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Statutory Instruments

2014 No. 3160 (C. 138)

Banks And Banking

The Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014

Made

26th November 2014

The Treasury make the following Order in exercise of the powers conferred by section 148(5) of the Financial Services (Banking Reform) Act 2013(1).

Citation and interpretation

1.—(1) This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014.

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

Appointed day for the coming into force of certain provisions of the Act

2.—(1) 31st December 2014 is the day appointed for the coming into force of the following provisions of the Act—

(a)section 13 (preferential debts (Great Britain)),

(b)section 17 and paragraphs 1 to 33 of Schedule 2 (bail-in stabilisation option), so far as those provisions are not already in force, and

(c)section 133(2)(a) (power of FCA and PRA to make rules applying to parent undertakings).

(2) 31st December 2014 is the day appointed for the coming into force of section 133(1) of the Act, so far as it inserts section 192JB into the Financial Services and Markets Act 2000(2).

Harriet Baldwin

Gavin Barwell

Two of the Lords Commissioners of Her Majesty’s Treasury

26th November 2014

EXPLANATORY NOTE

(This note is not part of the Order)

This Order brings into force certain provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) relating to preferential debts, the powers of the Bank of England to bail in liabilities of a bank, and the power of the Prudential Regulation Authority and the Financial Conduct Authority to make rules applying to certain holding companies in relation to resolution. This is the seventh 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.

NOTE AS TO EARLIER COMMENCEMENT ORDERS

(This note is not part of the Order)

ProvisionDate of CommencementS.I. No.
Section 4 (partially)1st March 20142014/377
Section 61st March 20142014/377
Sections 14 and 151st March 20142014/377
Section 161st April 20142014/377
Section 17 (partially)1st March 20142014/377
Section 18 (partially)25th July 20142014/1819
Section 1925th July 20142014/1819
Section 20 (partially)25th July 20142014/1819
Sections 27 and 2825th July 20142014/1819
Sections 29 to 31 (partially)25th July 20142014/1819
Section 3325th July 20142014/1819
Section 35 (partially)25th July 20142014/1819
Sections 39 to 581st March 20142014/377
Sections 68 to 1101st March 20142014/377
Section 591st April 20142014/823
Section 60(1), (2), (3) and (7)1st April 20142014/823
Section 60 (so far as not already in force)1st April 20152014/2458
Section 61 (partially)1st November 20142014/2458
Section 61 (so far as not already in force)1st April 20152014/2458
Section 621st April 20152014/2458
Sections 63 to 661st April 20142014/823
Section 67(2) (partially)1st November 20142014/2458
Section 67(3), (4) and (5)1st April 20142014/823
Section 67 (so far as not already in force)1st April 20152014/2458
Section 121(1) (partially)1st March 20142014/377
Section 121(3) (partially)1st March 20142014/377
Section 129 (partially)1st November 20142014/2458
Section 129 (so far as not already in force)1st April 20152014/2458
Section 1301st March 20142014/377
Section 1321st March 20142014/377
Section 1341st March 20142014/377
Section 1351st March 20142014/377
Section 1361st March 20142014/377
Section 1371st March 20142014/377
Section 13921st March 20142014/772
Section 140(1) to (3)21st March 20142014/772
Section 140(4) to (6)21st March 20142014/785
Section 141 (partially)1st March 20142014/377
Section 141 (in so far as not already in force)1st April 20142014/377
Schedule 11st March 20142014/377
Schedule 2, paragraph 4 (so far as it inserts section 48P of the Banking Act 2009)1st March 20142014/377
Schedule 2, paragraph 6(8) (so far as it inserts sections 60A and 60B of the Banking Act 2009)1st March 20142014/377
Schedule 3, paragraph 2 (partially)25th July 20142014/1819
Schedule 3, paragraphs 7, 8, 9, 16(b)(i), 17(b)(i), 19(2)(b)(i) and 19(3)(b)(i)25th July 20142014/1819
Schedules 4 and 51st March 20142014/377
Schedule 8, paragraphs 3 and 9 (both partially)1st November 20142014/2458
Schedule 8, paragraphs 4, 5 and 71st November 20142014/2458
Schedule 8 (so far as not already in force)1st April 20152014/2458
Schedule 10 paragraphs 1, 2 and 4 to 91st March 20142014/377
Schedule 10 paragraph 31st April 20142014/377
Schedule 10 paragraph 10 (partially)1st March 20142014/377
Schedule 10 paragraph 10 (in so far as not already in force)1st June 20142014/377