{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023-commencement-no-12-and-saving-provisions-regulations-2026/note",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023-commencement-no-12-and-saving-provisions-regulations-2026/note.json",
  "legislation": "uksi/2026/45",
  "legislation_title": "The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2023-commencement-no-12-and-saving-provisions-regulations-2026",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations are the 12th commencement regulations made under the Financial Services and Markets Act 2023 (c. 29) (“FSMA 2023”).\nSection 1(1) of FSMA 2023 revokes the legislation listed in Schedule 1 to that Act, which includes assimilated direct principal legislation, subordinate legislation and EU tertiary legislation.\nRegulation 2 brings into force on 1st July 2026 section 1(1) of, and Schedule 1 to, FSMA 2023 so far as they relate to the revocation of some provisions of Commission Implementing Regulation (EU) 2016/1646 of 13 September 2016 laying down implementing technical standards with regard to main indices and recognised exchanges in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms.\nRegulation 3 brings into force on 1st January 2027 section 1(1) of, and Schedule 1 to, FSMA 2023 so far as they relate to the revocation of 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 and amending Regulation (EU) No 648/2012 (“the Capital Requirements Regulation”) and other instruments relating to the Capital Requirements Regulation.\nRegulations 4 and 5 save permissions granted under provisions of the Capital Requirements Regulation the revocation of which is brought into force by these Regulations. These saving provisions ensure that those permissions will continue to be valid as if they had been granted under section 138BA of the Financial Services and Markets Act 2000 (c. 8) or rules of the Prudential Regulation Authority (“PRA”) which replace those provisions. The rules can be found at https://www.prarulebook.co.uk/ and a copy can be obtained from the PRA, 20 Moorgate, London EC2R 6DA.\nRegulation 6 makes provision in relation to certain articles of—\nCommission Delegated Regulation (EU) No. 152/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on capital requirements for central counterparties, and\nCommission Delegated Regulation (EU) 2017/390 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on certain prudential requirements for central securities depositories and designated credit institutions offering banking-type ancillary services\nin so far as those articles apply to central counterparties and central securities depositories. It saves references in those articles to provisions of the Capital Requirements Regulation the revocation of which is brought into force by these Regulations.\nRegulation 7 preserves the PRA’s powers to modify, amend and revoke specified instruments. Regulation 8 saves certain decisions made by bodies other than the PRA and the Financial Conduct Authority before 31st December 2020.\nAn impact assessment has not been published for these Regulations as they have no impact on the costs to business or the public or voluntary sectors independent of the provision these Regulations bring into force. 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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2026/45/note",
    "retrieved_at": "2026-10-28T21:07:15.371026+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}