Financial Services (Banking Reform) Bill (HL Bill 62)

the current financial year as extended in accordance with the notice
would exceed that limit.”

17 In Schedule 20 (transitional and saving provisions), omit paragraph 16
(existing financial years).

18 5The amendments made by paragraphs 15 to 17 have effect in relation to
financial years beginning on or after the day on which those amendments
come into force.

Section 130

SCHEDULE 10 Minor amendments

10Companies Act 1985

1 In Schedule 15D to the Companies Act 1985 (disclosures), omit paragraph
29.

Financial Services and Markets Act 2000

2 In section 376 of FSMA 2000 (continuation of contracts of long-term
15insurance where insurer in liquidation), in subsection (11B), for “PRA-
authorised” substitute “PRA-regulated”.

3 (1) Part 25 of FSMA 2000 (injunctions and restitution) is amended as follows.

(2) In section 380 (injunctions), in subsection (6)(a), omit the “or” at the end of
sub-paragraph (i) and after sub-paragraph (ii) insert “or

(iii) 20which is imposed by Part 7 of the Financial Services
Act 2012 (offences relating to financial services) and
whose contravention constitutes an offence under
that Part;”.

(3) In section 382 (restitution orders), in subsection (9)(a), omit the “or” at the
25end of sub-paragraph (i) and after sub-paragraph (ii) insert “or

(iii) which is imposed by Part 7 of the Financial Services
Act 2012 (offences relating to financial services) and
whose contravention constitutes an offence under
that Part;”.

(4) 30In section 384 (power of FCA or PRA to require restitution), in subsection (7),
omit the “and” at the end of paragraph (a) and after paragraph (b) insert “or

(c) a requirement which is imposed by Part 7 of the Financial
Services Act 2012 (offences relating to financial services) and
whose contravention constitutes an offence under that Part.”

4 (1) 35In Schedule 1ZA to FSMA 2000 (the Financial Conduct Authority),
paragraph 20 (penalties) is amended as follows.

(2) In sub-paragraph (3)(b), after “this Act” insert “or under a provision
mentioned in sub-paragraph (4A)”.

(3) In sub-paragraph (4), after paragraph (c) insert—

“(ca) its powers under the relevant competition provisions (as
applied by Part 16A of this Act),”.

(4) After sub-paragraph (4) insert—

“(4A) 5The relevant competition provisions” are—

(a) section 31E of the Competition Act 1998 (enforcement of
commitments);

(b) section 34 of that Act (enforcement of directions);

(c) section 36 of that Act (penalties);

(d) 10section 40A of that Act (penalties: failure to comply with
requirements);

(e) section 174A of the Enterprise Act 2002 (penalties).”

(5) In sub-paragraph (5)—

(a) in paragraph (a), for “FSMA 2000” substitute “this Act”,

(b) 15in paragraph (b), for “that Act” substitute “this Act”,

(c) in paragraph (c), omit “of that Act”, and

(d) after paragraph (c) insert—

“(ca) offences under Part 1 of the Competition Act 1998,

(cb) offences under Part 4 of the Enterprise Act 2002,”.

5 20In Schedule 17A to FSMA 2000 (further provision in relation to exercise of
Part 18 functions by Bank of England), in paragraph 10(1)(j), for “subsections
(1) and (3)” substitute “subsection (1)”.

Income Tax Act 2007

6 In section 991 of the Income Tax Act 2007 (meaning of “bank”), in
25subsections (2)(b) and (3), for “Part 4” substitute “Part 4A”.

Banking Act 2009

7 In section 89B of the Banking Act 2009 (application to recognised central
counterparties), in the Table in subsection (6), in the entry relating to section
81B, in the second column, after the modification of subsection (1) of that
30section insert—

8 In section 191 of the Banking Act 2009 (directions), in subsection (1), after
“inter-bank” insert “payment”.

35Financial Services Act 2012

9 In section 73 of the Financial Services Act 2012 (duty of FCA to investigate
and report on possible regulatory failure), in subsection (1)(b)(i)—

(a) for “their activities,” substitute “of the carrying on of regulated
activities,”, and

(b) for “or for the regulation of collective investment schemes”
substitute “, for the regulation of collective investment schemes or
for the regulation of recognised investment exchanges,”.

10 (1) Section 85 of the Financial Services Act 2012 (relevant functions in relation
5to complaints scheme) is amended as follows.

(2) For subsection (2) substitute—

“(2) The relevant functions of the FCA or the PRA are—

(a) its functions conferred by or under FSMA 2000, other than its
legislative functions, and

(b) 10such other functions as the Treasury may by order provide.”

(3) For subsection (3) substitute—

“(3) The relevant functions of the Bank of England are—

(a) its functions under Part 18 of FSMA 2000 (recognised clearing
houses) or under Part 5 of the Banking Act 2009 (inter-bank
15payment systems), other than its legislative functions, and

(b) such other functions as the Treasury may by order provide.”

(4) In subsections (4) and (5), for “subsection (2)” substitute “subsection (2)(a)”.

(5) In subsections (6) and (7), for “subsection (3)” substitute “subsection (3)(a)”.

(6) After subsection (7) insert—

“(8) 20For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA
2000 do not apply.”