Citation, extent and interpretation

1. —(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 5) 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 1st March 2024

2. The following provisions of the Act come into force on 1st March 2024—

(a) section 51 (Payment Systems Regulator), so far as it relates to the following paragraphs of Schedule 7 (accountability of the Payment Systems Regulator) and is not already in force in respect of those paragraphs—

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

(ii) paragraph 2;

(iii) paragraph 8;

(b) section 70 (Bank of England levy), so far as it is not already in force;

(c) section 71 (Bank of England levy: consequential amendments).

Provisions coming into force on 1st August 2024

3. The following provisions of the Act come into force on 1st August 2024—

(a) section 51, so far as it relates to the following paragraphs of Schedule 7 and is not already in force in respect of those paragraphs—

(i) paragraph 1, so far as it relates to paragraph 7;

(ii) paragraph 7;

(b) paragraph 1 of Schedule 7 so far as it relates to paragraph 7 of Schedule 7 and is not already in force in respect of that paragraph.

Provisions coming into force on 1st January 2025

4. The following provisions of the Act come into force on 1st January 2025—

(a) section 51, so far as it is not already in force;

(b) paragraph 1 of Schedule 7, so far as it is not already in force.