The Financial Services and Markets Act 2023 (Commencement No. 3) (Amendment) Regulations 2023

These Regulations are the third commencement regulations made under the Financial Services and Markets Act 2023 (c. 29) (“the Act”) and amend the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 (S.I. 2023/779 (C. 40)) (“the First Commencement Regulations”) to correct an error in the First Commencement Regulations. Consequently, these Regulations are issued free of charge to all known recipients of the First Commencement Regulations.

Section 1 of the Act (revocation of retained EU law relating to financial services and markets) revokes the retained EU law which is referred to in Schedule 1 to the Act. Regulation 3 of the First Commencement Regulations commences those revocations for the statutory instruments listed in the Schedule to the First Commencement Regulations. Those revocations come into force on 29th August 2023.

Regulation 2 amends the Schedule to the First Commencement Regulations to omit the reference to the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388) (“the CITS Regulations”). As a result, the revocation of the CITS Regulations will not come into force on 29th August 2023; instead that revocation will come into force on a day appointed by the Treasury in a later instrument.

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 the Act 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.