On 12 February 2016, the Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 was published together with an explanatory memorandum.
The Order, which comes into force on 7 March 2016, amends secondary legislation which applies with modifications, or makes provision corresponding to, the disciplinary provisions relating to approved persons in sections 66, 66A and 67 of the Financial Services and Markets Act 2000(FSMA).
The amendments made to the FSMA disciplinary provisions pursuant to the Financial Services (Banking Reform) Act 2013, also come into force on 7 March 2016. Subsequently, the Order amends the relevant secondary legislation to ensure that it reflects the amendments to sections 66 and 67 of FSMA, and the insertion of sections 66A and 66B.
The Order also makes minor amendments under section 2(2) of the European Communities Act 1972 to secondary legislation including:
- The Payment Services Regulations 2009.
- The Electronic Money Regulations 2011.
- The Financial Services Act 2012 (Consumer Credit) Order 2013.
- The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012.