On 14 December 2023, statutory instrument 2023 No. 1382 (SI 2023/1382) – the Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023 (the SI) – was published.
The SI contains the fourth set of commencement regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).
Section 1 of FSMA 2023 revokes retained EU law which is referred to in Schedule 1 to FSMA 2023. The SI commences those revocations for some of those instruments (or provisions of instruments) with effect from:
- 14 December 2023 for the provisions set out in regulation 2, which contain obligations for HM Treasury to review legislation that is revoked by FSMA 2023.
- 1 January 2024 for the provisions set out in the Schedule to the SI.
- 5 April 2024 for the provisions set out in regulation 4, which relate to data reporting services and insurance distribution.
- 30 June 2024 for the provisions set out in regulation 5, which relate to the prudential regulation of insurance undertakings.
The SI also brings into force various other provisions of FSMA 2023, as explained further in the Explanatory Note to the SI