On 22 August 2023, Statutory Instrument 2023 No. 936 (the Financial Services and Markets Act 2023 (Commencement No.2 and Transitional Provisions) Regulations 2023) (the SI) was made. The SI contains the second set of commencement regulations made under the Financial Services and Markets Act 2023 (the Act).
The SI includes the following provisions:
- Regulation 2 brings section 20 (financial promotion) and Schedule 5 (financial promotion: related amendments) of the Act fully into force on 7 February 2024, although certain specified provisions will come into force before that date.
- Regulation 3 makes transitional provision in respect of the commencement of those financial promotion provisions.
- Regulation 4 makes transitional provision for Prudential Regulation Authority (PRA) rules, technical standards and policies for implementing reforms to the so-called Basel international prudential standards for banks and other financial institutions and addressing related matters.
- Regulation 5 makes transitional provision for PRA rules that are not in scope of regulation 4 where those rules are (i) CRR rules (as defined in section 144A of the Financial Services and Markets Act 2000 (FSMA 2000)) or (ii) rules made under section 192XA of FSMA 2000 that are not CRR rules.
- Regulation 6 makes transitional provision in respect of the commencement of section 61 of the Act (control over authorised persons).