Statutory Instruments
Financial Services And Markets
Competition
Made
12th September 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).
1.—(1) This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Commencement No. 6) Order 2014.
(2) In this Order, “the Act” means the Financial Services (Banking Reform) Act 2013.
2. 1st November 2014 is the day appointed for the coming into force of—
(a)the following provisions of the Act for the purpose of enabling the Payment Systems Regulator, established under section 40 of the Act, to carry out functions under section 52 of the Competition Act 1998(2)—
(i)section 61 (the Regulator’s functions under the Competition Act 1998); and
(ii)section 67(2) (amendments relating to the Regulator’s competition powers); and
(b)section 129 of the Act, so far as it introduces the following provisions of Schedule 8 to the Act (functions of FCA under competition legislation)—
(i)for the purpose of enabling the Financial Conduct Authority to carry out functions under section 52 of the Competition Act 1998—
(aa)paragraph 3, so far as it inserts new sections 234J and 234M into the Financial Services and Markets Act 2000(3); and
(bb)paragraph 9; and
(ii)for all purposes—
(aa)paragraph 3, so far as it inserts new sections 234N and 234O into the Financial Services and Markets Act 2000; and
(bb)paragraphs 4, 5 and 7.
3. 1st April 2015 is the day appointed for the coming into force of—
(a)section 62 of the Act (duty to consider exercise of powers under Competition Act 1998); and
(b)the following provisions, so far as they are not already in force—
(i)section 60 of the Act (restrictions on exercise of functions under Part 4 of the Enterprise Act 2002);
(ii)section 61 of the Act (the Regulator’s functions under the Competition Act 1998);
(iii)section 67 of the Act (amendments relating to the Regulator’s competition powers);
(iv)section 129 of the Act (functions of FCA under competition legislation); and
(v)Schedule 8 to the Act (functions of FCA under competition legislation).
Mark Lancaster
Alun Cairns
Two of the Lords Commissioners of Her Majesty’s Treasury
12th September 2014
(This note is not part of the Order)
This Order brings into force the remaining provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) relating to the competition functions conferred on the Payment Services Regulator (established under this Act) and the Financial Conduct Authority (established under the Financial Services and Markets Act 2000 (c. 8)) concurrently with the Competition and Markets Authority (established under the Enterprise and Regulatory Reform Act 2013 (c. 24)). Article 2 brings into force provisions about giving guidance under the Competition Act 1998 (c. 41) in relation to enforcement of competition law on 1st November 2014. Article 3 brings into force the remaining uncommenced provisions in the Act relating to the conferral of competition functions on the Payment Services Regulator and the Financial Conduct Authority on 1st April 2015. This is the sixth 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.
(This note is not part of the Order)
| Provision | Date of Commencement | S.I. No. |
|---|---|---|
| Section 4 (partially) | 1st March 2014 | 2014/377 |
| Section 6 | 1st March 2014 | 2014/377 |
| Sections 14 and 15 | 1st March 2014 | 2014/377 |
| Section 16 | 1st April 2014 | 2014/377 |
| Section 17 (partially) | 1st March 2014 | 2014/377 |
| Section 18 (partially) | 25th July 2014 | 2014/1819 |
| Section 19 | 25th July 2014 | 2014/1819 |
| Section 20 (partially) | 25th July 2014 | 2014/1819 |
| Sections 27 and 28 | 25th July 2014 | 2014/1819 |
| Sections 29 to 31 (partially) | 25th July 2014 | 2014/1819 |
| Section 33 | 25th July 2014 | 2014/1819 |
| Section 35 (partially) | 25th July 2014 | 2014/1819 |
| Sections 39 to 58 | 1st March 2014 | 2014/377 |
| Section 59 | 1st April 2014 | 2014/0823 |
| Section 60(1), (2), (3) and (7) | 1st April 2014 | 2014/0823 |
| Sections 63 to 66 | 1st April 2014 | 2014/0823 |
| Section 67(3), (4) and (5) | 1st April 2014 | 2014/0823 |
| Sections 68 to 110 | 1st March 2014 | 2014/377 |
| Section 121(1) (partially) | 1st March 2014 | 2014/377 |
| Section 121(3) (partially) | 1st March 2014 | 2014/377 |
| Section 130 | 1st March 2014 | 2014/377 |
| Section 132 | 1st March 2014 | 2014/377 |
| Section 134 | 1st March 2014 | 2014/377 |
| Section 135 | 1st March 2014 | 2014/377 |
| Section 136 | 1st March 2014 | 2014/377 |
| Section 137 | 1st March 2014 | 2014/377 |
| Section 139 | 21st March 2014 | 2014/0772 |
| Section 140(1) to (3) | 21st March 2014 | 2014/0772 |
| Section 140(4) to (6) | 21st March 2014 | 2014/0785 |
| Section 141 (partially) | 1st March 2014 | 2014/377 |
| Section 141 (in so far as not already in force) | 1st April 2014 | 2014/377 |
| Schedule 1 | 1st March 2014 | 2014/377 |
| Schedule 2, paragraph 4 (so far as it inserts section 48P of the Banking Act 2009) | 1st March 2014 | 2014/377 |
| Schedule 2, paragraph 6(8) (so far as it inserts sections 60A and 60B of the Banking Act 2009) | 1st March 2014 | 2014/377 |
| Schedule 3, paragraph 2 (partially) | 25th July 2014 | 2014/1819 |
| Schedule 3, paragraphs 7, 8, 9, 16(b)(i), 17(b)(i), 19(2)(b)(i) and 19(3)(b)(i) | 25th July 2014 | 2014/1819 |
| Schedules 4 and 5 | 1st March 2014 | 2014/377 |
| Schedule 10 paragraphs 1, 2 and 4 to 9 | 1st March 2014 | 2014/377 |
| Schedule 10 paragraph 3 | 1st April 2014 | 2014/377 |
| Schedule 10 paragraph 10 (partially) | 1st March 2014 | 2014/377 |
| Schedule 10 paragraph 10 (in so far as not already in force) | 1st June 2014 | 2014/377 |