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Anita Edwards

On 13 May 2025, the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025 (the Regulations) were made and published on legislation.gov.uk.

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

The explanatory note to the Regulations provides further information on

On 8 May 2025, the Financial Conduct Authority (FCA) published the results of the annual UK MiFID transparency calculations for bonds, which will apply from 1 June 2025.

The calculations made available include:

  • the pre- and post-trade size specific to the instrument threshold; and
  • the pre- and post-trade large in scale threshold.

The

On 8 May 2025, the Payment Systems Regulator (PSR) published a specific direction revoking Specific Directions 3 and 3a on the competitive procurement of central infrastructure.

Specific Direction 3, which was issued in June 2017, imposed requirements on the operator of the Faster Payments Scheme (FPS), in particular that contracts

On 8 May 2025, the Prudential Regulation Authority (PRA) published a consultation paper, CP11/25 – Discontinuing SS20/15: Supervising building societies’ treasury and lending activities.

Background

The PRA’s supervisory statement (SS) 20/15, introduced in 2015, sets out its expectations around building societies’ compliance with the requirements of the Building Societies Act

On 8 May 2025, the Financial Conduct Authority (FCA) announced the appointment of David Geale as permanent executive director for payments and digital finance, and managing director of the Payment Systems Regulator (PSR).

In this role, Mr Geale will be responsible for helping to deliver the National Payments Vision and driving