UK:
UK Legislation Implements Provisions Of The Bank Of England And Financial Services Act 2016
07 July 2016
Shearman & Sterling LLP
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On June 7, 2016, The Bank of England and Financial Services Act
2016 (Commencement No. 3) Regulations 2016 were made. The
Regulations bring a majority of the provisions in The Bank of
England and Financial Services Act 2016 into force. Such provisions
cover topics such as financial stability strategy, Financial Policy
Committee: status and membership, Monetary Policy Committee:
membership and procedure, audit, activities indemnified by
Treasury, appointment of Financial Conduct Authority chief
executive, Treasury recommendations to the FCA, administration of
senior managers regime, rules of conduct, decisions causing a
financial institution to fail: meaning of insolvency,
enforceability of agreements relating to credit, illegal money
lending and banks authorized to issue banknotes in Scotland and
Northern Ireland.
The provisions will enter into force on July 6, 2016.
The Regulations are available at: http://www.legislation.gov.uk/uksi/2016/627/pdfs/uksi_20160627_en.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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