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The Financial Services and Markets Act 2023 (Commencement No. 14) Regulations 2026

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Statutory Instruments

2026 No. 587 (C. 47)

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2023 (Commencement No. 14) Regulations 2026

Made

3rd June 2026

The Treasury make these Regulations in exercise of the power conferred by section 86(3) of the Financial Services and Markets Act 2023(1).

Citation

1.  These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 14) Regulations 2026.

Provisions coming into force on 13th July 2026

2.  The following provisions of the Financial Services and Markets Act 2023 come into force on 13th July 2026—

(a)section 1(1) (revocation of assimilated law relating to financial services and markets), so far as it relates to the provisions in paragraphs (b) to (d) of this regulation;

(b)in Part 1 (assimilated direct principal legislation) of Schedule 1 (revocation of assimilated law relating to financial services), the revocation of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps(2);

(c)in Part 2 (subordinate legislation) of Schedule 1, the revocation of the Financial Services and Markets Act 2000 (Short Selling) Regulations 2012(3);

(d)in Part 3 (EU tertiary legislation etc.) of Schedule 1, the revocation of(4)—

(i)Commission Delegated Regulation (EU) No 826/2012 of 29 June 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council with regard to regulatory technical standards on notification and disclosure requirements with regard to net short positions, the details of the information to be provided to the European Securities and Markets Authority in relation to net short positions and the method for calculating turnover to determine exempted shares(5);

(ii)Commission Implementing Regulation (EU) No 827/2012 of 29 June 2012 laying down implementing technical standards with regard to the means for public disclosure of net position in shares, the format of the information to be provided to the European Securities and Markets Authority in relation to net short positions, the types of agreements, arrangements and measures to adequately ensure that shares or sovereign debt instruments are available for settlement and the dates and period for the determination of the principal venue for a share according to Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps(6);

(iii)Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events(7);

(iv)Commission Delegated Regulation (EU) No 919/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to regulatory technical standards for the method of calculation of the fall in value for liquid shares and other financial instruments(8);

(v)The Short Selling (Notification Thresholds) Regulations 2021(9);

(vi)The Short Selling (Notification Threshold) Regulations 2023(10).

Taiwo Owatemi

Christian Wakeford

Two of the Lords Commissioners of His Majesty’s Treasury

3rd June 2026

Explanatory Note

(This note is not part of the Regulations)

These Regulations are the 14th commencement Regulations made under the Financial Services and Markets Act 2023 (c. 29) (“the Act”).

Section 1(1) of the Act revokes the legislation listed in Schedule 1 to that Act, which includes assimilated direct principal legislation, subordinate legislation and EU tertiary legislation.

These Regulations bring into force on 13th July 2026 section 1(1) of the Act so far as it relates to the revocation of certain instruments referred to in Schedule 1 to the Act. Those instruments are as follows—

  • Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (“the EU Short Selling Regulation 2012”);

  • the Financial Services and Markets Act 2000 (Short Selling) Regulations 2012;

  • instruments made under the EU Short Selling Regulation 2012.

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.

NOTE AS TO EARLIER COMMENCEMENT Regulations

(This note is not part of the Regulations)

The following provisions of the Financial Services and Markets Act 2023 have been brought into force by commencement Regulations made before the date of these Regulations.

ProvisionDate of CommencementS.I. No.
Section 1(1) (in part)11th July 20232023/779 (C. 40)
Section 1(1) (in part)29th August 20232023/779 (C. 40)
Section 1(1) (in part)14th December 20232023/779 (C. 97)
Section 1(1) (in part)1st January 20242023/779 (C. 40)
Section 1(1) (in part)1st January 20242023/779 (C. 97)
Section 1(1) (in part)5th April 20242023/779 (C. 97)
Section 1(1) (in part)30th June 20242023/779 (C. 97)
Section 1(1) (in part)29th October 20242024/1071 (C. 72)
Section 1(1) (in part)1st November 20242024/620 (C. 39)
Section 1(1) (in part)31st December 20242024/891 (C. 57)
Section 1(1) (in part)31st December 20242024/1071 (C. 72)
Section 1(1) (in part)14th May 20252025/572 (C. 25)
Section 1(1) (in part)15th July 20252025/873 (C. 38)
Section 1(1) (in part)31st July 20252025/572 (C. 25)
Section 1(1) (in part)23rd October 20252025/1078 (C. 52)
Section 1(1) (in part)28th November 20252025/873 (C. 38)
Section 1(1) (in part)1st December 20252025/1078 (C. 52)
Section 1(1) (in part)1st January 20262025/873 (C. 38)
Section 1(1) (in part)19th January 20262025/1078 (C. 52)
Section 1(1) (in part)30th March 2026 2025/1078 (C. 52)
Section 1(1) (in part)6th April 20262025/1078 (C. 52)
Section 1(1) (in part)1st July 20262026/45 (C. 5)
Section 1(1) (in part)1st January 20272025/1078 (C. 52)
Section 1(1) (in part)1st January 20272026/45 (C. 5)
Section 1(1) (in part)1st January 20272026/174 (C. 17)
Section 1(1) (in part)1st January 20282025/1078 (C. 52)
Section 1(2), (4), (5) and (6)11th July 20232023/779 (C. 40)
Section 2(1) (in part)29th August 20232023/779 (C. 40)
Section 2(1) (in part)14th December 20232023/779 (C. 97)
Section 2(1) (in part)29th October 20242024/1071 (C. 72)
Section 2(1) (in part)1st December 20242024/1071 (C. 72)
Section 2(1) (in part)31st December 20242024/1071 (C. 72)
Section 2(1) (in part)31st March 20252024/1071 (C. 72)
Section 2(1) (in part)30th June 20252024/1071 (C. 72)
Section 2(1) (in part)26th November 20252025/1078 (C. 52)
Section 2(1) (in part)1st December 20252024/1071 (C. 72)
Section 2(1) (in part)6th July 20262024/1071 (C. 72)
Section 2(1) (in part)6th July 2026 2025/1078 (C. 52)
Section 2(2) and (3)11th July 20232023/779 (C. 40)
Section 311th July 20232023/779 (C. 40)
Sections 4 to 629th August 20232023/779 (C. 40)
Section 711th July 20232023/779 (C. 40)
Section 829th August 20232023/779 (C. 40)
Section 9(1) to (5)1.00am on 1st January 20242023/779 (C. 97)
Section 9(6)29th August 20232023/779 (C. 40)
Section 101.00am on 1st January 20242023/779 (C. 97)
Section 1129th August 20232023/779 (C. 40)
Section 121.00am on 1st January 20242023/779 (C. 97)
Sections 13 to 1929th August 20232023/779 (C. 40)
Section 20 (in part)6th September 20232023/936 (C. 55)
Section 20 (in part)6th November 20232023/936 (C. 55)
Section 20 (so far as not already in force)7th February 20242023/936 (C. 55)
Section 211st January 20242023/779 (C. 97)
Section 2329th August 20232023/779 (C. 40)
Sections 25 and 2629th August 20232023/779 (C. 40)
Section 27 (in part)29th August 20232023/779 (C. 40)
Section 27 (so far as not already in force)1st January 20252023/779 (C. 97)
Sections 28 to 3229th August 20232023/779 (C. 40)
Section 331st January 20242023/779 (C. 97)
Sections 34 to 4029th August 20232023/779 (C. 40)
Section 41 (in part)29th August 20232023/779 (C. 40)
Section 41 (so far as not already in force)26th December 20232023/779 (C. 40)
Section 42 (in part)29th August 20232023/779 (C. 40)
Section 42 (so far as not already in force)26th December 20232023/779 (C. 97)
Section 43 (in part)29th August 20232023/779 (C. 40)
Section 43 (so far as not already in force)1st August 20242023/779 (C. 97)
Sections 44 and 4529th August 20232023/779 (C. 40)
Section 46(1) (in part)29th August 20232023/779 (C. 40)
Section 46(2), (7) and (9) (in part)29th August 20232023/779 (C. 40)
Section 46 (so far as not already in force)26th December 20232023/779 (C. 97)
Section 4729th August 20232023/779 (C. 40)
Section 48 (in part)1.00am on 1st January 20242023/779 (C. 97)
Section 48 (in part)1st January 20252023/779 (C. 97)
Section 48 (so far as not already in force)1st February 20252023/779 (C. 97)
Section 491.00am on 1st January 20242023/779 (C. 97)
Section 50 (in part)1.00am on 1st January 20242023/779 (C. 97)
Section 50 (so far as no already in force)1st August 20242023/779 (C. 97)
Section 51 (in part)29th August 20232023/779 (C. 40)
Section 51 (in part)1st January 20252023/779 (C. 97)
Section 51 (in part)1st March 20242024/250 (C. 11)
Section 51 (in part)1st August 20242024/250 (C. 11)
Section 51 (so far as not already in force)1st January 20252024/250 (C. 11)
Section 5329th August 20232023/779 (C. 40)
Section 57 (in part)29th August 20232023/779 (C. 40)
Section 57 (in so far as not already in force)31st December 20232023/779 (C. 97)
Section 5929th August 20232023/779 (C. 40)
Section 6329th August 20232023/779 (C. 40)
Section 6429th October 20242024/1071 (C. 72)
Sections 65 to 6929th August 20232023/779 (C. 40)
Section 70(1), (3) and (4) (in part)1st January 20242023/779 (C. 97)
Section 70 (in so far as not already in force)1st March 20242024/250 (C. 11)
Section 711st March 20242024/250 (C. 11)
Section 7329th August 20232023/779 (C. 40)
Section 7529th August 20232023/779 (C. 40)
Section 7629th August 20232023/779 (C. 40)
Section 7929th August 20232023/779 (C. 40)
Schedule 1, Part 1 (in part)11th July 20232023/779 (C. 40)
Schedule 1, Part 1 (in part)14th December 20232023/779 (C. 97)
Schedule 1, Part 1 (in part)1st January 20242023/779 (C. 40)
Schedule 1, Part 1 (in part)1st January 20242023/779 (C. 97)
Schedule 1, Part 1 (in part)5th April 20242023/779 (C. 97)
Schedule 1, Part 1 (in part)1st November 20242024/891 (C. 57)
Schedule 1, Part 1 (in part)15th July 20252025/873 (C. 38)
Schedule 1, Part 1 (in part)1st December 20252025/1078 (C. 52)
Schedule 1, Part 1 (in part)1st January 20262025/873 (C. 38)
Schedule 1, Part 1 (in part)19th January 20262025/1078 (C. 52)
Schedule 1, Part 1 (in part)30th March 20262025/1078 (C. 52)
Schedule 1, Part 1 (in part)6th April 20262025/1078 (C. 52)
Schedule 1, Part 1 (in part)1st January 20272025/1078 (C. 52)
Schedule 1, Part 1 (in part)1st January 20272026/45 (C. 5)
Schedule 1, Part 1 (in part)1st January 20272026/174 (C. 17)
Schedule 1, Part 2 (in part)11th July 20232023/779 (C. 40)
Schedule 1, Part 2 (in part)29th August 20232023/779 (C. 40)(11)
Schedule 1, Part 2 (in part)14th December 20232023/779 (C. 97)
Schedule 1, Part 2 (in part)1st January 20242023/779 (C. 40)
Schedule 1, Part 2 (in part)1st January 20242023/779 (C. 97)
Schedule 1, Part 2 (in part)5th April 20242023/779 (C. 97)
Schedule 1, Part 2 (in part)30th June 20242023/779 (C. 97)
Schedule 1, Part 2 (in part)1st November 20242024/891 (C. 57)
Schedule 1, Part 2 (in part)31st December 20242024/620 (C. 39)
Schedule 1, Part 2 (in part)31st July 20252025/572 (C. 25)
Schedule 1, Part 2 (in part)28th November 20252025/873 (C. 38)
Schedule 1, Part 2 (in part)19th January 20262025/1078 (C. 52)
Schedule 1, Part 2 (in part)6th April 20262025/1078 (C. 52)
Schedule 1, Part 2 (in part)1st January 20272026/45 (C. 5)
Schedule 1, Part 3 (in part)1st January 20242023/779 (C. 40)
Schedule 1, Part 3 (in part)1st January 20242023/779 (C. 97)
Schedule 1, Part 3 (in part)5th April 20242023/779 (C. 97)
Schedule 1, Part 3 (in part)30th June 20242023/779 (C. 97)
Schedule 1, Part 3 (in part)29th October 20242024/1071 (C. 72)
Schedule 1, Part 3 (in part)1st November 20242024/891 (C. 57)
Schedule 1, Part 3 (in part)31st December 20242024/620 (C. 39)
Schedule 1, Part 3 (in part)31st December 20242024/1071 (C. 72)
Schedule 1, Part 3 (in part)14th May 20252025/572 (C. 25)
Schedule 1, Part 3 (in part)23rd October 20252025/1078 (C. 52)
Schedule 1, Part 3 (in part)1st January 20262025/873 (C. 38)
Schedule 1, Part 3 (in part)19th January 20262025/1078 (C. 52)
Schedule 1, Part 3 (in part)6th April 20262025/1078 (C. 52)
Schedule 1, Part 3 (in part)1st July 20262026/45 (C. 5)
Schedule 1, Part 3 (in part)1st January 20272025/1078 (C. 52)
Schedule 1, Part 3 (in part)1st January 2027 2026/45 (C. 5)
Schedule 1, Part 4 (in part)1st January 20242023/779 (C. 40)
Schedule 1, Part 4 (in part)14th May 20252025/572 (C. 25)
Schedule 1, Part 5 (in part)1st January 20242023/779 (C. 97)
Schedule 1, Part 5 (in part)1st November 20242024/891 (C. 57)
Schedule 1, Part 5 (in part)31st December 20242024/620 (C. 39)
Schedule 1, Part 5 (in part)14th May 20252025/572 (C. 25)
Schedule 1, Part 5 (in part)6th April 20262025/1078 (C. 52)
Schedule 1, Part 5 (in part)1st January 20272025/1078 (C. 52)
Schedule 1, Part 5 (in part)1st January 20282025/1078 (C. 52)
Schedule 2, Part 1, paragraph 1 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part)1st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part)31st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part)31st March 20252024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part)30th June 20252024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part)1st December 20252024/1071 (C. 72)
Schedule 2, Part 1, paragraph 326th November 20252025/1078 (C. 52)
Schedule 2, Part 1, paragraph 414th December 20232023/779 (C. 97)
Schedule 2, Part 1, paragraphs 5 and 629th August 20232023/779 (C. 40)
Schedule 2, Part 1, paragraph 7 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 7 (so far as not already in force)1st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 8 (in part)1st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 8 (so far as not already in force)1st December 20252024/1071 (C. 72)
Schedule 2, Part 1, paragraph 929th August 20232023/779 (C.40)
Schedule 2, Part 1, paragraphs 10 and 11 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraphs 10 and 11 (so far as not already in force)1st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 12 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 12 (so far as not already in force)1st December 20252024/1071 (C. 72)
Schedule 2, Part 1, paragraphs 13 to 1629th August 20232023/779 (C. 40)
Schedule 2, Part 1, paragraph 17 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 17 (so far as not already in force)31st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 18 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 18 (so far as not already in force)30th June 20252024/1071 (C. 72)
Schedule 2, Part 1, paragraph 19 (in part)29th August 20232023/779 (C. 40)
Schedule 2, Part 1, paragraphs 20 and 211st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 2231st March 20252024/1071 (C. 72)
Schedule 2, Part 1, paragraph 241st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 25 (in part)29th August 20232023/779 (C. 40)
Schedule 2, Part 1, paragraph 251st December 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 2629th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 27 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 1, paragraph 27 (so far as not already in force)31st March 20252024/1071 (C. 72)
Schedule 2, Parts 2 and 329th August 20232023/779 (C. 40)
Schedule 2, Part 4, paragraph 44 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 4, paragraph 44 (in part)6th July 20262024/1071 (C. 72)
Schedule 2, Part 4, paragraph 45 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 4, paragraph 45 (so far as not already in force)6th July 20262024/1071 (C. 72)
Schedule 2, Part 4, paragraph 466th July 20262024/1071 (C. 72)
Schedule 2, Part 4, paragraph 476th July 20262025/1078 (C. 52)
Schedule 2, Part 4, paragraph 486th July 20262025/1078 (C. 52)
Schedule 2, Part 4, paragraph 49 (in part)29th October 20242024/1071 (C. 72)
Schedule 2, Part 4, paragraph 49 (so far as not already in force)6th July 20262024/1071 (C. 72)
Schedule 2, part 4, paragraph 506th July 20262024/1071 (C. 72)
Schedule 2, Part 629th August 20232023/779 (C. 40)
Schedule 329th August 20232023/779 (C. 40)
Schedule 429th August 20232023/779 (C. 40)
Schedule 5 (in part)6th September 20232023/936 (C. 55)
Schedule 5 (in part)6th November 20232023/936 (C. 55)
Schedule 5 (so far as not already in force)7th February 20242023/936 (C. 55)
Schedule 7, paragraph 1 (in part)29th August 20232023/779 (C. 40)
Schedule 7, paragraph 1 (in part)1st January 20242023/779 (C. 97)
Schedule 7, paragraph 1 (in part)1st August 20242024/250 (C. 11)
Schedule 7, paragraph 1 (so far as not already in force)1st January 20252024/250 (C. 11)
Schedule 7, paragraph 2 (in part)29th August 20232023/779 (C. 40)
Schedule 7, paragraph 2 (so far as not already in force)1st January 20242023/779 (C. 97)
Schedule 7, paragraph 3 (in part)29th August 20232023/779 (C. 40)
Schedule 7, paragraph 3 (so far as not already in force)1st January 20252023/779 (C. 97)
Schedule 7, paragraph 4 to 629th August 20232023/779 (C. 40)
Schedule 7, paragraph 7 (in part)29th August 20232023/779 (C. 40)
Schedule 7, paragraph 7 (so far as not already in force)1st August 20242023/779 (C. 97)
Schedule 7, paragraph 81st January 20242023/779 (C. 97)
Schedule 7, paragraphs 9 to 1329th August 20232023/779 (C. 40)
Schedule 11, paragraph 3(9) to (11)29th August 20232023/779 (C. 40)
Schedule 11, paragraph 13(5) to (7)29th August 20232023/779 (C. 40)
Schedule 11, paragraph 1629th August 20232023/779 (C. 40)
Schedule 11, paragraph 2029th August 20232023/779 (C. 40)
Schedule 11, paragraph 22(10) to (12)29th August 20232023/779 (C. 40)
Schedule 11, paragraph 25(2), (3), (5) and (8)29th August 20232023/779 (C. 40)
Schedule 11, paragraph 32(2) to (5)29th August 20232023/779 (C. 40)
Schedule 11, paragraph 7529th August 20232023/779 (C. 40)
Schedule 11, paragraph 7629th August 20232023/779 (C. 40)
Schedule 11, paragraph 7829th August 20232023/779 (C. 40)
Schedule 11, paragraph 8529th August 20232023/779 (C. 40)
Schedule 11, paragraph 8729th August 20232023/779 (C. 40)
Schedule 11, paragraph 15429th August 20232023/779 (C. 40)
Schedule 11, paragraph 16529th August 20232023/779 (C. 97)
Schedule 11 (so far as not already in force)31st December 20232023/779 (C. 97)
Schedule 1429th August 20232023/779 (C. 40)
(4)

The instruments listed in regulation 2(d) were made under Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps, which is an instrument listed in Part 1 of Schedule 1 of the Financial Services and Markets Act 2023.

(11)

As amended by S.I. 2023/937.

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