before the appointed day, authorised under the Financial Services Act 1986f1 by virtue of holding a certificate issued for the purposes of Part I of that Act by a recognised professional body (within the meaning of that Act), on 1st August 2002;

(b)

for the purpose of requiring the Authority to maintain a record of persons who appear to the Authority to be authorised persons who are EEA firms or Treaty firms, on 1st May 2002;

(c)

for the purpose of requiring the Authority to maintain a record of approved persons, on 1st December 2002; and

(d)

for the purpose of enabling the Authority to maintain a record of any of the persons specified by sub-paragraphs (a) to (c) of this paragraph, on the appointed day.

(4)

The day appointed for the coming into force of—

(a)

section 416(3)(b) of the Act (winding up of the Policyholders Protection Board) is 2nd March 2002; and

(b)

section 416(3)(c) of the Act (winding up of the Deposit Protection Board) is 2nd March 2002.

(5)

The day appointed for the coming into force of—

(a)

Part V of Schedule 18 to the Act (credit unions), and

(b)

the repeal of provisions of the Credit Unions Act 1979f2 made by Schedule 22 to the Act,

is 2nd July 2002.

Signature

John Heppell

Anne McGuire

Two of the Lords Commissioners of Her Majesty’s Treasury

31st October 2001

Explanatory note

(This note is not part of the Order)

Except as otherwise provided, article 2 of this Order brings into force, on 1st December 2001, all of the provisions of the Financial Services and Markets Act 2000 (“the Act”), so far as not already in force, on 1st December 2001 (“the appointed day”). These provisions include section 19 of the Act (the general prohibition).

Article 2 brings into force section 104 of the Act for the purpose of insurance business transfer schemes on the appointed day; section 347(1) and (2) of the Act on different dates for different purposes; certain provisions in section 416 of the Act (dissolution of existing statutory compensation schemes) on 2nd March 2002; and the amendments to, and repeals of, the Credit Unions Act 1979 which are made by the Act on 2nd July 2002.