On 9 May 2024, the Financial Services and Markets Act 2023 (Commencement No.6) Regulations 2024 were published. These Regulations are the sixth commencement Regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).

The Regulations make the following changes:

  • Section 1 of FSMA 2023 revokes assimilated law which is referred to in Schedule 1 to the FSMA 2023. These Regulations bring into force on 31st December 2024 the revocation of the instruments listed in Regulation 2(b) to (d) and in the Schedule to these Regulations, and section 1(1) of FSMA 2023 so far as it relates to those instruments.
  • Regulation 2(b) lists certain instruments which are subordinate legislation revoked by Part 2 of Schedule 1 to FSMA 2023.
  • Regulation 2(c), together with the Schedule, lists certain instruments which are EU tertiary legislation made under the Solvency II Directive. That Directive is listed in Part 3 (EU tertiary legislation etc) of Schedule 1 to FSMA 2023 (revocation of assimilated law relating to financial services), allowing for the revocation of instruments made under it.
  • Regulation 2(d) lists the Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023, which were made under section 3 of FSMA 2023 (power to make further transitional amendments), and so fall within paragraph (a)(iii) of Part 5 of Schedule 1 to FSMA 2023 (other EU-derived legislation).