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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services Act 2021 (Commencement No. 1) Regulations 2021 No. 671 (C. 27) URL: http://www.bailii.org/uk/legis/num_reg/2021/uksi_2021671_en_1.html |
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This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
Financial Services And Markets
Made
4th June 2021
The Treasury, in exercise of the powers conferred on them by section 49(5) of the Financial Services Act 2021( 1), make the following Regulations.
1.—(1) These Regulations may be cited as the Financial Services Act 2021 (Commencement No. 1) Regulations 2021.
(2) In these Regulations, “the Act” means the Financial Services Act 2021.
2. The following provisions of the Act come into force on 9th June 2021—
(a) section 3 (transfer of certain prudential regulation matters into PRA rules);
(b) section 4 (CRR Basel standards);
(c) section 5 (prudential regulation of credit institutions etc by PRA rules);
(d) Schedule 3 (prudential regulation of credit institutions etc).
3. The following provisions of the Act come into force on 26th June 2021—
(a) section 7 (amendments of the Capital Requirements Regulation);
(b) in Schedule 4 (amendments of the Capital Requirements Regulation), paragraph 12.
4. The following provisions of the Act come into force on 1st July 2021—
(a) section 2 (prudential regulation of certain investment firms by FCA rules);
(b) Schedule 2 (prudential regulation of FCA investment firms).
5. The following provisions of the Act come into force on 1st January 2022—
(a) section 1 (exclusion of certain investment firms from the Capital Requirements Regulation);
(b) Schedule 1 (exclusion of certain investment firms from the Capital Requirements Regulation: consequential amendments);
(c) Schedule 4 in so far as it is not already in force.
James Morris
David Rutley
Two of the Lords Commissioners of Her Majesty’s Treasury
4th June 2021
(This note is not part of the Regulations)
These Regulations are the first commencement regulations made under the Financial Services Act 2021 (c. 22)(“the Act”).
Regulation 2 brings into force on 9th June 2021 sections 3, 4 and 5 and Schedule 3 of the Act, which transfer certain prudential regulation matters into rules made by the Prudential Regulation Authority.
Regulation 3 brings into force on 26th June 2021 section 7 and paragraph 12 of Schedule 4 of the Act, for the purpose of amending article 500d of Regulation (EU) No. 575/2013of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (“the Capital Requirements Regulation”).
Regulation 4 brings into force on 1st July 2021 section 2 and Schedule 2 of the Act, which amend the Financial Services and Markets Act 2000 (c. 8)for the purpose of the prudential regulation of certain investment firms by the FCA.
Regulation 5 brings into force on 1st January 2022 section 1 and Schedule 1 of the Act, which amend the Capital Requirements Regulation and the Capital Requirements (Country-by Country Reporting) Regulations 2013 ( S.I. 2013/3118).
An impact assessment has not been published for these Regulations as they have no impact on the costs to business or the voluntary sector independent of the provisions these Regulations bring into force. An impact assessment has been published in relation to the Act and copies can be obtained from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or athttps://publications.parliament.uk/pa/bills/cbill/58-01/0200/FS%20Bill%20Impact%20Assessment%20-%20October%202020%20-%20201020.pdf.
