(This note is not part of the Order)
This Order brings into force on 1st January 2019 the provisions of the Financial Services (Banking Reform) Act 2013 (c. 33) ("the Act") relating to the ring-fencing regime that are not already in force. This is the twelfth commencement order to be made under the Act that extends to the United Kingdom.
The ring-fencing regime applies to ring-fenced bodies, which are UK institutions that fall within the definition in section 142A of the Financial Services and Markets Act 2000 ("FSMA"). The coming into force of the provisions of the Act set out in this Order will enable the ring-fencing regime to take effect.