(This note is not part of the Regulations)
These Regulations amend the Financial Services Act 2021 (Commencement No. 1) Regulations 2021 (C. 27).
Schedule 1 to the Financial Services Act 2021 (c. 22) provides, amongst other things, for the revocation of the Financial Conduct Authority’s (FCA) powers to make technical standards under Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms. In accordance with regulation 5 of the Financial Services Act 2021 (Commencement No. 1) Regulations 2021 (C. 27), these provisions come into force on the 1st January 2022. Any technical standards in force before this date will still have effect because only the FCA’s power to make, modify, amend or revoke technical standards is being removed; the technical standards themselves are not being revoked. Regulation 2(2) of this instrument saves the FCA’s power to modify, amend or revoke technical standards made under Regulation (EU) No. 575/2013 which were in force before the 1st January 2022.