On 7 November 2023, HM Treasury published a draft of the Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (the draft SI), along with a draft explanatory memorandum.
The draft SI makes consequential amendments arising as a result of the Financial Services and Markets Act (FSMA 2023). FSMA 2023 repeals retained EU law relating to financial services, which will be replaced with rules set by the financial services regulators, operating within a framework set by government and Parliament. The draft SI makes consequential amendments resulting from some of those repeals, as well as other miscellaneous consequential amendments arising out of provision in, or made under, FSMA 2023.