Following the HM Treasury’s consultation of the Draft Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015 (the “Order”) in November 2014, a new draft Order concerning the regulation of individual conduct in UK branches of foreign banks has been laid before Parliament and is set to come into force on 9 November 2015.

The effect of the Order will be to make foreign financial services firms that have a branch in the UK and are credit institutions or PRA-designated investment firms into relevant authorised persons for the purposes of the regulated activities regime.  The Order is part of a package of reforms being introduced relating to the new senior managers and certification regime.

The draft Order can be viewed here.  An explanatory memorandum and impact assessment have been published alongside the draft Order.