Statutory Instruments
2018 No. 897
Banks And Banking
The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018
Made
24th July 2018
Coming into force
31st October 2018
The Treasury make the following Order in exercise of the power conferred by section 142B(2) of the Financial Services and Markets Act 2000( 1 ) and being of the opinion, in connection with the exercise of that power, that it is not necessary, for either of the purposes set out in section 142B(4) of that Act, that the regulated activity of accepting deposits should be a core activity when carried on in the circumstances specified in this Order.
A draft of this Order has been laid before Parliament and approved by resolution of each House of Parliament in accordance with section 142Z(2)(a) of the Financial Services and Markets Act 2000.
Citation and commencement
1. —(1) This Order may be cited as the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018.
(2) This Order comes into force on 31st October 2018.
Amendments to the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014
2. —(1)The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014( 2 ) is amended as follows.
(2) In article 2 (circumstances in which accepting a deposit is not a core activity)—
(a) in paragraph (2)—
(i) after sub-paragraph (c) omit “or”;
(ii) after sub-paragraph (d) insert—
“ or
(e) a person who is, or at any time within the previous six months has been, subject to financial sanctions. ” ;
(b) in paragraph (3), after sub-paragraph (d) insert—
“ (e) “financial sanctions” means any prohibition or obligation imposed under financial sanctions legislation as defined in section 143(4) of the Policing and Crime Act 2017 ( 3 ) . ” .
Andrew Stephenson
David Rutley
Two of the Lords Commissioners of Her Majesty’s Treasury
24th July 2018
2000 c. 8 ; sections 142A to 142Z1 of the Financial Services and Markets Act 2000 were inserted by section 4(1) of the Financial Services (Banking Reform) Act 2013 (c. 33) .
S.I. 2014/1960 , amended by S.I. 2016/1032 .
2017 c. 3 . Section 143 is amended by paragraph 8 of Schedule 3 to the Sanctions and Anti-Money Laundering Act 2018 (c. 13) but those amendments are not yet in force.