The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020
S.I. 2020/929 · Made 1 September 2020
Financial Services
Made 1st September 2020
The Treasury make the following Regulations in exercise of the powers conferred by section 41(3), (4) and (5) of the Bank of England and Financial Services Act 2016f1:
Annotations to the whole text
Footnotes
- f1
Contents
- 1Citation
- 2Amendments to the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019
- Signature
- Explanatory note
1Citation
These Regulations may be cited as the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020.
2Amendments to the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019
The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019f1 are amended as follows.
In regulation 2(6) for “9th December 2020” substitute “31st March 2021”.
In regulation 3—
in paragraph (2)—
in sub-paragraph (b), for “9th December 2020” substitute “31st March 2021”;
in the closing words, for “12 months” substitute “15 months and 22 days”;
in paragraph (3), for “9th December 2020” substitute “31st March 2021”.
Signature
James Morris
Maggie Throup
Two of the Lords Commissioners of Her Majesty’s Treasury
1st September 2020
Explanatory note
(This note is not part of these Regulations)
These Regulations amend the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019 (S.I. 2019/1136) “the 2019 Regulations”.
Regulation 2(2) of these Regulations amends regulation 2(6) of the 2019 Regulations which brings into force on 9th December 2020 the employee certification provisions (as defined in regulation 2(8) of the 2019 Regulations) in relation to solo-regulated firms other than benchmark firms. Regulation 2(2) of these Regulations amends that date to 31st March 2021.
Regulation 2(3) of these Regulations amends regulation 3(2) and (3) of the 2019 Regulations which contains a transitional provision in relation to claims management companies. Regulation 3(2) and (3) provide that the commencement of the employee certification provisions on 9th December 2020 under regulation 2(6) of the 2019 Regulations does not apply until the claims management company has had full permission from the Financial Conduct Authority to carry on claims management activity for 12 months or has permission to carry on any other regulated activity. The period of 12 months does not apply if the firm receives full permission before 9th December 2019. Regulation 2(3)(a)(ii) of these Regulations amends this period to 15 months and 22 days. This extended period for claims management companies will align with the revised commencement date of the employee certification provisions for solo-regulated firms provided for in regulation 2(2) of these Regulations. The effect is that no claims management company will be required to comply with the certification regime provisions in advance of any other solo-regulated firm. Regulation 2(3) of these Regulations also makes consequential amendments to the date of 9th December 2020 in regulation 3(2) and (3) of the 2019 Regulations.
A full impact assessment has not been produced for this instrument because no, or no significant, impact on the private, voluntary or public sector is foreseen.