Legislation – The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024

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Introduction

1 Citation, extent and interpretation

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

3 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

4 Provisions coming into force on 1st December 2024

5 Provisions coming into force on 31st December 2024

6 Provisions coming into force on 31st March 2025

7 Provisions coming into force on 30th June 2025

8 Provisions coming into force on 1st December 2025

9 Provisions coming into force on 6th July 2026

SCHEDULES

Schedule EU tertiary legislation revoked on 31st December 2024

Signature

Explanatory note

Provisions coming into force on the day after the day on which these Regulations are made2.

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) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council2,

(ii)

Commission Implementing Regulation (EU) 2018/33 of 28 September 2017 laying down implementing technical standards with regard to the standardised presentation format of the statement of fees and its common symbol according to Directive 2014/92/EU of the European Parliament and of the Council3,

(iii)

Commission Implementing Regulation (EU) 2018/34 of 28 September 2017 laying down implementing technical standards with regard to the standardised presentation format of the fee information document and its common symbol according to Directive 2014/92/EU of the European Parliament and of the Council4

(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.

2

EUR 2016/1368, amended by S.I. 2019/657.

3

EUR 2018/33. These technical standards were made under Directive 2014/92 of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, which is listed in paragraph (u) of Part 3 (EU Tertiary Legislation) of Schedule 1 to the Financial Services and Markets Act 2023 (c. 29) (revocation of assimilated law relating to financial services).

4

EUR 2018/34. These technical standards were made under Directive 2014/92 of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, which is listed in paragraph (u) of Part 3 (EU Tertiary Legislation) of Schedule 1 to the Financial Services and Markets Act 2023 (c. 29) (revocation of assimilated law relating to financial services).