Treasury has published the final version of legislation implementing the changes the Financial Services Act 2012 (FS Act) makes to the UK financial regulatory structure. It had previously published many of the instruments in draft. The instruments all take effect from 1 April 2013 and are:
- the Bank of England Act 1998 (Macro-prudential Measures) Order 2013: this sets out how the macro-prudential measures introduced by the FS Act will take effect and what powers the new regulators will have;
- the FS Act (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013: this makes consequential amendments primarily to refer to the new regulators for the purposes of certain passporting provisions;
- the FS Act (Misleading Statements and Impressions) Order 2013: this specifies relevant activities, relevant investments and relevant benchmarks for the purposes of Part 7 FS Act. This part creates new criminal offences relating to the making of false or misleading statements, or the creation of a false or misleading impression, in connection with a relevant agreement, relevant investment or relevant benchmark, replacing s397 FSMA and adding a new offence relating to benchmarks. The Order specifies activities which are relevant for the purposes of the definition of “relevant agreement” and the benchmarks which are“relevant benchmarks” for the purposes of s91 FS Act. The only relevant benchmark is LIBOR; and
- the FS Act (Consequential Amendments) Order 2013: this makes minor amendments consequential to the FS Act to various primary legislation.
(Source: The Bank of England Act 1998 (Macro-prudential Measures)Order 2013, the FS Act (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013, the FS Act (Misleading Statements and Impressions) Order 2013, and the FS Act (Consequential Amendments) Order 2013)