Treasury makes Solvency 2 Regulations: Treasury has made the Solvency 2 Regulations 2015, which implement several aspects of the Solvency 2 Directive into UK law, including:

  • PRA and FCA supervision;
  • application to groups;
  • supervisory approvals; and
  • appeals.

The Regulations come into force on 1 January 2016. (Source: Solvency 2 Regulations 2015

Treasury amends key legislation: Treasury has made several pieces of legislation, bringing key new provisions into force or amending existing laws:

  • the Financial Services (Banking Reform) Act 2013 (Banking Reform Act) comes into effect on 7 March 2016 for the purposes of the SMR (see FReD 6 March) and 7 March 2017 for the certification of relevant employees. A separate order sets out the transitional provisions for those who are already approved persons and related matters. This Order takes effect on 26 March;
  • the Deposit Guarantee Scheme Regulations 2015 take effect mainly on 26 March, but partly not until 3 July. The Regulations partly implement the revised Deposit Guarantee Schemes Directive. The rest of the Directive will be implemented through PRA rules and much of these Regulations give enabling powers to PRA. Treasury has also published a transposition note showing how the UK is implementing the Directive;
  • an Order amending the Regulated Activities Order takes effect on 26 March and creates a new exclusion from the need for authorisation to carry on certain regulated activities for those providing pensions guidance as designated guidance providers under the new pensions regime;
  • the Payment Services (Amendment) Regulations take effect on 1 April and make changes to reflect the role of the Payment Services Regulator and other minor changes; and
  • further changes to the Banking Reform Act took effect on 5 March and confirm how ring-fenced bodies must meet the requirements of the Act in respect of certain pension schemes.

(Source: Banking Reform Act Commencement Order No 9Banking Reform Act Transitionals OrderDeposit Guarantee Scheme RegulationsRegulated Activities Amendment OrderPayment Services Amendment Regulations and Banking Reform Act Pensions Changes)