On 22 August 2023, Statutory Instrument 2023 No.934 (the Financial Services Act 2021 (Commencement No.5) Regulations 2023) (the SI) was made and published. The SI contains the fifth set of commencement regulations made under the Financial Services Act 2021 (the Act).

The Act amends the Financial Services and Markets Act 2000 to provide for a new Gibraltar authorisation regime, enabling Gibraltar-based financial services firms to operate in the UK if certain conditions are met. Regulation 2 of the SI partially brings into force on 1 September 2023 section 22 of, and Schedule 6 and 8 to the Act, which provide for regulation-making powers to implement the Gibraltar authorisation regime.