On 28 October 2024, the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 were made and published on legislation.gov.uk.

These Regulations are the seventh commencement Regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).

The explanatory note to the Regulations provide further information on those provisions of FSMA 2023 that are being brought into force, including provisions that:

  • Revoke EU assimilated law that lays down implementing technical standards relating to the standardised presentation format of the statement of fees and the fee information document and their common symbol, supplementing the Payment Accounts Regulations 2015.
  • Give the Financial Conduct Authority (FCA) the power to suspend waivers under the Markets in Financial Instruments Regulation (MiFIR).
  • Amend the Financial Services and Markets Act 2000 giving HM Treasury the power to make regulations about regulations about unauthorised co-ownership alternative investment funds.
  • Revoke the assimilated law under which the London Interbank Offered Rate (LIBOR) is recognised as a critical benchmark, now that LIBOR has ceased to be published.
  • Give the FCA the power to make rules relating to MiFIR pre- and post-trade transparency requirements for fixed income instruments and derivatives and systematic internalisers.
  • Amend the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 and give the FCA the power to make rules relating to position limits and position managements.
  • Revoke certain EU assimilated tertiary legislation, which includes decisions recognising that foreign regimes are equivalent to the UK’s systems and frameworks. Those decisions will be restated on the day on which the revocation of the decisions comes into effect.
  • Amend MiFIR to remove the requirements for trading venues, approved publication arrangements and consolidated tape providers to provide information for determining whether an investment firm is a systematic internaliser.
  • Replace the FCA’s duty to impose position limits in respect of specified commodity derivatives with a power to do the same.

The provisions are brought into force on varying dates as set out in the Regulations.