There has been published on the legislation.gov.uk website the third commencement regulations made under the Bank of England and Financial Services Act 2016 (the Act) – The Bank of England and Financial Services Act 2016 (Commencement No.3) Regulations 2016 (the Regulations).
The Regulations bring into force on 6 July 2016 a significant number of the Act’s provisions including:
- reforms to the governance of the Bank of England (sections 1 to 8 and certain parts of Schedules 2 and 3 of the Act);
- enforceability of agreements relating to credit (section 27 of the Act); and
- those relating to the senior managers and certification regime (sections 22 to 25 of the Act). However, the Regulations do not cover section 21 of the Act, which concerns the extension of the senior managers’ and certification regimes to all authorised financial services firms.