2014 No. 1832

Financial Services And Markets

The Banking Act 2009 (Exclusion of Investment Firms of a Specified Description) Order 2014

Made

Coming into force

The Treasury make the following Order in exercise of the powers conferred by section 258A(2)(b) of the Banking Act 20091.

A draft of this Order has been laid before and approved by resolution of each House of Parliament in accordance with section 258A(3) of that Act.

Citation and commencementI11

This Order may be cited as the Banking Act 2009 (Exclusion of Investment Firms of a Specified Description) Order 2014, and comes into force on 1st August 2014.

Annotations:
Commencement Information
I1

Art. 1 in force at 1.8.2014, see art. 1

Description of institution not included within the meaning of “investment firm”I22

1

An institution of a description given in Article 29 of the Capital Requirements Directive (initial capital of particular types of investment firms) is specified for the purpose of section 258A(2)(b) of the Banking Act 2009.

2

In paragraph (1) “Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC2.

Annotations:
Commencement Information
I2

Art. 2 in force at 1.8.2014, see art. 1

David EvenettMark LancasterTwo of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE

(This note is not part of the Order)

This Order excludes a specified type of institution from the meaning of “investment firm” given in section 258A of the Banking Act 2009 (c. 1). The institutions excluded are investment firms of a description given in Article 29 of Directive 2013/36/EU (OJNo. L 176, 27.6.2013), which are not subject to the initial capital requirement (EUR 730,000) specified in Article 28(2) of that Directive.

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on http://www.hm-treasury.gov.uk/ and is published alongside the Order on http://www.legislation.gov.uk/.