Financial Services (Banking Reform) Act 2013 (Commencement No 1) Order 2014 published

On 24 February 2014, The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014 was published, bringing into force various provisions of the Banking Reform Act, including those set out below:

Commencement Date	Provision	Description
1 March 2014	Section 6 and Schedule 1	Ring-fencing transfer schemes
1 March 2014	Sections 14 and 15	Financial Services Compensation Scheme governance
1 March 2014	Sections 39-58, 68-110 and Schedules 4 and 5	Payment Systems Regulator
1 March 2014	Section 130	PRA’s competitive objective
1 April 2014	Section 16	Financial Services Compensation Scheme governance

The Order also brings into force certain provisions of the Banking Reform Act for the purposes of making rules, orders or regulations, including those set out below:

Commencement Date	Provision	Description
1 March 2014	Section 4	Ring-fencing
1 March 2014	Section 17	Bail-in
1 March 2014	Section 121 (partially)	Financial market infrastructure administration regime

 

 

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