Session 2010 - 12
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Financial Services Bill


Financial Services Bill
Schedule 19 — Repeals

309

 

Schedule 19

Section 94(2)

 

Repeals

 

Short title

Extent of repeal

 
 

Competition Act 1998

In Schedule 2, paragraph 1 and the italic

 
  

heading before it.

 

5

  

In Schedule 7, in paragraph 19A(9)—

 
  

(a)   

“or (in the case of the Financial Services

 
  

and Markets Act 2000 (c 8)) an

 
  

investigation”, and

 
  

(b)   

paragraph (m).

 

10

  

In Schedule 12, paragraph 8 and the italic

 
  

heading before it.

 
  

In Schedule 13, in paragraph 26—

 
  

(a)   

sub-paragraph (1)(a),

 
  

(b)   

sub-paragraph (2),

 

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(c)   

in sub-paragraph (3) the words “and

 
  

(2)”, and

 
  

(d)   

sub-paragraph (3)(a).

 
 

Insolvency Act 2000

Section 15(2).

 
 

Proceeds of Crime Act 2002

In Schedule 11, paragraph 38 and the italic

 

20

  

heading before it.

 
 

Enterprise Act 2002

Sections 241A(2)(b) and 243(3)(c).

 
  

In Schedule 25, sub-paragraphs (2) to (5) and

 
  

(10) to (15) of paragraph 40.

 
 

Communications Act 2003

In Schedule 16, paragraph 5 and the italic

 

25

  

heading before it.

 
 

Constitutional Reform Act 2005

In Schedule 7, the entry relating to the Financial

 
  

Services and Markets Act 2000.

 
  

In Schedule 9, paragraph 70 and the italic

 
  

heading before it.

 

30

 

Inquiries Act 2005

Section 46.

 
 

Companies Act 2006

Section 964(3) and (5).

 
  

In Part 2 of Schedule 2, paragraph 38.

 
  

In Schedule 11A, paragraph 53.

 
  

In Schedule 15, paragraphs 2 and 9.

 

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Tribunals, Courts and

In Schedule 6, in the Table in Part 3, the entry

 
 

Enforcement Act 2007

relating to the Financial Services and Markets

 
  

Tribunal.

 
 

Consumers, Estate Agents and

In section 20—

 
 

Redress Act 2007

(a)   

in subsection (2), in the definition of

 

40

  

“designated body”, paragraph (b), and

 
  

(b)   

subsection (3)(a).

 
  

Section 39.

 
  

In Schedule 1, paragraph 1(4)(a).

 
 

Banking Act 2009

Section 249(4).

 

45

 

Financial Services Act 2010

Section 1.

 
  

Section 2(2) to (5).

 
  

Section 3(2) to (4).

 
 
 

Financial Services Bill
Schedule 20 — Transitional provisions

310

 
 

Short title

Extent of repeal

 
 

Financial Services Act 2010—

Section 6.

 
 

cont.

Section 7.

 
  

In Schedule 2, paragraphs 2 to 6, 11 to 14, 27 and

 
  

34.

 

5

 

Schedule 20

Section 99(1)

 

Transitional provisions

Interpretation

1          

In this Schedule “the relevant commencement” means the time when section

5 comes into force in relation to section 1A(1) of FSMA 2000, (which renames

10

the Financial Services Authority as the Financial Conduct Authority).

References in this Act to FCA or Financial Services Authority

2     (1)  

In this Act, unless the context otherwise requires, a reference (however

expressed) to the Financial Services Authority is to be read, in relation to any

time after the relevant commencement, as a reference to the Financial

15

Conduct Authority.

      (2)  

In this Act, unless the context otherwise requires, a reference (however

expressed) to the Financial Conduct Authority is to be read, in relation to

any time before the relevant commencement, as a reference to the Financial

Services Authority

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Interpretation of documents referring to the Financial Services Authority

3     (1)  

In a relevant provision, a reference (however expressed) to the Financial

Services Authority is, in relation to any time after the relevant

commencement, to be read as a reference to the Financial Conduct

Authority, but subject to sub-paragraph (2).

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      (2)  

If the relevant provision is predicated on the continuing exercise by the

Financial Services Authority of a function which has by virtue of this Act

become exercisable by the Prudential Regulation Authority or the Bank of

England, the reference is to be read as being or as the case requires including

a reference to the Prudential Regulation Authority or the Bank.

30

      (3)  

Sub-paragraphs (1) and (2) have effect subject to the provisions of any

scheme under paragraph 2 of Schedule 21.

      (4)  

In this paragraph “relevant provision” means a provision which—

(a)   

has effect before, as well as after, the relevant commencement, and

(b)   

is contained in a document other than an enactment.

35

Renaming of companies as Financial Conduct Authority and Prudential Regulation Authority

4     (1)  

On the relevant commencement, the registrar of companies for England and

Wales must give effect to section 1A(1) of FSMA 2000 by—

 
 

Financial Services Bill
Schedule 20 — Transitional provisions

311

 

(a)   

entering the new name on the register of companies in place of the

former name, and

(b)   

issuing a new certificate of incorporation altered to take account of

the new name.

      (2)  

On the coming into force of section 5 so far as it relates to section 2A(1) of

5

FSMA 2000, (which renames the Prudential Regulation Authority Limited as

the Prudential Regulation Authority), the registrar of companies for

England and Wales must give effect to that provision by—

(a)   

entering the new name on the register of companies in place of the

former name, and

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(b)   

issuing a new certificate of incorporation altered to take account of

the new name.

Threshold conditions

5          

Before section 9 comes into force in relation to section 55B of FSMA 2000 (the

threshold conditions), the Treasury must make an order under section 55C

15

of that Act which—

(a)   

amends or replaces Parts 1 and 2 of Schedule 6 to that Act, and

(b)   

makes provision as to which of the conditions set out in those Parts

of that Schedule are to relate to the discharge by each regulator of its

functions.

20

Consultation

6          

The requirements of sections 138J and 138K of FSMA 2000 may be satisfied

by consultation undertaken, and other things done, before the

commencement of the section in question or the passing of this Act.

7     (1)  

Sub-paragraph (2) applies where by virtue of any amendment made by this

25

Act the FCA, the PRA or the Bank of England (each a “successor regulator”)

has power to charge a fee.

      (2)  

The successor regulator on which the power is conferred may rely on any

consultation in relation to the fee that was undertaken by the FCA (wholly

or in part) before the commencement of the amendment or the passing of

30

this Act.

Information

8     (1)  

The FSA may disclose to the PRA any information which the FSA considers

that it is necessary or expedient to disclose to the PRA in preparation for the

commencement of any provision of this Act conferring functions on the

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PRA.

      (2)  

Section 348 of FSMA 2000 (restrictions on disclosure of confidential

information) has effect subject to sub-paragraph (1).

Postal Services Act 2000

9     (1)  

The following amendments of the Postal Services Act 2000 have effect until

40

the repeal by the Postal Services Act 2011 of the provisions amended has

been brought into force for all purposes.

 
 

Financial Services Bill
Schedule 21 — Transfer schemes

312

 

      (2)  

In section 7 of the Postal Services Act 2000 (exceptions), in subsection (5), in

the definition of “deposit taker”, for “Part 4” substitute “Part 4A”.

      (3)  

In Schedule 7 of that Act (disclosure of information), for paragraph 3(2)(s)

substitute—

“(s)   

the Financial Conduct Authority,

5

(sa)   

the Prudential Regulation Authority,”.

Schedule 21

Section 99(2)

 

Transfer schemes

Interpretation

1          

In this Schedule—

10

“the Bank” means the Bank of England;

“the FSA” means the Financial Services Authority.

Transfer schemes

2     (1)  

The FSA must make one or more schemes under this paragraph for the

transfer of property, rights and liabilities of the FSA—

15

(a)   

to the PRA or the Bank,

(b)   

to the PRA and the Bank, to be held jointly, or

(c)   

to the FSA and either the PRA or the Bank or both, to be held jointly.

      (2)  

A scheme under this paragraph made by the FSA is not to be capable of

coming into force unless it is approved by the Treasury.

20

      (3)  

The FSA may not submit a scheme under this paragraph to the Treasury for

their approval without the consent of the Bank.

      (4)  

Sub-paragraph (5) applies if—

(a)   

the FSA fails, before such time as may be notified to it by the

Treasury as the latest time for submission of a scheme under this

25

paragraph in connection with the transfer by or under this Act of

specified functions of the FSA to the PRA , to the Bank, or to the FSA

and the PRA, to submit such a scheme to the Treasury for their

approval, or

(b)   

the Treasury decide not to approve a scheme that has been submitted

30

to them by the FSA (either with or without modifications).

      (5)  

Where this sub-paragraph applies, the Treasury may, after consultation with

the FSA and the Bank, make a scheme under this paragraph for the transfer

of such of the FSA’s property, rights and liabilities as appear to them

appropriate to be transferred as mentioned in sub-paragraph (1) in

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consequence of the transfer of functions by or under this Act.

      (6)  

The property, rights and liabilities which are the subject of the scheme are

transferred in accordance with the provisions of the scheme on such day as

the scheme may specify.

      (7)  

The FSA must provide the Treasury with all such information and other

40

assistance as they may reasonably require for the purposes of, or otherwise

 
 

Financial Services Bill
Schedule 21 — Transfer schemes

313

 

in connection with, the exercise of any power conferred on the Treasury by

this paragraph.

      (8)  

In the following provisions of this Schedule a scheme under this paragraph

is referred to as a “transfer scheme”.

3          

The property, rights and liabilities that may be the subject of a transfer

5

scheme include—

(a)   

any that would otherwise be incapable of being transferred or

assigned, and

(b)   

rights and liabilities under a contract of employment.

4          

A transfer scheme may—

10

(a)   

apportion, or provide for the apportionment of, property, rights and

liabilities,

(b)   

define the property, rights and liabilities to be transferred by

specifying them or by describing them (including describing them

by reference to functions that are transferred by or under this Act);

15

(c)   

contain provision for the payment of compensation by the PRA or

the Bank to the FSA;

(d)   

contain provision for the payment of compensation by the FSA, the

PRA or the Bank to any person whose interests are adversely affected

by the scheme;

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(e)   

may contain supplemental, incidental, transitional and

consequential provision.

5          

A transfer scheme which relates to rights and liabilities under a contract of

employment—

(a)   

must provide for the transfer to which the scheme relates to be

25

treated as if it were a relevant transfer for the purposes of the

Transfer of Undertakings (Protection of Employment) Regulations

2006 (“TUPE”), but

(b)   

may, in connection with functions becoming exercisable (alone or

jointly) by the PRA—

30

(i)   

provide for the transfer of rights and liabilities under a

contract of employment to the Bank, and

(ii)   

provide for TUPE to have effect as if the relevant transfer

were a transfer to the Bank.

 
 

 
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Revised 27 January 2012