# The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) (Amendment) Regulations 2025, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 (S.I. 2025/873 (C. 38)) (“the Tenth Commencement Regulations”).
Regulation 4 of the Tenth Commencement Regulations brings into force on 1st January 2026 section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) (“FSMA 2023”) so far as they relate to the revocation of certain provisions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (“the Capital Requirements Regulation”). The revocations brought into force by regulation 4 include Articles 26 and 33 of the Capital Requirements Regulation.
Regulation 6 of the Tenth Commencement Regulations saves permissions granted under provisions of the Capital Requirements Regulation, the revocation of which is brought into force by regulation 4.
This instrument—
amends regulation 6 of the Tenth Commencement Regulations to save permissions granted under Article 26(2) of the Capital Requirements Regulation before 1st January 2026, and
inserts new regulation 7 of the Tenth Commencement Regulations to save Article 33(4) of the Capital Requirements Regulation to enable the PRA to amend or revoke Commission Delegated Regulation (EU) No 523/2014 of 12 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for determining what constitutes the close correspondence between the value of an institution’s covered bonds and the value of the institution’s assets.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A full impact assessment has been published in relation to FSMA 2023 and copies can be obtained from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or at https://bills.parliament.uk/publications/49053/documents/2621.

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Source: https://www.legislation.gov.uk/uksi/2025/1293/note (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023-commencement-no-10-and-saving-provisions-amendment-regulations-2025/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.