LegalizeThe Data Reporting Services Regulations 2024
- (3) In this regulation, reference to a right to make a reference to the Tribunal includes a prospective right to make such a reference, where the decision concerned remains to be determined by the FCA immediately before the coming into force of these Regulations.
Administration and determinations
42
Any restriction imposed by the FCA in accordance with regulation 22 of the 2017 Regulations that was in effect immediately before the coming into force of these Regulations has effect from the coming into force of these Regulations as though it had been imposed under regulation 13 of these Regulations.
43
In this Part, reference to a final determination made in accordance with the 2017 Regulations includes the determination of any reference made to the Tribunal, where applicable.
Signed
Amanda Milling — Joy Morrissey — Two of the Lords Commissioners of His Majesty’s Treasury — 29th January 2024
Explanatory note
(This note is not part of the Regulations)
EXPLANATORY NOTE
These Regulations restate with modifications the provisions of the Data Reporting Services Regulations 2017 (“the 2017 Regulations”) (S.I. 2017/699), with the broad exception of Part 3 of the 2017 Regulations referred to below. The 2017 Regulations made arrangements for the registration and supervision by the FCA of data reporting service providers. They are retained EU law and are revoked by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29).
Certain of the revoked provisions are being replaced in rules made by the Financial Conduct Authority under section 300H of FSMA 2000 (“data reporting service rules” as defined in regulation 2). These relate principally to operating requirements for authorised or verified persons, for which Part 3 of the 2017 Regulations had made provision. Corresponding modifications to these Regulations include—
- in Part 3, references to a requirement imposed by or under these Regulations includes data reporting service rules (regulation 2(4));
- applicants for authorisation to provide a data reporting service or for verification of compliance with these Regulations must demonstrate compliance with the data reporting service rules (regulations 5, 7 and 8);
- an authorisation or verification may be cancelled where data reporting service rules have been contravened (regulations 7 and 10);
- an authorisation or verification may be subject to the imposition of restrictions where data reporting service rules are contravened (regulation 13).
- Chapter 2 of Part 3 (Application of FSMA 2000 for the purposes of the Regulations) and Part 5 (amendment of assimilated legislation) now include modifications and amendments relating to data reporting service rules.
Other modifications include—
- arrangements for the provision of a CTP service to be put out to tender by the FCA, following which the service concerned may not be provided by anyone other than a person to whom the tender contract is awarded (regulation 6). The FCA has discretion to cancel an existing authorisation or verification where a person providing the service concerned is not awarded the tender contract (regulation 7(7) and 10(1)(b));
- some administrative and enforcement arrangements for which Part 4 of the 2017 Regulations had made provision are now restated by applying equivalent provisions under FSMA 2000 with appropriate modifications; these include the FCA’s general duties (regulation 15), provision for supervision, monitoring and enforcement (regulation 16), disciplinary measures (regulation 19), the offence of misleading the FCA (regulation 24(3)) and the application of powers to formerly authorised persons (regulation 26).
A de minimis impact assessment of the effect of this instrument is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.
Footnotes
2000 c. 8. FSMA 2000 means the Financial Services and Markets Act 2000; see section 80 of the Financial Services and Markets Act 2023.
Section 300H was inserted by section 11 of the Financial Services and Markets Act 2023.
S.I. 2001/544. Part 1 of Schedule 2 was substituted by S.I. 2006/3884 and amended by S.I. 2017/488, 2018/1403 (as amended by 2019/710) and 2021/494.
EUR 2014/65.
EUR 600/2014, as amended by S.I. 2018/1403 and, in respect of the transitional period provided for by section 2 of the Financial Services and Markets Act 2023, by Part 1 of Schedule 2 to that Act. There are other amendments but none is relevant.
Section 313(1) was amended by S.I. 2013/504, 2017/1064 and 2020/646. There are other amendments but none is relevant.
Section 285(1) was amended by S.I. 2013/504. There are other amendments but none is relevant.
EUR 2014/909. Article 16 was amended by S.I. 2018/1320.
Section 312E was inserted by section 33 of the Financial Services Act 2012 (c. 21) and amended by section 11(5) of the Financial Services and Markets Act 2023 and S.I. 2017/1064 and 2019/622 (as amended by 2020/646).
Section 312F was inserted by section 33 of the Financial Services Act 2012 and amended by section 11(6) of the Financial Services and Markets Act 2023 and S.I. 2019/662.
Section 166A was inserted by paragraph 6 of Schedule 12 to the Financial Services Act 2012 and was amended by section 11(3) of the Financial Services and Markets Act 2023.
Section 167(1) was amended by paragraph 7 of Schedule 12 to the Financial Services Act 2012, paragraph 7 of Schedule 2 to the Financial Services Act 2021 and S.I. 2013/423.
Section 169(1) was amended by paragraph 9 of Schedule 12 to the Financial Services Act 2012.
Section 55Y was inserted by section 11 of the Financial Services Act 2012 and was amended by paragraph 10 of Schedule 5 to the Financial Services and Markets Act 2023.
Section 1B was inserted by section 6 of the Financial Services Act 2012 and amended by section 25 of the Financial Services and Markets Act 2023 and S.I. 2018/1115 and 1330.
Section 1L was inserted by section 6 of the Financial Services Act 2012 and amended by S.I. 2013/1773 and 2019/632.
Part 9 was amended by section 23 of the Financial Services Act 2012, section 4 of the Financial Services (Banking Reform) Act 2013 (c. 33), paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c. 22), section 49 of the Financial Services Act 2021 (c. 22), S.I. 2010/22, 2013/1388, 2014/3329, 2016/680, 2017/1064 and 2021/739.
Part 11 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c. 44), paragraph 33 of Schedule 7 to the Counter Terrorism Act 2008 (c. 28), section 18 of and Schedule 2 to the Financial Services Act 2010 (c. 28), Schedule 12 to and paragraph 8 of Schedule 18 to the Financial Services Act 2012, paragraphs 36 and 37 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14), paragraph 9 of Schedule 2 to the Investigatory Powers Act 2016 (c. 25), paragraphs 5 to 9 of Schedule 2 and paragraph 4 of Schedule 9 to the Financial Services Act 2021, paragraph 8 of Schedule 10 to the Financial Services and Markets Act 2023, S.I. 2001/1090, 2005/1433, 2007/126, 2011/1043, 2012/2554, 2013/1773, 2015/575, 2016/680, 2019/632 (as amended by 2020/1301), 2021/671, 2022/163 and 466. There are other amendments but none is relevant.
Chapter 3B of Part 18 was inserted by section 33 of the Financial Services Act 2012 and amended by section 11(5) of the Financial Services and Markets Act 2023 and S.I. 2017/1064 and 2019/622 (as amended by 2020/646).
Section 342 was amended by paragraph 4 of Schedule 13 to the Financial Services Act 2012 and S.I. 2013/3115 and 2019/632. Section 343 was amended by paragraph 5 of Schedule to the Financial Services Act 2012 and S.I. 2013/3115 and S.I. 2019/632. Section 344 was amended by paragraph 6 of Schedule 13 to the Financial Services Act 2012.
Section 348 was amended by paragraph 26 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 18 of Schedule 12 to the Financial Services Act 2012, paragraph 5 of Schedule 8 to the Financial Services (Banking Reform) Act 2013, paragraph 45 of Schedule 2 to the Bank of England and Financial Services Act 2016, paragraph 9 of Schedule 12 to the Financial Services and Markets Act 2023 and S.I. 2016/1239. Section 349 was amended by section 964 of the Companies Act 2006 (c. 46), paragraph 19 of Schedule 12 to the Financial Services Act 2012, S.I. 2006/1183, 2007/1093, 2011/1043 and 2019/681. Section 352 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c. 44).
Part 25 was amended by paragraphs 19, 21, 23, 24 and 25 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 and S.I. 2007/126, 2013/1773, 2015/1775, 2016/225 and 680 and 2019/632. There are other amendments but none is relevant.
Part 26 was amended by paragraph 11 of Schedule 4 to the Regulation of Investigatory Powers Act 2000 (c. 23), sections 13 and 24 of and paragraphs 28 and 29 of Schedule 2 to the Financial Services Act 2010, sections 17, 18, 19 and 24 of and paragraph 37 of Schedule 8, Schedule 9 and paragraph 8 of Schedule 13 to the Financial Services Act 2012, section 4 of and Schedule 3 to the Financial Services (Banking Reform) Act 2013, paragraph 43 of Schedule 10 to the Investigatory Powers Act 2016, section 212 of the Data Protection Act 2018 (c. 12), S.I. 2005/381, 2005/1433, 2007/126, 2007/1973, 2009/534, 2010/22 and 747, 2012/916, 2013/1388, 2014/2879, 2015/1755, 2016/225, 2016/680, 715 and 1239, 2017/701, 2018/135 and 546, 2019/632 (as amended by 2020/1301) and 1043. There are other amendments but none is relevant.
Section 425A was inserted by paragraph 32 of Schedule 2 to the Financial Services Act 2010 and amended by S.I. 2013/655, 2013/3115 and 2019/632. There are other amendments but none is relevant.
Part 27 was amended by section 95 of and paragraphs 37, 38 and 40 of Schedule 9 to the Financial Services Act 2012 and S.I. 2013/1881 and 2016/1239. There are other amendments but none is relevant.
Section 415AA was inserted by section 60 of the Financial Services and Markets Act 2023.
Schedule 1ZA was inserted by Schedule 3 to the Financial Services Act 2012 and is amended by section 109 of, paragraph 7 of Schedule 8 to and paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013, section 29 of the Bank of England and Financial Services Act 2016, Schedule 3 of the Financial Guidance and Claims Act 2018 (c. 10) and S.I. 2013/1773, 2018/1115. There are other amendments but none is relevant.
S.I. 2001/1420. There are amendments but none is relevant.
S.I. 2001/2188, amended by S.I. 2019/681 (as amended by 2020/1385). There are amendments but none is relevant.
S.I. 2001/2587, amended by S.I. 2013/472 and 2017/1064.
S.I. 2001/995. Paragraph 9I was inserted by S.I. 2017/701 and amended by S.I. 2019/662.
S.I. 2014/1195. Article 2(f) was inserted by S.I. 2017/701.
S.I. 2014/2418. Paragraph (m) of the Schedule was inserted by S.I. 2017/701. There are other amendments but none is relevant.
S.R. 1999 No. 401. Paragraph (m) of the Schedule was inserted by S.R. 2022 No. 290. There are other amendments but none is relevant.
EUR 2017/565, to which there are amendments that are not relevant.
Editorial notes
Words in reg. 2(1) inserted (1.12.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 (S.I. 2024/1115), regs. 2(1)(f), 7(a)
Words in reg. 2(1) inserted (1.12.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 (S.I. 2024/1115), regs. 2(1)(f), 7(b)
Words in reg. 2(1) inserted (1.12.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 (S.I. 2024/1115), regs. 2(1)(f), 7(c)
Words in reg. 23(6) omitted (19.1.2026) by virtue of The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025 (S.I. 2025/1076), reg. 1(3), Sch. para. 41(b); S.I. 2025/1078, reg. 5(b)
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