The Government has published the latest commencement regulations, the Bank of England and Financial Services Act 2016 (Commencement No 3) Regulations 2016 (the Regulations), bringing into force, on 6 July 2016, the following relevant provisions (amongst others) of the Bank of England and Financial Services Act 2016:

  • Sections 1 to 8 and certain parts of Schedules 2 and 3, relating to the reforms to the governance of the Bank of England (BoE).
  • Sections 18 to 20, relating to the reforms to the FCA, including reforms to the appointment of the FCA Chief Executive.
  • Sections 22 to 25 relating to the senior managers and certification regime (SMCR).
  • Section 26, relating to the criminal sanctions for managerial misconduct.
  • Sections 27 and 28, relating to the enforceability of agreements relating to credit.
  • Section 29, relating to illegal money lending.

The Regulations do not set a commencement date for section 21 of the Act, which is to extend the SMCR to all authorised persons. Whilst this section is expected to come into force in 2018, a specific date is yet to be confirmed.