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The Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 2024

Type Statutory-Instrument
Publication 2024-05-09
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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articles Not indexed
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Made: 9th May 2024

The Treasury make these Regulations in exercise of the power conferred by section 86(3) of the Financial Services and Markets Act 2023[^f00001].

Citation and extent

1

Revocation of assimilated law on 31st December 2024

2

The following provisions of the Financial Services and Markets Act 2023 come into force on 31st December 2024—

Schedule — EU tertiary legislation revoked on 31st December 2024

Signed

Amanda Milling — Mike Wood — Two of the Lords Commissioners of His Majesty's Treasury — HM Treasury — 9th May 2024

Explanatory note

(This note is not part of the Regulations)

Explanatory Note

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

Section 1 of the Act revokes assimilated law which is referred to in Schedule 1 to the Act. These Regulations bring into force on 31st December 2024 the revocation of the instruments listed in regulation 2(b) to (d) and in the Schedule to these Regulations, and section 1(1) of the Act so far as it relates to those instruments.

Regulation 2(b) lists certain instruments which are subordinate legislation revoked by Part 2 of Schedule 1 to the Act (subordinate legislation).

Regulation 2(c), together with the Schedule, lists certain instruments which are EU tertiary legislation made under Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). That Directive is listed in Part 3 (EU tertiary legislation etc) of Schedule 1 to the Act (revocation of assimilated law relating to financial services), allowing for the revocation of instruments made under it.

Regulation 2(d) lists the Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 (S.I. 2023/1346), which were made under section 3 of the Act (power to make further transitional amendments), and so fall within paragraph (a)(iii) of Part 5 of Schedule 1 to the Act (other EU-derived legislation).

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.

Footnotes

[^f00001]: 2023 c. 29.

[^f00002]: The instruments listed in the Schedule to these Regulations were made under Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), which is listed in Part 2 (subordinate legislation) of Schedule 1 to the Financial Services and Markets Act 2023 (c. 29) (revocation of assimilated law relating to financial services).

[^f00003]: S.I. 2023/1346, made under section 3 of the Financial Services and Markets Act 2023 (power to make further transitional amendments). Section 3 is listed in paragraph (a)(iii) of Part 5 (other EU-derived legislation) of Schedule 1 to that Act.

[^f00004]: Commission Delegated Regulation (EU) 2015/35 was partially revoked by S.I. 2023/1382.

[^f00005]: As amended by S.I. 2023/937.

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