Statutory Instruments
2024 No. 891 (C. 57)
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2023 (Commencement No. 7) Regulations 2024
Made
2nd September 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 2023( 1 ).
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 Regulation (EU) 2017/2402 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 Regulation (EU) No 625/2014Regulation (EU) No 575/2013 6 );
(ii) Commission Delegated Regulation (EU) 2017/2402 7 );
(iii) Commission Delegated Regulation (EU) 2019/1851Regulation (EU) 2017/2402 8 );
(iv) Commission Delegated Regulation (EU) 2020/1224Regulation (EU) 2017/2402 9 );
(v) Commission Implementing Regulation (EU) 2020/1225 10 );
(vi) Commission Delegated Regulation (EU) 2020/1226Regulation (EU) 2017/2402 11 );
(vii) Commission Implementing Regulation (EU) 2020/1227 12 );
(viii) Commission Implementing Regulation (EU) 2020/1228Regulation (EU) 2017/2402 13 );
(ix) Commission Delegated Regulation (EU) 2020/1229Regulation (EU) 2017/2402 14 );
(x) Commission Delegated Regulation (EU) 2020/1230Regulation (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 ).
Jeff Smith
Vicky Foxcroft
Two of the Lords Commissioners of His Majesty's Treasury
2nd September 2024
EUR 2017/2402; amended by S.I. 2022/1080 and 2022/1223 .
S.I. 2018/1288 ; amended by S.I. 2019/660 .
The instrument mentioned in paragraph (i) was made under Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 , which is an instrument listed in Part 1 of Schedule 1 to the Act. The instruments mentioned in paragraphs (ii) to (x) were made under the EU Securitisation Regulation 2017, which is also an instrument listed in Part 1 of Schedule 1 to the Act.
EUR 2014 No. 625.
EUR 2019/885.
EUR 2019/1851.
EUR 2020/1224.
EUR 2020/1225.
EUR 2020/1226.
EUR 2020/1227.
EUR 2020/1228.
EUR 2020/1229.
EUR 2020/1230.
As amended by S.I. 2023/937 .