This Order is made under the Financial Services Act 2012 (c.21) (“the 2012 Act”) and makes transitional provision in relation to the coming into force of various provisions of that Act which amend the Financial Services and Markets Act 2000 (c.8) (“FSMA 2000”).

Article 1 provides that the Order comes into force on 1st April 2013; that date is defined as the “commencement date” for the purpose of the Order.

Articles 2 and 3 make provision for the imposition of penalties and disciplinary measures under FSMA 2000 in relation to the performance of controlled functions before the commencement date.

Article 4 disapplies certain disciplinary powers under FSMA 2000 in relation to the contravention of listing rules before the commencement date.

Articles 5 to 10 make transitional provision in relation to the exercise of powers under FSMA 2000 over EEA firms exercising passporting rights under various single market directives.

Article 11 makes transitional provision in relation to the exercise of disciplinary powers under FSMA 2000 in relation to contravention of requirements occurring before the commencement date.

Article 12 disapplies certain disciplinary powers under FSMA 2000 in relation to failures by auditors to comply with trust scheme rules before the commencement date.

Article 13 disapplies certain disciplinary powers under FSMA 2000 in relation to contraventions by recognised clearing houses and recognised investment exchanges before the commencement date.

Article 14 makes transitional provision in relation to persons disqualified before the commencement date from being the auditor of, or acting as the actuary for, an authorised person or class of authorised person.

Articles 15 to 18 make transitional provision in relation to injunctions and restitution.

Articles 19 to 32 make provision for various notices and other matters given or imposed by the Financial Services Authority before the commencement date to be treated as if given or imposed by the Prudential Regulation Authority, or by the Prudential Regulation Authority and the Financial Conduct Authority.

Article 33 disapplies provisions relating to the publication of warning notices in relation to warning notices given before the commencement date.

Article 34 makes transitional provision in relation to the prosecution of offences which occurred before the commencement date.

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from, Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on http://www.hm-treasury.gov.uk/ and is published alongside the Order on http://www.legislation.gov.uk/.