The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024

Made: 6th November 2024

Laid before Parliament: 7th November 2024

Coming into force in accordance with regulation 2

The Treasury make these Regulations in exercise of the powers conferred by sections 83(1) and (2) and 84(2) of the Financial Services and Markets Act 2023.[^f00001]

Citation and extent

1

• (1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024.

• (2) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Commencement

2

• (1) The following regulations come into force on 1st December 2024—

• (a) regulation 1 (citation and extent)

• (b) regulation 2 (commencement)

• (c) regulation 3 (amendment of Regulation (EU) No 600/2014);

• (d) regulations 5(1), (2), (3) and (4) (amendment of Commission Delegated Regulation (EU) 2017/567);

• (e) regulation 6 (amendment of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017);

• (f) regulation 7 (amendment of the Data Reporting Services Regulations 2024).

• (2) Regulation 5(5) (amendment of Commission Delegated Regulation (EU) 2017/567) comes into force on 30th June 2025.

• (3) Regulation 4 (amendment of the Bank Recovery and Resolution (No. 2) Order 2014) comes into force on 1st December 2025.

Amendment of Regulation (EU) No 600/2014

3

In Article 22 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (providing information for the purposes of transparency and other calculations)[^f00002], in paragraph 1, after “imposed by” insert “or under”.

Amendment of the Bank Recovery and Resolution (No. 2) Order 2014

4

• (1) The Bank Recovery and Resolution (No. 2) Order 2014[^f00003] is amended as follows.

• (2) In article 2[^f00004], in paragraph (1), in paragraph (a)(iv) of the definition of “conditions for early intervention”, after “Financial Instruments” insert “, or rules made under them”.

• (3) In article 220A (modified application of the Companies Act 2006)[^f00005], in paragraph (5), in modified section 307B(2)(a)(ii) of the Companies Act 2006, for “one or more of” substitute “a requirement imposed by or under”.

Amendment of Commission Delegated Regulation (EU) 2017/567

5

• (1) Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions[^f00006] is amended as follows.

• (2) In Article 5 (assessment of liquidity of equity instruments by the competent authorities), in paragraph 6, omit “9 or ”.

• (3) Omit Articles 6 to 11.

• (4) Omit Article 16.

• (5) Omit Articles 17 and 18.

Amendment of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

6

In regulation 29(2) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017[^f00007] in the definition of “position”, for “an EEA State” substitute “the United Kingdom”.

Amendment of the Data Reporting Services Regulations 2024

7

In regulation 2(1) of the Data Reporting Services Regulations 2024[^f00008]—

• (a) in the definition of “APA”, after “pursuant to” insert “, or pursuant to rules made by virtue of,”;

• (b) in the definition of “CTP”, after “listed in” insert “, or listed in rules made by virtue of,”;

• (c) in paragraph (a) of the definition of “data reporting service”, after “pursuant to” insert “, or pursuant to rules made by virtue of,”.

Signed

Vicky Foxcroft — Jeff Smith — Two of the Lords Commissioners of His Majesty's Treasury — 6th November 2024

Explanatory note

(This note is not part of the Regulations)

Explanatory Note

Regulations 3 to 7 make consequential amendments in connection with the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 (S.I. 2024/1071) which brings into force several paragraphs of Schedule 2 to the Financial Services and Markets Act 2023 (c. 29). Those paragraphs provide the Financial Conduct Authority (“FCA”) with the power to make rules in relation to pre- and post-trade transparency obligations and systematic internalisers.

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 Financial Services and Markets Act 2023 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.

Footnotes

[^f00001]: 2023 c. 29.

[^f00002]: EUR 2014/600, amended by S.I. 2018/1403.

[^f00003]: S.I. 2014/3348.

[^f00004]: The definition of “conditions for early intervention” was inserted by S.I. 2018/1394 and amended by S.I. 2021/1376.

[^f00005]: Article 220A was inserted by S.I. 2016/1239.

[^f00006]: EUR 2017/567, amended by S.I. 2018/1403 and 2023/1410.

[^f00007]: S.I. 2017/701, amended by S.I. 2018/1403.

[^f00008]: S.I. 2024/107.