On 7 June 2021, there was published on the legislation.gov.uk website, The Financial Services Act 2021 (Commencement No. 1) Regulations 2021.
These Regulations are the first commencement regulations made under the Financial Services Act 2021 (the Act).
The structure of the Regulations is as follows:
- Regulation 2 brings into force on 9 June 2021 sections 3, 4 and 5 and Schedule 3 of the Act, which transfer certain prudential regulation matters into rules made by the PRA.
- Regulation 3 brings into force on 26 June 2021 section 7 and paragraph 12 of Schedule 4 of the Act, for the purpose of amending Article 500d of the onshored Capital Requirements Regulation (CRR).
- Regulation 4 brings into force on 1 July 2021 section 2 and Schedule 2 of the Act, which amend the Financial Services and Markets Act 2000 for the purpose of the prudential regulation of certain investment firms by the FCA.
- Regulation 5 brings into force on 1 January 2022 section 1 and Schedule 1 of the Act, which amend the CRR and the Capital Requirements (Country-by Country Reporting) Regulations 2013.