Citation and extent

1. —(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 7) Regulations 2024.

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

Provisions coming into force on 1st November 2024

2. The following provisions of the Financial Services and Markets Act 2023 come into force on 1st November 2024—

(a) section 1(1) (revocation of assimilated law relating to financial services and markets), so far as it relates to the instruments or provisions of instruments mentioned in paragraphs (b) to (e) of this regulation;

(b) in Part 1 (assimilated direct principal legislation) of Schedule 1 (revocation of assimilated law relating to financial services), the revocation of of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives Regulation (EU) 2017/2402 2009/65/EC , 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, so far as not already in force( 2 );

(c) in Part 2 (subordinate legislation) of Schedule 1, the revocation of—

(i) the Securitisation Regulations 2018( 3 );

(ii) regulation 30 of the Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021( 4 );

(d) Part 3 (EU tertiary legislation etc.) of Schedule 1, so far as revoking( 5 )—

(i) Commission Delegated of 13 March 2014 supplementing Regulation (EU) No 625/2014 of the European Parliament and of the Council by way of regulatory technical standards specifying the requirements for investor, sponsor, original lender and originator institutions relating to exposures to transferred credit risk( Regulation (EU) No 575/2013 6 );

(ii) Commission Delegated Regulation (EU) 2019/885 of 5 February 2019 supplementing of the European Parliament and of the Council with regard to regulatory technical standards specifying information to be provided to a competent authority in an application for authorisation of a third party assessing STS compliance( Regulation (EU) 2017/2402 7 );

(iii) Commission Delegated of 28 May 2019 supplementing Regulation (EU) 2019/1851 of the European Parliament and of the Council with regard to regulatory technical standards on the homogeneity of the underlying exposures in securitisation( Regulation (EU) 2017/2402 8 );

(iv) Commission Delegated of 16 October 2019 supplementing Regulation (EU) 2020/1224 of the European Parliament and of the Council with regard to regulatory technical standards specifying the information and the details of a securitisation to be made available by the originator, sponsor and SSPE( Regulation (EU) 2017/2402 9 );

(v) Commission Implementing of 29 October 2019 laying down implementing technical standards with regard to the format and standardised templates for making available the information and details of a securitisation by the originator, sponsor and SSPE( Regulation (EU) 2020/1225 10 );

(vi) Commission Delegated of 12 November 2019 supplementing Regulation (EU) 2020/1226 of the European Parliament and of the Council and laying down regulatory technical standards specifying the information to be provided in accordance with the STS notification requirements( Regulation (EU) 2017/2402 11 );

(vii) Commission Implementing of 12 November 2019 laying down implementing technical standards with regard to templates for the provision of information in accordance with the STS notification requirements( Regulation (EU) 2020/1227 12 );

(viii) Commission Implementing of 29 November 2019 laying down implementing technical standards with regard to the format of applications for registration as a securitisation repository or for extension of a registration of a trade repository pursuant to Regulation (EU) 2020/1228 of the European Parliament and of the Council( Regulation (EU) 2017/2402 13 );

(ix) Commission Delegated of 29 November 2019 supplementing Regulation (EU) 2020/1229 of the European Parliament and of the Council with regard to regulatory technical standards on securitisation repository operational standards for data collection, aggregation, comparison, access and verification of completeness and consistency( Regulation (EU) 2017/2402 14 );

(x) Commission Delegated of 29 November 2019 supplementing Regulation (EU) 2020/1230 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the application for registration of a securitisation repository and the details of the simplified application for an extension of registration of a trade repository( Regulation (EU) 2017/2402 15 );

(e) Part 5 (other EU-derived legislation) of Schedule 1 so far as revoking—

(i) regulation 6 of the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022( 16 );

(ii) regulation 4 of the Financial Services (Miscellaneous Amendments) Regulations 2022( 17 ).