On 7 November 2024, the Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 were laid before Parliament and published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations make consequential amendments resulting from the commencement of provisions in (or made under) the Financial Services and Markets Act 2023 (FSMA 2023).
Background
Schedule 2 to FSMA 2023 makes direct amendments to certain assimilated law, including amending provisions in Regulation (EU) No 600/2014 (UK MiFIR) that set existing requirements relating to transparency for fixed income and derivatives. These direct amendments revoke existing regulation and give the FCA new rule-making powers to implement a new transparency regime tailored to the UK within its Handbook. The changes were made effective by the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024.
The consequential amendments
The consequential amendments made by the Regulations to other financial services legislation are intended to ensure that it reflects, or is consistent with, some of the revocations and transitional amendments that take effect under the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024.
The financial services legislation amended by the Regulations includes:
- UK MiFIR.
- The Bank Recovery and Resolution (No. 2) Order 2014.
- Commission Delegated Regulation (EU) 2017/567.
- The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017.
- The Data Reporting Services Regulations 2024.
The changes come into effect on varying dates as set out in the Regulations.