On 14 October 2025, the Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 (the Regulations) were made and published on legislation.gov.uk.

The Regulations are the eleventh commencement Regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).

The explanatory note to the Regulations provides further information on those provisions of FSMA 2023 that are being brought into force, including provisions that:

  • Revoke certain provisions of EU assimilated law, in particular:
    • Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms used for the purposes of that Directive (the Organisational Requirements Regulation) on 23 October 2025.
    • Certain provisions of Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR) on 1 December 2025 (systematic internalisers), 30 March 2026 (waivers for equity instruments) and 1 January 2027 (ancillary activities).
    • A further set of linked provisions concerning ancillary activities on 1 January 2027 and 1 January 2028.
    • Instruments that concern the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market on 19 January 2026.
    • Instruments that concern the information documents to be provided to retail investors for certain types of investments 6 April 2026.
  • Make transitional amendments to assimilated law, in particular to:
    • MiFIR on 26 November 2025 in relation to waivers for equity instruments.
    • The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701) on 6 July 2026 in relation to over the counter commodity derivatives.
  • In addition, the Regulations make certain saving provisions, in particular in relation to:
    • The Organisational Requirements Regulation to ensure that the revocation of the Organisational Requirements Regulation does not apply in relation to PISCES operators under the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (S.I. 2025/583) (the PISCES Regulations) until the earlier of the dates specified in this saving provision.  
    • Instruments that concern the prospectus to be published when securities are offered to the public or admitted to training on a regulated market where, before 19 January 2026:
      • an offer of transferable securities to the public is first made,
      • a request for the admission of transferable securities to trading on a regulated market is made,
      • a prospectus is approved by the Financial Conduct Authority before that date, or
      • a reference is made to the Upper Tribunal in respect of a decision before that date to refuse the approval of a prospectus.