UK: the new financial regulatory framework - more secondary legislation and MPC/FPC coordination

The Financial Services Act 2012 sets out the structure of the UK's new financial regulatory framework but some matters have been left to secondary legislation. In this regard the following have recently been made:

• The Bank of England Act 1998 (Macro-prudential Measures) Order 2013. An explanatory memorandum is available here (pdf). 
• The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013. An explanatory memorandum is available here (pdf). 
• The Financial Services Act 2012 (Misleading Statements and Impressions) Order 2013. An explanatory memorandum is available here (pdf). 
• The Financial Services Act 2012 (Consequential Amendments) Order 2013. An explanatory memorandum is available here (pdf).

It is also worth noting that the Government yesterday published an updated remit for the Monetary Policy Committee and this outlined what is expected of the MPC with regard to the new Financial Policy Committee and the coordination of monetary and macro-prudential policy: see here (pdf).