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

• Citation: S.I. 2024/1071
• Sections: 9

Section 1 Citation, extent and interpretation

(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024.

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

(3) In these Regulations “ the Act ” means the Financial Services and Markets Act 2023.

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

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 Council ,

(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 Council ,

(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 Council

(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.

Section 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

The following provisions of the Act come into force on the day after the day on which these Regulations are made for the purposes of making rules or giving directions—

(a) section 2(1), so far as it relates to provisions in paragraphs (b) and (c) of this regulation,

(b) in Part 1 of Schedule 2—

(i) paragraph 1, so far as it relates to the provision of sub-paragraphs (ii) to (ix) of this paragraph,

(ii) paragraph 7 (transparency requirements for fixed income instruments and derivatives),

(iii) paragraph 8 (definition of systematic internalisers),

(iv) paragraph 10 (systematic internalisers pre-trade transparency for fixed income instruments and derivatives etc),

(v) paragraph 11 (investment firms (including systematic internalisers): post-trade transparency requirements for fixed income instruments and derivatives etc),

(vi) paragraph 12 (providing information for transparency and other calculations),

(vii) paragraph 17 (suspension or modification of Article 28),

(viii) paragraph 18 (risk reduction services),

(ix) paragraph 27 (amendment of Article 50D),

(c) in Part 4 (amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017) of Schedule 2—

(i) paragraph 44 (introductory), so far as it relates to the provisions in sub-paragraphs (ii) and (iii) of this paragraph,

(ii) paragraph 45 (FCA rules relating to position limits), and

(iii) paragraph 49 (definitions).

Section 4 Provisions coming into force on 1st December 2024

The following provisions of the Act come into force on 1st December 2024—

(a) section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b) in Part 1 of Schedule 2—

(i) paragraph 1, so far as it relates to the provisions in sub-paragraphs (ii) to (viii) of this paragraph,

(ii) paragraph 7, so far as not already in force,

(iii) paragraph 10, so far as not already in force,

(iv) paragraph 11, so far as not already in force,

(v) paragraph 20 (amendment of Article 12),

(vi) paragraph 21 (amendment of Article 13),

(vii) paragraph 24 (amendment of Article 47), and

(viii) paragraph 25 (amendment of Article 50B).

Section 5 Provisions coming into force on 31st December 2024

The following provisions of the Act come into force on 31st December 2024—

(a) section 1(1), so far as it relates to the instruments listed in paragraph (c) and in the Schedule,

(b) section 2(1), so far as it relates to the provisions in paragraph (d) of this regulation,

(c) in Part 3 of Schedule 1, the revocation of the instruments listed in the Schedule to these Regulations ,

(d) in Part 1 of Schedule 2 to the Act—

(i) paragraph 1, so far as it relates to the provision in sub-paragraph (ii) of this paragraph, and

(ii) paragraph 17, so far as not already in force.

Section 6 Provisions coming into force on 31st March 2025

The following provisions of the Act come into force on 31st March 2025—

(a) section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b) in Part 1 of Schedule 2—

(i) paragraph 1, so far as it relates to the provisions in sub-paragraphs (ii) and (iii) of this paragraph,

(ii) paragraph 22 (omission of Article 19), and

(iii) paragraph 27, so far as not already in force.

Section 7 Provisions coming into force on 30th June 2025

The following provisions of the Act come into force on 30th June 2025—

(a) section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b) in Part 1 of Schedule 2—

(i) paragraph 1, so far as it relates to the provision in sub-paragraph (ii) of this paragraph, and

(ii) paragraph 18, so far as not already in force.

Section 8 Provisions coming into force on 1st December 2025

The following provisions of the Act come into force on 1st December 2025—

(a) section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b) in Part 1 of Schedule 2—

(i) paragraph 1, so far as it relates to the provision in sub-paragraphs (ii) and (iii) of this Regulation,

(ii) paragraph 8, so far as not already in force, and

(iii) paragraph 12, so far as not already in force.

Section 9 Provisions coming into force on 6th July 2026

The following provisions of the Act come into force on 6th July 2026—

(a) section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation,

(b) in Part 4 of Schedule 2—

(i) paragraph 44, so far as it relates to the provisions in sub-paragraphs (ii) to (v) of this paragraph,

(ii) paragraph 45, so far as not already in force,

(iii) paragraph 46,

(iv) paragraph 49, so far as not already in force, and

(v) paragraph 50.