Citation

1. This Order may be cited as the Financial Services and Markets Act 2000 (Commencement No. 7) Order 2001.

Appointed day

2. —(1) Except as otherwise provided by the following provisions of this article, 1st December 2001 (“the appointed day”) is the day appointed for the coming into force of all provisions of the Act, so far as not already in force.

(2) Section 104 of the Act (control of business transfers) comes into force on the appointed day for the purpose of insurance business transfer schemes only.

(3) Subsections (1) and (2) of section 347 of the Act (record of authorised persons etc. ) come into force—

(a) for the purpose of requiring the Authority to maintain a record of persons who appear to the Authority to be authorised persons who were, immediately before the appointed day, authorised under the Financial Services Act 1986( 2 ) by virtue of holding a certificate issued for the purposes of Part I of that Act by a recognised professional body (within the meaning of that Act), on 1st August 2002;

(b) for the purpose of requiring the Authority to maintain a record of persons who appear to the Authority to be authorised persons who are EEA firms or Treaty firms, on 1st May 2002;

(c) for the purpose of requiring the Authority to maintain a record of approved persons, on 1st December 2002; and

(d) for the purpose of enabling the Authority to maintain a record of any of the persons specified by sub-paragraphs (a) to (c) of this paragraph, on the appointed day.

(4) The day appointed for the coming into force of—

(a) section 416(3)(b) of the Act (winding up of the Policyholders Protection Board) is 2nd March 2002; and

(b) section 416(3)(c) of the Act (winding up of the Deposit Protection Board) is 2nd March 2002.

(5) The day appointed for the coming into force of—

(a) Part V of Schedule 18 to the Act (credit unions), and

(b) the repeal of provisions of the Credit Unions Act 1979( 3 ) made by Schedule 22 to the Act,

is 2nd July 2002.