§ Mr. CousinsTo ask the Chancellor of the Exchequer what announcements he has made to date concerning the date on which the Financial Services and Markets Act 2000 will become fully operational; and when he expects the Act to become fully operational. [143853]
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§ Miss Melanie JohnsonThe Financial Services and Markets Act 2000 received Royal Assent last June. There has been good progress on implementation since then. The Treasury has issued 13 pieces of draft secondary legislation.
Consultation on six draft orders published in October by the Treasury has now closed. We are grateful for the comments we have received and will be studying them closely.
The target I set last July of N2 in about one year remains. It is still too early to be precise on when the Act will come into force. As soon as I can give a firm date I will do so, and plan to do so during the spring. I will provide a reasonable time for industry preparations between announcing a firm date and N2.