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(This note is not part of the Regulations)
These Regulations are the eighth commencement regulations made under the Financial Services and Markets Act 2023 (c. 29) (“the Act”).
The provisions commenced under regulation 2 come into force on the day after the day on which these Regulations are made.
Regulations 2(a) and (d)(ii) and (iii) commence the revocation of Commission Implementing Regulations (EU) 2018/33 and 2018/34 which lay down implementing technical standards with regard to the standardised presentation format of the statement of fees and the fee information document and their common symbol. These supplement Part 2 of, and Schedules 1 and 2 to, the Payment Accounts Regulations 2015 (S.I. 2015/2038).The revocation of these provisions was previously commenced in the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 (S.I. 2023/779 (c. 40)).
Regulation 2(b) and (e) give the FCA the power to suspend waivers under Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
Regulation 2(c) amends the Financial Services and Markets Act 2000 (c. 8) giving HM Treasury the power to make regulations about unauthorised co-ownership alternative investment funds.
Regulation 2(d)(i) commences the revocation of the assimilated law under which the London Interbank Offered Rate (LIBOR) is recognised as a critical benchmark for the purposes of Regulation (EU) 2016/1011 of the European Parliament and of the Council. All LIBOR settings have ceased to be published; commencing this Regulation removes LIBOR as a critical benchmark.
The provisions commenced under regulation 3 come into force on the day after the day on which these Regulations are made for the purposes of making rules or giving directions only.
Regulations 3(a) and (b) amend Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and give the FCA the power to make rules relating to pre- and post-trade transparency requirements for fixed income instruments and derivatives and systematic internalisers.
Regulations 3(a) and (c) amend the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701) and give the FCA the power to make rules relating to position limits and position managements.
The provisions commenced under regulation 3 come into force for all remaining purposes under—
Regulation 4 on 1st December 2024,
Regulation 5(b) and (d) on 31st December 2024,
Regulation 6(a) and (b)(ii) on 31st March 2025,
Regulation 7 on 30th June 2025,
Regulation 8 on 1st December 2025, and
Regulation 9(a) and (b)(i), (ii) and (iv) on 6th July 2026.
Regulations 5(a) and (c) commence on 31st December 2024 the revocation of the assimilated EU tertiary legislation listed in the Schedule. This legislation includes decisions recognising that foreign regimes, including solvency regimes and supervisory regimes for insurance and reinsurance undertakings and approved exchanges and recognised market operators, are equivalent to the UK’s systems and frameworks. These decisions will be restated on the day on which the revocation of the decisions comes into effect.
Regulations 6(a) and (b)(i) commence on 31st March 2025 amendments to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments to remove the requirements for trading venues, approved publication arrangements and consolidated tape providers to provide information for determining whether an investment firm is a systematic internaliser.
Regulation 9(a) and (b)(iii) and (iv) commence on 6th July 2026 the replacement of the FCA’s duty to impose position limits in respect of specified commodity derivatives with a power to do the same.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A full 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://bills.parliament.uk/publications/49053/documents/2621.
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