Citation, extent and interpretation

1. —(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.

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

2. 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) 2016/1368Regulation (EU) 2016/1011 2 ),

(ii) Commission Implementing Directive 2014/92/EU 3 ),

(iii) Commission Implementing Directive 2014/92/EU 4 )

(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.

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

3. 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).

Provisions coming into force on 1st December 2024

4. 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).

Provisions coming into force on 31st December 2024

5. 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 Regulations( 5 ),

(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.

Provisions coming into force on 31st March 2025

6. 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.

Provisions coming into force on 30th June 2025

7. 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.

Provisions coming into force on 1st December 2025

8. 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.

Provisions coming into force on 6th July 2026

9. 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.

Regulation 5(c)

Schedule 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

• 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

• 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

• 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

• Commission Implementing Regulation (EU) 2015/2450Directive 2009/138/EC