On 25 August 2023, HM Treasury published Statutory Instruments (SI) 2023 No.937 Financial Services and Markets The Financial Services and Markets Act 2023 (Commencement No.3) (Amendment) Regulations 2023.
These Regulations are the third commencement regulations made under the Financial Services and Markets Act 2023 (the Act) and amend the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 (S.I. 2023/779 (C. 40)) (First Commencement Regulations) to correct an error in the First Commencement Regulations.
Section 1 of the Act (revocation of retained EU law relating to financial services and markets) revokes the retained EU law which is referred to in Schedule 1 to the Act. Regulation 3 of the First Commencement Regulations commences those revocations for the statutory instruments listed in the Schedule to the First Commencement Regulations. Those revocations come into force on 29th August 2023.
Regulation 2 amends the Schedule to the First Commencement Regulations to omit the reference to the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388) (CITS Regulations). As a result, the revocation of the CITS Regulations will not come into force on 29th August 2023; instead that revocation will come into force on a day appointed by the Treasury in a later instrument.