Legislation – Financial Services and Markets Act 2023
PART 1
Regulatory framework
CHAPTER 1 Revocation of retained EU law
1 Revocation of retained EU law relating to financial services and markets
3 Power to make further transitional amendments
4 Power to restate and modify saved legislation
5 Power to replace references to EU directives
6 Restatement in rules: exemption from consultation requirements etc
CHAPTER 2 New regulatory powers
Financial market infrastructure: general rules and requirements
9 Rules relating to central counterparties and central securities depositories
10 Central counterparties and central securities depositories: other requirements
11 Rules relating to investment exchanges and data reporting service providers
12 Treasury directions to Bank of England: restrictions
Financial market infrastructure: piloting powers
13 Testing of FMI technologies or practices
15 Permanent implementation of arrangements tested under an FMI sandbox
Powers in relation to critical third parties
18 Critical third parties: designation and powers
19 Critical third parties: related amendments
Sustainability disclosure requirements
21 Sustainability disclosure requirements
23 Digital settlement assets: power to make regulations
24 Implementation of mutual recognition agreements
CHAPTER 3 Accountability of regulators
FCA and PRA objectives and regulatory principles
25 Competitiveness and growth objective
26 Competitiveness and growth objective: reporting requirements
28 Sections 25 and 27: consequential amendments
FCA and PRA powers to make rules etc
30 Treasury power in relation to rules
31 Matters to consider when making rules
32 Effect of rules etc on deference decisions
33 Effect of rules etc on international trade obligations
34 Power to disapply or modify rules
35 Responses to recommendations of the Treasury
36 Public consultation requirements
37 Engagement with statutory panels
38 Engagement with Parliamentary Committees
Co-operation of FCA and others
40 Duty to co-operate and consult in exercising functions
41 Listing Authority Advisory Panel
42 Insurance Practitioner Panel
43 Cost Benefit Analysis Panels
44 Statement of policy on cost benefit analyses
45 Statement of policy on panel appointments
Bank of England regulatory powers
48 Exercise of FMI regulatory powers
49 Bank of England: rule-making powers
50 Application of FSMA 2000 to FMI functions
52 Chair of the Payment Systems Regulator as member of FCA Board
PART 2
Access to cash
55 Wholesale cash distribution
PART 3
Performance of functions relating to financial market infrastructure
56 Recognised bodies: senior managers and certification
PART 4
Central counterparties in financial difficulties
57 Central counterparties in financial difficulties
PART 5
Insurers in financial difficulties
58 Insurers in financial difficulties
PART 6
Miscellaneous
59 Application of provisions to regulatory functions under this Act
60 Formerly authorised persons
61 Control over authorised persons
62 Financial services compensation scheme
64 Unauthorised co-ownership AIFs
65 Power to amend enactments in consequence of rules
67 Power to amend or repeal certain provisions of FSMA 2000
68 Power under FSMA 2000 to make transitional provisions
71 Bank of England levy: consequential amendments
72 Liability of payment service providers for fraudulent transactions
74 Reinsurance for acts of terrorism
75 Banking Act 2009: miscellaneous amendments
76 Arrangements for the investigation of complaints
77 Politically exposed persons: money laundering and terrorist financing
78 Politically exposed persons: review of guidance
79 Forest risk commodities: review
PART 7
General
81 Pre-commencement consultation
83 Power to make consequential provision
SCHEDULES
SCHEDULE 1 Revocation of retained EU law relating to financial services
SCHEDULE 2 Transitional amendments
SCHEDULE 3 New Schedule 6B to FSMA 2000
SCHEDULE 5 Financial promotion: related amendments
SCHEDULE 6 Digital settlement assets
SCHEDULE 7 Accountability of the Payment Systems Regulator
SCHEDULE 8 Cash access services
SCHEDULE 9 Wholesale cash distribution
SCHEDULE 10 Performance of functions relating to financial market infrastructure
SCHEDULE 11 Central counterparties
SCHEDULE 13 Insurers in financial difficulties: enforcement of contracts
PART 1Regulatory framework
CHAPTER 2New regulatory powers
Digital settlement assets
22Digital settlement assets
In Schedule 6, which provides for the regulation of digital settlement assets—
(a)
Part 1 extends Part 5 of the Banking Act 2009 (Bank of England oversight of payment systems) to payment systems using digital settlement assets and DSA service providers, and makes consequential provision;
(b)
Part 2 extends Part 5 of the Financial Services (Banking Reform) Act 2013 (regulation of payment systems) to payment systems using digital settlement assets.