Legislation – The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025
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These Regulations are the 10th commencement Regulations made under the Financial Services and Markets Act 2023 (c. 29) (“the Act”).
Section 1 of the Act (revocation of assimilated law relating to financial services and markets) revokes and repeals assimilated law which is referred to in Schedule 1 to the Act. These Regulations bring into force section 1(1) of, and Schedule 1 to, the Act, so far as they relate to the instruments and provisions mentioned in the following paragraphs.
Regulation 2 brings into force on 15th July 2025 the revocation of the Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment.
Regulation 3 brings into force the revocation of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541) and the Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1055). HMT intends to bring forward legislation to replace those Regulations.
Regulation 4 brings into force on 1st January 2026 the revocation of certain provisions of Regulation (EU) No575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No648/2012.
Regulation 4 also brings into force on 1st January 2026 the revocation of certain legislation under Part 3 (EU tertiary legislation etc.) of Schedule 1 to the Act. The legislation was originally made under (i) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 (listed in Part 3 of Schedule 1), (ii) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 (listed in Part 3 of that Schedule) and (iii) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 (listed in Part 1 of that Schedule).
Regulation 5 makes saving provision in relation to certain decisions and applications originally made under, or whose status is governed by, the legislation whose revocation is commenced by regulation 3.
Regulation 6 makes saving provision in relation to permissions granted under provisions of the Capital Requirements Regulation, the revocation of which is brought into force by regulation 4. This saving provision ensures that those permissions will continue to be valid as if they had been granted under rules of the Prudential Regulation Authority (“PRA”) which replace those provisions. The rules can be found at
https://www.prarulebook.co.uk/ and a copy can be obtained from the PRA, 20 Moorgate, London EC2R 6DA.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A full impact assessment has been published in relation to the Act and copies can be obtained from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or at https://bills.parliament.uk/publications/49053/documents/2621.