The Financial Services Act 2021 (Commencement No. 1) Regulations 2021

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations are the first commencement regulations made under the Financial Services Act 2021 (c. 22) (“the Act”).

Regulation 2 brings into force on 9th June 2021 sections 3, 4 and 5 and Schedule 3 of the Act, which transfer certain prudential regulation matters into rules made by the Prudential Regulation Authority.

Regulation 3 brings into force on 26th June 2021 section 7 and paragraph 12 of Schedule 4 of the Act, for the purpose of amending article 500d of 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 (“the Capital Requirements Regulation”).

Regulation 4 brings into force on 1st July 2021 section 2 and Schedule 2 of the Act, which amend the Financial Services and Markets Act 2000 (c. 8) for the purpose of the prudential regulation of certain investment firms by the FCA.

Regulation 5 brings into force on 1st January 2022 section 1 and Schedule 1 of the Act, which amend the Capital Requirements Regulation and the Capital Requirements (Country-by Country Reporting) Regulations 2013 (S.I. 2013/3118).

An impact assessment has not been published for these Regulations as they have no impact on the costs to business or the voluntary sector independent of the provisions these Regulations bring into force. An impact assessment has been published in relation to the Act and copies can be obtained from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or at https://publications.parliament.uk/pa/bills/cbill/58-01/0200/FS%20Bill%20Impact%20Assessment%20-%20October%202020%20-%20201020.pdf.