On 10 September 2018, the above Regulations, SI 2018/990, were made and published.
The Regulations bring into force on 13 September 2018, 10 December 2018 and 10 December 2019 certain provisions of the Bank of England and Financial Services Act 2016 (the Act) relating to Part 5 of the Financial Services and Markets Act 2000 (FSMA).
Regulation 2 brings into force section 21 of the Act for the purposes of introducing Schedule 4 to that Act only in relation to insurers. All paragraphs of that Schedule are brought into force on 10 September 2018 for the purpose of making rules. All paragraphs of that Schedule, except paragraph 11, are brought into force on 10 December 2018, for all other purposes, in relation to insurers. Paragraph 11 of that Schedule is brought into force on 10 December 2019, for all other purposes, in relation to insurers.
Regulation 3 provides that prohibition orders, together with warning notices and decision notices related to prohibition orders, are not affected by any changes made by the commencement of the provisions in regulation 2.
Regulation 4 provides that an insurer must prepare a “statement of responsibilities” where the appropriate regulator has deemed an approval under section 59 of FSMA (condition A), a person has been granted an approval by the PRA under section 59 of FSMA prior to the commencement of these Regulations (condition B), or an application has been made to the Prudential Regulation Authority for approval under section 59 of FSMA between 1 January 2016 and 9 December 2018 and the approval has been granted on or after 7 March 2016 (condition C).
Regulation 5 provides that the requirement to provide a revised statement of responsibilities under section 62A of FSMA applies to statement of responsibilities prepared under regulation 4 of these Regulations.
Regulation 6 provides that the appropriate regulator may comply with any requirement under Part 9A of FSMA to publish draft rules or other documents, with or without consulting upon it, by anything done by the appropriate regulator before 11 November 2018.