Friday, 1 February 2013
UK: introducing the new financial regulatory structure - the Financial Services Act 2012 (Transitional Provisions) (Rules and Miscellaneous Provisions) Order 2013
The Financial Services Act 2012 (Transitional Provisions) (Rules and Miscellaneous Provisions) Order 2013 was laid before Parliament earlier this week and comes into force on 20 February. An explanatory memorandum is available here and here (pdf). Amongst other things, the Order provides the means by which rules made by the current regulator, the Financial Services Authority, are to be treated as made by the new regulators (the Financial Conduct Authority and the Prudential Regulation Authority) or the Bank of England. It also provides the FSA with the power to appoint individuals to perform certain functions of the Financial Conduct Authority prior to 1 April 2013 when, formally, the new regulators replace the FSA.