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The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024

S.I. 2024/1071 · Made 28 October 2024

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

FINANCIAL SERVICES AND MARKETS

Made 28th October 2024

The Treasury make these Regulations in exercise of the powers conferred by section 86(3) and (4) of the Financial Services and Markets Act 2023f1.

Annotations to the whole text

Footnotes

f1

2023 c. 29.

Contents

  1. 1Citation, extent and interpretation
  2. 2Provisions coming into force on the day after the day on which these Regulations are made
  3. 3Provisions coming into force on the day after the day on which these Regulations are made for the purposes of making rules or giving directions
  4. 4Provisions coming into force on 1st December 2024
  5. 5Provisions coming into force on 31st December 2024
  6. 6Provisions coming into force on 31st March 2025
  7. 7Provisions coming into force on 30th June 2025
  8. 8Provisions coming into force on 1st December 2025
  9. 9Provisions coming into force on 6th July 2026
  10. Signature
  11. Schedule EU tertiary legislation revoked on 31st December 2024
  12. Explanatory note

1Citation, extent and interpretation

(1)

These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024.

(2)

These Regulations extend to England and Wales, Scotland and Northern Ireland.

(3)

In these Regulations “the Act” means the Financial Services and Markets Act 2023.

2Provisions coming into force on the day after the day on which these Regulations are made

The following provisions of the Act come into force on the day after the day on which these Regulations are made—

(a)

section 1(1) (revocation of assimilated law relating to financial services and markets), so far as it relates to the provisions in paragraph (d) of this regulation,

(b)

section 2(1) (transitional amendments), so far as it relates to provisions in paragraph (e) of this regulation,

(c)

section 64 (unauthorised co-ownership AIFs),

(d)

in Part 3 (EU tertiary legislation etc) of Schedule 1 (revocation of assimilated law relating to financial services), the revocation of—

(i)

Commission Implementing Regulation (EU) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Councilf1,

(ii)

Commission Implementing Regulation (EU) 2018/33 of 28 September 2017 laying down implementing technical standards with regard to the standardised presentation format of the statement of fees and its common symbol according to Directive 2014/92/EU of the European Parliament and of the Councilf2,

(iii)

Commission Implementing Regulation (EU) 2018/34 of 28 September 2017 laying down implementing technical standards with regard to the standardised presentation format of the fee information document and its common symbol according to Directive 2014/92/EU of the European Parliament and of the Councilf3

(e)

in Part 1 (amendments to the Markets in Financial Instruments Regulation) of Schedule 2 (transitional amendments)—

(i)

paragraph 1 (introductory), so far as it relates to paragraph 26 (amendment of Article 50C), and

(ii)

paragraph 26.

3Provisions coming into force on the day after the day on which these Regulations are made for the purposes of making rules or giving directions

The following provisions of the Act come into force on the day after the day on which these Regulations are made for the purposes of making rules or giving directions—

(a)

section 2(1), so far as it relates to provisions in paragraphs (b) and (c) of this regulation,

(b)

in Part 1 of Schedule 2—

(i)

paragraph 1, so far as it relates to the provision of sub-paragraphs (ii) to (ix) of this paragraph,

(ii)

paragraph 7 (transparency requirements for fixed income instruments and derivatives),

(iii)

paragraph 8 (definition of systematic internalisers),

(iv)

paragraph 10 (systematic internalisers pre-trade transparency for fixed income instruments and derivatives etc),

(v)

paragraph 11 (investment firms (including systematic internalisers): post-trade transparency requirements for fixed income instruments and derivatives etc),

(vi)

paragraph 12 (providing information for transparency and other calculations),

(vii)

paragraph 17 (suspension or modification of Article 28),

(viii)

paragraph 18 (risk reduction services),

(ix)

paragraph 27 (amendment of Article 50D),

(c)

in Part 4 (amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017) of Schedule 2—

(i)

paragraph 44 (introductory), so far as it relates to the provisions in sub-paragraphs (ii) and (iii) of this paragraph,

(ii)

paragraph 45 (FCA rules relating to position limits), and

(iii)

paragraph 49 (definitions).

4Provisions coming into force on 1st December 2024

The following provisions of the Act come into force on 1st December 2024—

(a)

section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b)

in Part 1 of Schedule 2—

(i)

paragraph 1, so far as it relates to the provisions in sub-paragraphs (ii) to (viii) of this paragraph,

(ii)

paragraph 7, so far as not already in force,

(iii)

paragraph 10, so far as not already in force,

(iv)

paragraph 11, so far as not already in force,

(v)

paragraph 20 (amendment of Article 12),

(vi)

paragraph 21 (amendment of Article 13),

(vii)

paragraph 24 (amendment of Article 47), and

(viii)

paragraph 25 (amendment of Article 50B).

5Provisions coming into force on 31st December 2024

The following provisions of the Act come into force on 31st December 2024—

(a)

section 1(1), so far as it relates to the instruments listed in paragraph (c) and in the Schedule,

(b)

section 2(1), so far as it relates to the provisions in paragraph (d) of this regulation,

(c)

in Part 3 of Schedule 1, the revocation of the instruments listed in the Schedule to these Regulationsf1,

(d)

in Part 1 of Schedule 2 to the Act—

(i)

paragraph 1, so far as it relates to the provision in sub-paragraph (ii) of this paragraph, and

(ii)

paragraph 17, so far as not already in force.

6Provisions coming into force on 31st March 2025

The following provisions of the Act come into force on 31st March 2025—

(a)

section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b)

in Part 1 of Schedule 2—

(i)

paragraph 1, so far as it relates to the provisions in sub-paragraphs (ii) and (iii) of this paragraph,

(ii)

paragraph 22 (omission of Article 19), and

(iii)

paragraph 27, so far as not already in force.

7Provisions coming into force on 30th June 2025

The following provisions of the Act come into force on 30th June 2025—

(a)

section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b)

in Part 1 of Schedule 2—

(i)

paragraph 1, so far as it relates to the provision in sub-paragraph (ii) of this paragraph, and

(ii)

paragraph 18, so far as not already in force.

8Provisions coming into force on 1st December 2025

The following provisions of the Act come into force on 1st December 2025—

(a)

section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b)

in Part 1 of Schedule 2—

(i)

paragraph 1, so far as it relates to the provision in sub-paragraphs (ii) and (iii) of this Regulation,

(ii)

paragraph 8, so far as not already in force, and

(iii)

paragraph 12, so far as not already in force.

9Provisions coming into force on 6th July 2026

The following provisions of the Act come into force on 6th July 2026—

(a)

section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b)

in Part 4 of Schedule 2—

(i)

paragraph 44, so far as it relates to the provisions in sub-paragraphs (ii) to (v) of this paragraph,

(ii)

paragraph 45, so far as not already in force,

(iii)

paragraph 46,

(iv)

paragraph 49, so far as not already in force, and

(v)

paragraph 50.

Signature

Vicky Foxcroft

Jeff Smith

Two of the Lords Commissioners of His Majesty's Treasury

28th October 2024

EU tertiary legislation revoked on 31st December 2024

  • Commission Delegated Decision (EU) 2015/1602 of 5 June 2015 on the equivalence of the solvency and prudential regime for insurance and reinsurance undertakings in force in Switzerland based on Articles 172(2), 227(4) and 260(3) of Directive 2009/138/EC of the European Parliament and of the Council

  • Commission Delegated Decision (EU) 2015/2290 of 12 June 2015 on the provisional equivalence of the solvency regimes in force in Australia, Brazil, Canada, Mexico and the United States and applicable to insurance and reinsurance undertakings with head offices in those countries

  • Commission Delegated Decision (EU) 2016/309 of 26 November 2015 on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda to the regime laid down in Directive 2009/138/EC of the European Parliament and of the Council and amending Commission Delegated Decision (EU) 2015/2290

  • Commission Delegated Decision (EU) 2016/310 of 26 November 2015 on the equivalence of the solvency regime for insurance and reinsurance undertakings in force in Japan to the regime laid down in Directive 2009/138/EC of the European Parliament and of the Council

  • Commission Implementing Decision (EU) 2019/541 of 1 April 2019 on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore in accordance with Regulation (EU) No 600/2014 of the European Parliament and of the Council

  • Commission Implementing Regulation (EU) 2020/657 of 15 May 2020 correcting certain language versions of Implementing Regulation (EU) 2015/2450 laying down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities according to Directive 2009/138/EC of the European Parliament and of the Council

Explanatory note

(This note is not part of the Regulations)

These Regulations are the eighth commencement regulations made under the Financial Services and Markets Act 2023 (c. 29) (“the Act”).

The provisions commenced under regulation 2 come into force on the day after the day on which these Regulations are made.

Regulations 2(a) and (d)(ii) and (iii) commence the revocation of Commission Implementing Regulations (EU) 2018/33 and 2018/34 which lay down implementing technical standards with regard to the standardised presentation format of the statement of fees and the fee information document and their common symbol. These supplement Part 2 of, and Schedules 1 and 2 to, the Payment Accounts Regulations 2015 (S.I. 2015/2038).The revocation of these provisions was previously commenced in the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 (S.I. 2023/779 (c. 40)).

Regulation 2(b) and (e) give the FCA the power to suspend waivers under Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.

Regulation 2(c) amends the Financial Services and Markets Act 2000 (c. 8) giving HM Treasury the power to make regulations about unauthorised co-ownership alternative investment funds.

Regulation 2(d)(i) commences the revocation of the assimilated law under which the London Interbank Offered Rate (LIBOR) is recognised as a critical benchmark for the purposes of Regulation (EU) 2016/1011 of the European Parliament and of the Council. All LIBOR settings have ceased to be published; commencing this Regulation removes LIBOR as a critical benchmark.

The provisions commenced under regulation 3 come into force on the day after the day on which these Regulations are made for the purposes of making rules or giving directions only.

Regulations 3(a) and (b) amend Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and give the FCA the power to make rules relating to pre- and post-trade transparency requirements for fixed income instruments and derivatives and systematic internalisers.

Regulations 3(a) and (c) amend the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701) and give the FCA the power to make rules relating to position limits and position managements.

The provisions commenced under regulation 3 come into force for all remaining purposes under—

  • Regulation 4 on 1st December 2024,

  • Regulation 5(b) and (d) on 31st December 2024,

  • Regulation 6(a) and (b)(ii) on 31st March 2025,

  • Regulation 7 on 30th June 2025,

  • Regulation 8 on 1st December 2025, and

  • Regulation 9(a) and (b)(i), (ii) and (iv) on 6th July 2026.

Regulations 5(a) and (c) commence on 31st December 2024 the revocation of the assimilated EU tertiary legislation listed in the Schedule. This legislation includes decisions recognising that foreign regimes, including solvency regimes and supervisory regimes for insurance and reinsurance undertakings and approved exchanges and recognised market operators, are equivalent to the UK’s systems and frameworks. These decisions will be restated on the day on which the revocation of the decisions comes into effect.

Regulations 6(a) and (b)(i) commence on 31st March 2025 amendments to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments to remove the requirements for trading venues, approved publication arrangements and consolidated tape providers to provide information for determining whether an investment firm is a systematic internaliser.

Regulation 9(a) and (b)(iii) and (iv) commence on 6th July 2026 the replacement of the FCA’s duty to impose position limits in respect of specified commodity derivatives with a power to do the same.

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.