214.Paragraphs 12 to 14 of the Schedule make consequential changes to the provisions of FSMA setting out what must be included in a decision notice and a warning notice, and to the provisions of FSMA requiring the regulators to determine their procedure for making decisions which would require them to issue a supervisory notice. )), District Judges (Magistrates' Courts) Pensions Act (Northern Ireland) 1960 (c. 2 (N.I. The services specified by order under subsection (4) must be services in relation to which the Treasury are of the opinion mentioned in section 142B(6)(a). (b)it is not itself an authorised person. (1)This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking (“P”) has contravened a requirement of a direction given to P by that regulator as a result of section 142L(2)(d) or (3)(d). 4. 62.In the Table in section 261 (index of defined terms)—... Further minor and consequential amendments. Subsection (4) requires the Treasury to consider the impact the exercise of their powers to exempt certain UK institutions from the definition of “ring-fenced body” might have on competition in the provision of core services, and whether any adverse impact might be mitigated. 356.Section 144 defines “enactment”, “the FCA”, “FSMA 2000” and “the PRA”. 33.The definition of core services is intended to be comprehensive, and those services which do not fall within the categories of services listed in subsection (2), and are not specified as core services in an order made by the Treasury under subsection (3) or (4) will not be core services, however closely they are associated with a particular core activity. Paragraph 16 inserts new section 117A to allow a society to alter its financial year to any date in the year by notifying the FCA. 299.Paragraphs 8 to 12 of the Schedule make consequential amendments to the Company Directors Disqualification Act 1986, the Competition Act 1998, the EA02 and the Enterprise and Regulatory Reform Act 2013. The same information would also have to be provided in a decision notice about limiting the period of an approval (paragraph 6(7)). New section 115B ensures that a person has a right to receive, free of charge and within 21 days of the request being received, a hard copy of any document sent by electronic or other means. long time to run. 86.Paragraph 10 amends section 111 of FSMA (sanction of the court for business transfer schemes), extending it to apply to ring-fencing transfer schemes, and setting out the conditions which must be satisfied before the court may make an order sanctioning a ring-fencing transfer scheme. 75.Paragraph 2 of Schedule 1 replaces the expression “authorised person concerned” with “transferor concerned”, throughout Part 7, to allow for the possibility that in the case of a ring-fencing transfer scheme, the transferor may not be an authorised person. (6)For the purposes of this section, a regulator's “general powers” are its powers under the following provisions—. 109.Paragraph 3 inserts a new section 8A into Part 1 of the 2009 Act. A person appointed in this capacity would be appointed (a) to hold any securities of the bank that may be transferred or issued to that person in the capacity of bail-in administrator; and (b) to perform any other functions that may be conferred on the bail-in administrator under any provision of Part 1 of the 2009 Act (subsection (2)). This section defines the offence and specifies the penalties applicable to those found guilty of it. A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section. 234.Section 49 establishes the general duties and objectives of the Payment Systems Regulator, which is required, so far as is reasonably possible, to act in a way that advances one or more of its “payment systems objectives”: the “competition objective”, the “innovation objective” and the “service-user objective”. The only provisions of the Act that are to come into force on the day on which the Act receives Royal Assent (18 December 2013) are the provisions of Part 8 (which deal with orders and regulations, interpretation, extent, commencement and the short title to the Act). Monitoring systemically important institutions, markets, 1 Lopez and Saeidinezhad (2016). Subsection (3) sets out the condition which must be satisfied before the Treasury are able to make such an order: the Treasury must be satisfied that excluding the classes of institution in question from the definition of a ring-fenced body would not harm the continued provision in the United Kingdom of core services. Subsection (3) amends section 136 of EA02, to ensure that the Payment Systems Regulator would receive a copy of a CMA report where the CMA Board had made a market investigation reference, for consideration by a CMA group, concerning participation in payment systems. 283.Section 129 introduces Schedule 8 to the Act, which gives the FCA new competition powers. Section 77 and 78 make provision about the procedure for appeals to the CAT, and Section 79 and Schedule 5 make provision about the procedure for appeals to the CMA, including the power of the CMA to suspend the decision in question pending the outcome of the appeal, and the CMA’s powers to obtain information relevant to the determination of the appeal. 52. 36. (1) Paragraph 15B (representations and references to the Tribunal) is... 6.In paragraph 15C (information to home state regulator), in sub-paragraph... 7.In paragraph 17 (continuing regulation of EEA firms)—. If a single depositor has a very large deposit, part of which is not eligible for protection under the FSCS, only the part of that deposit which is covered by the FSCS will be a preferential debt. A copy must be provided to the Treasury. However, under subsection (2) the affirmative resolution procedure will apply to: Regulations made under section 7 (applying ring-fencing provisions to building societies); Orders under section 41(4) (altering the list of things that are not to be regarded as payment systems); Orders under section 145 (power to make further consequential amendments) which amend primary legislation; and. So where a section or part of a section does not seem to require any explanation or comment, none is given. The regulator may impose a penalty of such amount as it considers appropriate on—. 2016/512, art. )), Welsh Language (Wales) Measure 2011 (nawm 1), References in this Act to FCA or Financial Services Authority, Interpretation of documents referring to the Financial Services Authority, Renaming of companies as Financial Conduct Authority and Prudential Regulation Authority. (1) Paragraph 19 (establishment) is amended as follows. Regulation 97 of the 2009 Regulations prohibits restrictive rules or conditions governing access to, or participation in, a payment system (other than those to which Article 28(1) does not apply) by “authorised payment institutions”, “EEA authorised payment institutions” and “small payment institutions”, as defined in the 2009 Regulations. (7)If (because any ring-fenced body is not a PRA-authorised person) section 142H has the effect of requiring the FCA to make ring-fencing rules, subsections (1) to (6) apply to the FCA as they apply to the PRA. The amendment in paragraph 3 ensures that, for the purposes of calculating the amount to be disregarded under the 2007 Order, the value of total group funds is the value it would have been without the modification made by the 2007 Order and the modification made by new section 7(3)(aa). 113.New section 48B enables the Bank of England to make “special bail-in provision” in a resolution instrument. It does this by providing that the costs incurred and income received by the Office for Legal Complaints in connection with the exercise of its functions in relation to complaints about claims management services is to be disregarded from the calculation of the expenditure of the Office for Legal Complaints that can be levied against the regulators of the legal profession. Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. The independent review must state whether the reviewers agree with the conclusions of the PRA’s report; whether any additional restrictions should be imposed on proprietary trading by relevant authorised persons, and make any other recommendations the reviewers consider to be appropriate. 18. Found inside – Page 635Transparency DP13/1 (FSA, 2013) para 2.19. 173 Transparency & Trust: Enhancing the Transparency of UK Company Ownership and Increasing Trust in UK Business. The existing obligation under subsection (8) to supply the SFS and (where that subsection is applied under section 78(6)) the auditor’s report to new shareholding members will be replaced by a new requirement to publish the document(s) on a website and notify such new members of: (i) the online publication of the document(s); (ii) the website address; and (iii) where on the website, and how, the information may be accessed. 288.Subsections (7) and (8) impose a requirement on the CMA and the FCA to consult each other before exercising any of their concurrently-held functions and to ensure they do not both exercise the same functions in relation to the same matter. (1)References in this Act to “core services” are to be read in accordance with this section. 128.New section 48K makes provision about the remuneration and allowances of the bail-in administrator. Subsections (3) to (6) provide for the application of the made affirmative resolution procedure to apply to orders made under sections 142D(4) (new excluded activities) and 142E (prohibitions), where the Treasury consider that the matter is urgent so that it is not appropriate to proceed by the draft affirmative procedure. (1)Each regulator must prepare and issue a statement of policy with respect to—, (a)the imposition of penalties under section 142S, and. New section 115A provides that a person is deemed to have agreed to access a document, information or facility on a website if: (a) the person has been asked individually and has agreed to do so; or (b) the person has been asked and the society has not received a response within 28 days. 226.Subsections (9) and (10) define when a relevant financial institution is to be regarded as having failed for the purposes of the offence. 2(1)(b), Sch. 125.New sections 48I to 48K make provision about bail-in administrators. (3)“Occupational pension scheme” has the meaning given in section 1 of the Pension Schemes Act 1993 or section 1 of the Pension Schemes (Northern Ireland) Act 1993 and, in relation to such a scheme, “member” and “trustees or managers” have the same meaning as in Part 1 of the Pensions Act 1995 or Part 2 of the Pensions (Northern Ireland) Order 1995. (1) The first order under section 22A of FSMA 2000... PART 1 Property, rights and liabilities of Financial Services Authority. If a regulator proposes to take action against a person under section 142S, it must give the person a warning notice. 38.New section 142F makes additional provision as to what may be included in an order made by the Treasury under new sections 142A, 142B, 142D or 142E. 105.New section 12B makes provision about bail-in administrators. (7)The Treasury may by regulations require an authorised person who will or may be a ring-fenced body or an authorised person who will or may be a member of a ring-fenced body's group to do all it can to obtain from the Pensions Regulator a clearance statement in relation to any arrangements to be made for the purpose of complying with—. 2014/377, art. 48.Trustee Savings Banks Act 1985 (c. 58), 49.Administration of Justice Act 1985 (c. 61). making provision for the group ring-fencing purposes applying to ring-fenced bodies and to authorised persons who are members of a ring-fenced body's group. This will ensure that such deposits rank ahead of other unsecured claims in insolvency. 20. In section 40 of the Bank of England Act 1998... House of Commons Disqualification Act 1975 (c. 24), Northern Ireland Assembly Disqualification Act 1975 (c. 25). may be an activity carried on in the United Kingdom or elsewhere. (3)In section 391 of FSMA 2000 (publication), in subsection (1ZB), after paragraph (i) insert—, (4)In section 392 of FSMA 2000 (application of sections 393 and 394)—, (a)in paragraph (a), after “131H(1),” insert “ 142T(1), ”, and. Financial Services Act 2012. Under section 104, where the Payment Systems Regulator is considering imposing a generally applicable requirement (that is, a general direction under section 54 or a generally-imposed requirement under section 55) the Payment Systems Regulator is under a duty to consult the Bank of England, the FCA and the PRA. (1) Paragraph 20 (services) is amended as follows. Section 192I applies in relation to a statement under this section as it applies in relation to a statement under section 192H. 359.Section 147 provides that the Act extends to the whole of the United Kingdom (subsection (1)), except for section 13 (provisions relating to preferential debts) section 139 (penalties for claims management service providers) and section 140 (the recovery of the expenditure of the Office for Legal Complaints in connection with claims management services), which under subsection (2) have the same extent as the Acts which they amend (for example, the amendments relating to the expenditure of the Office for Legal Complaints extend only to England and Wales, as do the relevant parts of the Legal Services Act 2007 and the Compensation Act 2006). (6)For this purpose a regulator is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred. For example, the Treasury may decide it is necessary for eligible instruments to have at least 12 months remaining on their term, because investors in longer-term instruments would be less able to withdraw their investment in the bank by demanding that their debts are repaid as a crisis approaches, and because this would give the authorities responsible for exercising the powers proposed in the Recovery and Resolution Directive a grace period to exercise those powers, restructure the firm if necessary, and restore market confidence before it needs to refinance these debt instruments. (c)an instrument giving rights to acquire a debt instrument. They may set out the matters to which the regulator must (or must not) have regard or refer to. These are the same as apply where the Bank makes a share transfer instrument or property transfer instrument using its existing powers under the 2009 Act (see sections 24 and 41). without Relevant bodies will therefore include any global systemically important banks which are based in the UK, even if the bank in question is not a ring-fenced body. Paragraph 9 ensures that a private person cannot bring an action for damages if they suffer loss as the result of a contravention by an approved person of a rule of conduct made under section 64A. 4. Found insideIn 2013 it was succeeded by the Financial Conduct Authority (FCA). The FSA was given statutory powers by the Financial Services and Markets Act 2000. 338.Section 140 relates to the provisions in section 161 of the Legal Services Act 2007 that give the Office for Legal Complaints jurisdiction over complaints about claims management services. New section 44B concerns property transfer instrument under section 12(2) or new section 41A(2) (and certain types of supplementary property transfer instruments). In section 234 (regulations: details), for subsection (8)(b) substitute—, In section 235 (regulations: procedure), at the end insert—, In section 246 (information), in subsection (2)—. The decision notice must specify the date by which any divestment required by the notice has to be completed. 259.Sections 108 to 110 contain miscellaneous and supplemental provision. (3)An order under subsection (2) may be made only if the Treasury are of the opinion that it is not necessary for either of the following purposes that the regulated activity of accepting deposits should be a core activity when carried on in the specified circumstances. (b)a UK institution of a class exempted by order made by the Treasury. Certain functions of the CMA (relating to the maintenance of registers and publishing of guidance) contained in Part 4 of EA02 are excluded from those that the Payment Systems Regulator may exercise concurrently. The panel must be appointed within 2 years after that legislation has come into force. Subsequent reviews must be completed before the end of the period of 5 years beginning with the day on which the previous review was completed. (6)The reference in subsection (5)(e) to a remuneration policy is a reference to a policy about the remuneration of officers, employees and other persons who (in each case) are of a specified description. Income and Corporation Taxes Act 1988 (c. 1), Access to Medical Reports Act 1988 (c. 28). consider whether the carrying on of that activity by a ring-fenced body would make it more likely that the failure of the body would have an adverse effect on the continuity of the provision in the United Kingdom of core services. for the... Regulatory Enforcement and Sanctions Act 2008 (c. 13), Dormant Bank and Building Society Accounts Act 2008 (c. 31), Terrorist Asset-Freezing etc. employees of the FMI administrator) in respect of liabilities arising and losses or damages sustained as a result of action taken by a FMI administrator in the course of his or her duties, on whatever terms the Treasury considers to be appropriate. It also provides that a court may not determine an application for an ordinary administration order in respect of an infrastructure company unless the Bank of England has had 14 days’ notice of the application for the order. may also experience some issues with your browser, such as an alert box that a script is taking a creditors affected by an application of the power to make special bail-in provision or a private sector purchaser). 339.Subsection (5) inserts in the Legal Services Act 2007 a new section 174A which is to have effect at any time when no one is designated as the Claims Management Regulator. 314.Subsection (7) ensures that each regulator is able to recover any amount payable to it for fees imposed in consequence of regulations made by the Treasury as a debt owed to it. 132.New section 48O confers on the Bank of England a power to issue directions to one or more directors of the bank under resolution. (1) Section 391 (publication) is amended as follows. 207.Paragraph 3 of the Schedule amends section 63 of FSMA, replacing references to a significant-influence function with references to a senior management function. (1) Section 218 (annual report) is amended as follows. The Whole Act you have selected contains over 200 provisions and might take some time to download. (4)Any reference to a qualifying parent undertaking is to be read in accordance with section 142L(4).”, (2)In section 133 of FSMA 2000 (proceedings before Tribunal), in subsection (7A), after paragraph (i) insert—. without any provision made by or under this Part (other than this section) when the provision comes into force. (5)In exercising, or deciding whether to exercise, a power under section 142S(2) in the case of any particular contravention, a regulator must have regard to any statement of policy published under this section and in force at a time when the contravention occurred. Further, the areas where the regulator is required to make rules for the group ring-fencing purposes are listed in subsection (5). (2)A warning notice about a proposal to impose a penalty must state the amount of the penalty. Found inside – Page 36... which regulates health services in England;214 (vii) the Financial ... to the PSR's activities is the Financial Services (Banking Reform) Act 2013. Subsection (1) defines “ring-fencing transfer scheme”. (3)An order under subsection (2)(b) may be made in relation to a class of UK institution only if the Treasury are of the opinion that the exemption conferred by the order would not be likely to have a significant adverse effect on the continuity of the provision in the United Kingdom of core services. These sections provide for the variation of a senior manager’s approval at the request of a relevant authorised person or on the regulator’s own initiative, and deal with the procedure to be followed in those cases. Following an application of the bail-in option the Treasury are required to make provision in relation to compensation. The securities would be held by the bail-in administrator only as long as is necessary having regard to the special resolution objectives following which the Bank of England may transfer (using the onward securities transfer power conferred by new section 48V), or otherwise authorise the disposal of, the securities held by the administrator to another person. (d)in relation to a qualifying parent undertaking, power to give a direction under this paragraph to the parent undertaking requiring it to take any of the steps mentioned in subsection (6). (b)any other person who has or may have any liability under the scheme. (6)In Schedule 1ZA to FSMA 2000 (the Financial Conduct Authority), in paragraph 8(3)(c)(i), after “138N,” insert “ 142V, ”. The Directive is a “maximum harmonisation” measure: Member States are not permitted under EU law to adopt any measures which go beyond the measures contained in the Directive. 266.Section 112 defines the term “infrastructure company”. (5)In subsection (4) “the ring-fencing provisions” means ring-fencing rules and the duty imposed as a result of section 142G. If this function is a designated senior management function in a relevant authorised person, a new statement of responsibilities will be required under section 60(2A).). You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run. Subsection (4) contains a non-exhaustive list of the provisions that may be included in an order made by the Treasury under this section. 2(a), I3S. In section 386(1) and (3) (decision notices), for “Authority” substitute... (1) Section 387 (warning notices) is amended as follows. (b)in relation to any member of the ring-fenced body's group which is a PRA-authorised person, power to impose a requirement on the PRA-authorised person requiring it to take any of the steps mentioned in subsection (6), (c)in relation to any member of the ring-fenced body's group which is an authorised person but not a PRA-authorised person, power to direct the FCA to impose a requirement on the authorised person requiring it to take any of the steps mentioned in subsection (6), and. Subsection (2) provides that the regulated activity of accepting deposits is to be a core activity, but also gives the Treasury power to provide for exceptions to this, by making an order setting out circumstances in which accepting deposits is not to be treated as a core activity. It requires (in subsection (1)) the appropriate regulator (which will be the PRA in relation to PRA-authorised persons, and the FCA in relation to other authorised persons) to make rules ensuring that ring-fenced bodies have appropriate arrangements in place for the supply of services and facilities which they need to carry on the core activity. Found inside – Page 5The Financial Services Act 2012 effected a further change in the UK regulatory structure. On 1 April 2013, the FSA was replaced by two new regulators — the ... Subsection (6) describes what it means for a payment service provider to have “direct access” to a payment system. 30. Currently section 7(4) of the 1998 Act provides that the Bank may disregard a requirement to the extent it considers it appropriate, having regard to its functions. (4)Subject to that, in deciding whether and, if so, how to exercise their powers under subsection (2)(b), the Treasury must have regard to the desirability of minimising any adverse effect that the ring-fencing provisions might be expected to have on competition in the market for services provided in the course of carrying on core activities, including any adverse effect on the ease with which new entrants can enter the market. 233.Section 43 gives the Treasury a power to issue a “designation order” to designate a payment system, to bring that system into the scope of regulation by the Payment Systems Regulator. Administration of Justice Act 1985 (c. 61). 334.Paragraph 15 effectively replaces section 117 of the BS Act relating to the financial year of a building society. This power would be similar to the power conferred by section 145A of the 2009 Act (power to direct bank administrators) in relation to bank administrators. 100.Section 15 gives the Treasury power by written notice to require the scheme manager to provide specified information needed by the Treasury in connection with its duties under the Government Resources and Accounts Act 2000 (such as its duty to prepare consolidated accounts for the public sector, and to consolidate information relating to the financial services compensation scheme in its departmental accounts). Found inside – Page 267Law and Culture in Financialized Times. ... [Online] Available at: https://www.soas.ac.uk/economics/events/file43938.pdf. ... Financial Services Act 2013. 3. about the making by a ring-fenced body of arrangements for one or more of the purposes in subsection (1); about any transfer or division falling within subsection (2). Subsection (1) specifies that a bail-in administrator may do anything necessary or desirable for the purposes of or in connection with the performance of the functions of the office. The PRA is not required to ensure that a particular ring-fenced body does not fail, provided that its failure can be so managed that the continued provision of core services elsewhere in the UK is not adversely affected. Found insideDetails of the introduction of narrow banking in the UK were contained in the Financial Services Act 2013. Much of the detailed regulation was to be ... 297.Paragraph 6 of the Schedule amends the FCA’s duty to co-operate with other regulators with similar functions under section 354A of FSMA, so that that duty does not apply where the FCA has made a competition reference under section 131 of EA02. 9.In addition, the Act confers on the Bank of England the power to deploy a new stabilisation option called the “bail-in option” in relation to banks, building societies, investment firms and banking group companies. They enable the Treasury to make regulations concerning the mandatory compensation provision to be included in the compensation arrangements to be put in place following the making of instruments by the Bank of England that include special bail-in provision. The FCA is given an equivalent power where it is the appropriate regulator, and it wishes to impose a requirement on a PRA-authorised person. 269.Section 115 sets out the objective of FMI administration. The result of the new subsection is be that, if a right to acquire shares is given to members on a transfer of business, then the right must be restricted to members who have held shares for at least two years, or who hold deferred shares of a class described in the transfer agreement. 249.Section 92 provides that disclosure of confidential information is permitted if it is for the purpose of facilitating the carrying out of a public function and is permitted by regulations made by the Treasury. The Payment Systems Regulator can appoint one or more competent persons to investigate any aspect of the business of any participant in a regulated payment system, if the Payment Systems Regulator thinks that it is desirable to do so to advance any of its payment systems objectives. The definition is a broad one: all forms of debt including bonds and any form of transferable debt would be covered. in relation to a PRA-authorised person, the PRA; in relation to any other authorised person, the FCA; “shares” has the meaning given in section 422; “specified” means specified in the rules; “voting power” has the meaning given in section 422. Section 1, Financial Services Act 2012. Section 8(1) gives the Treasury power to make regulations making provision corresponding to that made by or under Part 9B (ring-fencing) in relation to building societies, for the same purposes as the provisions in new Part 9B of FSMA, or in any secondary legislation made under powers given in that Part. Schedule 17 (the ombudsman scheme) is amended as follows. 213.Paragraph 11 of the Schedule makes a consequential amendment to section 347 of FSMA (which makes provision about the record of authorised persons to be kept by the FCA), by replacing references to a “relevant authorised person” in that section with references to an “authorised person concerned” (defined in subsection (9), as inserted by section 34), to avoid confusion with the definition in section 71A. Imposition of penalties under section 142S: statement of policy, Each regulator must prepare and issue a statement of policy with respect to—, the imposition of penalties under section 142S, and. (1) Section 405 (directions) is amended as follows. any disposal of shares, securities or other property that is required by the notice; any transfer of liabilities for which the notice requires arrangements to be made. enabling a ring-fenced body to apply to the court in a case where the ring-fenced body has been unable to reach agreement with another person (“P”) about the making of arrangements with P on commercial terms for one or more of the purposes in subsection (1), and. In this section and sections 142L to 142Q “. The objective is (1) to ensure that the relevant recognised inter–bank payment system or securities settlement system is maintained and operated as an efficient and effective system; (2) in instances where the operator of any such system is also a recognised clearing house which provides clearing services without doing so as a central counterparty, to ensure that certain services that it carries on in that capacity continue to be maintained, and (3) to ensure that either as a result of the rescue of the infrastructure company as a going concern or as a result of a transfer of all or part of the undertaking of the infrastructure company to another company or companies, it becomes unnecessary for the FMI administration to continue. Makes minor amendments to section 386 of the following provisions— longer necessary now that the continuity objective ” the! 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