Secondary Legislation under Financial Services and Markets Act 2023

Showing 42 Statutory Instruments linked to this bill.

Over the Counter Derivatives (Intragroup Transactions) Regulations 2026

Laid before Parliament: 6 July 2026
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EUR 2012/648) (“the EMIR Regulation”) sets out obligations for over-the-counter (OTC) derivatives contracts to be cleared through central counterparties, establishes risk management requirements for uncleared derivatives contracts and provides for exemptions in relation to certain intragroup transactions. Further temporary provisions were made in relation to these exemptions in Part 5 of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335) (“the 2019 Regulations“).

Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026

Laid before Parliament: 2 July 2026
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Section 1 of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) revoke Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (“the Capital Requirements Regulation”). Articles 81(1)(a)(iii), 82(a)(iii), 107(4), 114(7), 115(4) and 116(5) of the Capital Requirements Regulation enable the Treasury to determine that a third country applies prudential and supervisory requirements equivalent to those applied in the United Kingdom in relation to credit institutions and other types of firms. The revocation of articles 81(1)(a)(iii), 82(a)(iii), 107(4), 114(7), 115(4) and 116(5) comes into force on 1st January 2027 by virtue of the Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 (S.I. 2026/682 (C. 56)).

Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026

Laid before Parliament: 4 March 2026
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (“the Capital Requirements Regulation”) provides, among other things, for capital requirements relating to market risk. Some of these capital requirements were revoked by the Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376). Remaining provisions are revoked by section 1 of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29). This later revocation comes into force on 1st January 2027 by virtue of the Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 (S.I. 2026/45 (C. 5)).

Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026

Laid before Parliament: 4 March 2026
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Section 1 of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) revokes Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (“the Capital Requirements Regulation”). Article 4 of the Capital Requirements Regulation (“Article 4”) sets out definitions of key terms used in that Regulation and other legislation. The full revocation of Article 4 comes into force on 1st January 2027 by virtue of the Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 (S.I. 2026/174 (C. 17)).

Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025

Laid before Parliament: 20 October 2025
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Section 1 of the Financial Services and Markets Act 2023 (c. 29) revokes assimilated law referred to in Schedule 1 to that Act.

Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025

Laid before Parliament: 21 July 2025
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations implement provisions in the Agreement between the United Kingdom of Great Britain and Northern Ireland and the Swiss Confederation on Mutual Recognition in Financial Services done at Berne on 21st December 2023(52) (“the Agreement”).

Bank Recovery and Resolution (Amendment) Regulations 2025

Reference: 2025 No. 862
Laid before Parliament: 15 July 2025
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations amend the Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348) (“the 2014 Order”). They make certain changes to the provisions in the 2014 Order which relate to the requirement for the Bank of England (“the Bank”) to set a minimum requirement for own funds and eligible liabilities (“MREL”) for relevant financial institutions. MREL is a requirement set by the Bank for relevant institutions to maintain sufficient equity and subordinated debt to support the effective use of the Bank’s write-down and conversion powers under the Banking Act 2009 (c. 1) in the event that such an institution fails and it is necessary for the Bank to take resolution action.

Financial Services (Overseas Recognition Regime Designations) Regulations 2025

Laid before Parliament: 15 July 2025
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations make supplementary provision in relation to the Treasury’s powers under other legislation to designate the law and practice of another country or territory as equivalent to that of the United Kingdom in relation to an area of financial services and markets law and practice or where it is exercising powers specified in the Schedule to the Regulations. These Regulations restate with modifications the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541), which are revoked by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29).

Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment) Regulations 2025

Reference: 2025 No. 860
Laid before Parliament: 15 July 2025
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations amend regulations 27, 28 and 29 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701) (“MIFI Regs”). Regulations 27 and 28 of the MIFI Regs are amended by paragraphs 47 and 48 of Schedule 2 to the Financial Services and Markets Act 2023 (c. 29) and these Regulations will come into force immediately after both of these paragraphs come into force.

Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025

Laid before Parliament: 3 July 2025
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2000 Financial Services and Markets Act 2023
SI explanatory text These Regulations are made in connection with the revocation by section 1(1) of, and Part 3 of Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (“the Commission Delegated Regulation”).

Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025

Laid before Parliament: 9 June 2025
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Section 1 of the Financial Services and Markets Act 2023 (c. 29) revokes subordinate legislation in Part 2 of Schedule 1 to that Act, including the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894) (“the 2014 Capital Buffers Regulations”).

Capital Buffers and Macro-prudential Measures Regulations 2025

Reference: 2025 No. 653
Laid before Parliament: 5 June 2025
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Section 1 of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) (“the Act”) revoke the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894) (“the 2014 Regulations”). The revocation of the 2014 Regulations comes into force on 31st July 2025 by virtue of regulation 3 of the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025 (S.I. 2025/572 (C. 25)).

Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025

Laid before Parliament: 28 April 2025
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations amend regulation 51 of the Payment Services Regulations 2017 (“PSRs”) to impose new requirements on payment service providers (“PSPs”) in relation to the termination of framework contracts for payment services concluded for an indefinite period and entered into on or after 28th April 2026.

Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025

Laid before Parliament: 17 March 2025
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations amend the transitional provision in Article 89(1) of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“UK EMIR”) which exempt certain pension fund derivative contracts from the clearing obligation provided for in Article 4 of UK EMIR. They remove the time limit that previously applied to this exemption.

Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025

Reference: 2025 No. 93
Laid before Parliament: 30 January 2025
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Regulation 3 of these Regulations amends regulation 3(8) (appropriate regulator) of the DSS regulations to make further provision about who the appropriate regulator is in relation to certain ancillary FMI activities (as defined in regulation 3(6) of the DSS Regulations).

Short Selling Regulations 2024

Laid before Parliament: 11 November 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2000 Financial Services and Markets Act 2023
SI explanatory text These Regulations make provision about the short selling of shares and other financial instruments, and transactions which have a similar effect to a short sale. They replace Regulation (EU)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 to be revoked by section 1 of the Financial Services and Markets Act 2023 (c. 29) (“FSMA 2023”) once commenced). This instrument restates some provisions of Regulation (EU)236/2012 with modifications exercising powers in section 4 of the Financial Services and Markets Act 2023 (c. 29). These Regulations also make provision under powers in Part 5A of the Financial Services and Markets Act 2000 (c. 8) (“FSMA 2000”).

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

Reference: 2024 No. 1115
Laid before Parliament: 7 November 2024
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text 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.

Insurance and Reinsurance Undertakings (Overseas Insurance Regime, Transitional Provisions, etc.) Regulations 2024

Reference: 2024 No. 1116
Laid before Parliament: 7 November 2024
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations make a series of technical amendments to secondary legislation relating to the prudential regulation of insurance firms in the United Kingdom to ensure that it continues to function following implementation of the Solvency II reforms made by the Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 (S.I. 2023/1346), the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 (S.I. 2023/1347) and the Insurance and Reinsurance Undertakings (Prudential Requirements) (Transitional Provisions and Consequential Amendments) Regulations 2024 (S.I. 2024/594), and the revocation of assimilated law on 31st December 2024 made by the section 1 of and Schedule 1 to the Financial Services and Markets Act 2023 (“FSMA 2023”), as commenced by the Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 2024 (S.I. 2024/620) and the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 (S.I. 2024/1071).

Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024

Laid before Parliament: 31 October 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations add to the list of “relevant enactments” for the purposes of sections 13 to 17 of the Financial Services and Markets Act 2023 (c.29) (“the Act”). Under section 13 of the Act the Treasury may make regulations (an “FMI sandbox”) which may modify the effect or application of such relevant enactments for the purpose of testing the efficiency or effectiveness of new technologies or practices in the carrying on of financial markets infrastructure activities. The effect is to include new relevant enactments within the list at section 17(3) of the Act so that these enactments can be modified by future FMI sandboxes.

Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024

Laid before Parliament: 24 October 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2000 Financial Services and Markets Act 2023
SI explanatory text These Regulations replace references to Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (“Insurance Distribution Directive”) for or in connection with the purpose of making the law clearer or more accessible. All the relevant concepts are contained in domestic legislation and so references to the Insurance Distribution Directive are no longer required.

Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024

Laid before Parliament: 15 October 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations make amendments to the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (“CIS EU Exit Regulations”) (S.I. 2019/325), regarding temporary recognition for the purpose of Part 17 of the Financial Services and Markets Act (“FSMA”) 2000 (c. 8). These Regulations also amend the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the “CCP Regulations”).

Payment Services (Amendment) Regulations 2024

Reference: 2024 No. 1013
Laid before Parliament: 9 October 2024
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations amend provisions of the Payment Services Regulations 2017 which require payment service providers (PSPs) to execute payment transactions within maximum time limits (regulation 86). The amendments give a payer’s PSP the ability to delay the execution of certain payment orders where, within a specified time, the PSP establishes reasonable grounds to suspect the order has been made subsequent to fraud or dishonesty perpetrated by a third party (which may include the payee). The delay is to be used to enable the PSP to determine whether the order should be executed and must not exceed a specified time limit.

Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024

Laid before Parliament: 7 October 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations make transitional amendments to assimilated law repealed by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29), subject to commencement, relating to packaged retail and insurance-based investment products. The legislation being amended is:

Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024

Laid before Parliament: 7 October 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Regulations 2 and 3 make amendments to primary legislation that are consequential on the revocation by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) (“FSMA 2023”) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (“the Capital Requirements Regulation”). The amendments in regulations 2 and 3 are made under section 83 of FSMA 2023.

Securitisation (Amendment) (No. 2) Regulations 2024

Laid before Parliament: 7 October 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Regulation 12(3) of the Securitisation Regulations 2024 (S.I. 2024/102) (“the Securitisation Regulations”) defines a qualifying EU securitisation which may use the STS (simple, transparent and standardised) designation in the UK. Regulation 12(3)(b) of the Securitisation Regulations requires applicable securitisations to be notified to the European Securities and Markets Authority before the relevant time, stated in regulation 12(5) to be 11 p.m. on 31st December 2024. These Regulations amend regulation 12(5) of the Securitisation Regulations to extend this deadline to 11 p.m. on 30th June 2026.

Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024

Laid before Parliament: 20 May 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2000 Financial Services and Markets Act 2023
SI explanatory text Part 2 of these Regulations makes provision about the calculation of the risk margin, which is the amount of capital that insurance and reinsurance undertakings are required to hold to ensure that they are able to transfer their liabilities to another insurer if required. Part 2 restates Articles 37 (calculation of the risk margin) and 39 (cost-of-capital rate) of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing 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) (“Regulation 2015/35”). Articles 37 and 39 and other remaining provisions of Regulation 2015/35 are revoked by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) and the revocations will be brought into force on 31st December 2024 by the Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 2024 (S.I. 2024/620 (C.39)).

Insurance and Reinsurance Undertakings (Prudential Requirements) (Transitional Provisions and Consequential Amendments) Regulations 2024

Reference: 2024 No. 594
Laid before Parliament: 3 May 2024
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Regulation 42 of the Solvency 2 Regulations 2015 (S.I. 2015/575) (matching adjustment) and related legislation, including in particular regulation 4B of those Regulations (duty to publish technical information) and Articles 53 (calculation of the matching adjustment) and 54 (calculation of the fundamental spread) of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing 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), are revoked by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29). The revocations come into force on 30th June 2024, see the Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023 (S.I. 2023/1382).

Securitisation (Amendment) Regulations 2024

Laid before Parliament: 22 April 2024
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2000 Financial Services and Markets Act 2023
SI explanatory text These Regulations amend the Securitisation Regulations 2024 (S.I. 2024/102) and make amendments of other legislation in connection with those Regulations.

Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023

Reference: 2023 No. 1398
Laid before Parliament: 18 December 2023
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations, which are made under the Financial Services and Markets Act 2023 (c. 29) (“the Act”), provide for the testing of the use of developing technology in the carrying on of financial market infrastructure (“FMI”) activities. These provisions are referred to as a “digital securities sandbox” or “DSS”.

Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023

Reference: 2023 No. 1346
Laid before Parliament: 8 December 2023
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations amend Articles 37 (calculation of the risk margin), 39 (cost-of-capital rate) and 312 (deadlines for submitting supervisory reports) of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing 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) (“Regulation 2015/35”) and regulation 54 of the Solvency 2 Regulations 2015 (S.I. 2015/575) (transitional measures on technical provisions).

Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023

Reference: 2023 No. 1347
Laid before Parliament: 8 December 2023
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations, together with rules to be made by the Prudential Regulation Authority (“PRA”), restate some provisions of Articles 53 and 54 of Commission Delegated Regulation (EU) 2015/35 of 10th October 2014 supplementing 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) (“Regulation 2015/35”) and some provisions of regulations 4B and 42 of the Solvency 2 Regulations 2015 (S.I. 2015/575), in some cases with modifications. Those provisions of Regulation 2015/35 and the Solvency 2 Regulations 2015 are revoked by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) and the revocations are due to come into force on 30th June 2024. The draft PRA rules are available at www.bankofengland.co.uk/prudential-regulation/publication/2023/september/review-of-solvency-ii-reform-of-the-matching-adjustment and from the PRA at the address given below, and are also due to come into force on 30th June 2024.

Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023

Reference: 2023 No. 1273
Laid before Parliament: 28 November 2023
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services (Banking Reform) Act 2013 Financial Services and Markets Act 2000 Financial Services and Markets Act 2023
SI explanatory text These Regulations permit the FCA, the PRA and the Payment Systems Regulator to remunerate members of certain of their statutory panels and require specified statutory panels of the FCA and the PRA to make annual reports to the Treasury.

Data Reporting Services Regulations 2023

Laid before Parliament: 27 November 2023
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text 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).

Securitisation Regulations 2023

Laid before Parliament: 27 November 2023
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2000 Financial Services and Markets Act 2023
SI explanatory text These Regulations specify certain securitisation activities as “designated activities” for the purposes of the Financial Services and Markets Act 2000 (see Part 5A) (c. 8) and confer powers on the Financial Conduct Authority (“FCA”) to make rules and give directions in relation to these activities. The activities are acting as an originator, sponsor, original lender or securitisation special purpose entity in a securitisation and selling a securitisation position to a retail client in the United Kingdom.

Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Calculation of Maximum Amounts for Cash Calls and Use of Specified Funds) Regulations 2023

Reference: 2023 No. 1195
Laid before Parliament: 9 November 2023
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations make provision relating to the use by the Bank of England (“the Bank”) of cash call instruments, as provided for in paragraph 32 of Schedule 11 to the Financial Services and Markets Act 2023 (c. 29) (cash call power), in relation to the clearing members of a central counterparty (“CCP”) which is in resolution. The Bank’s cash call power enables the Bank to make cash call instruments requiring one or more clearing members of a CCP to pay an amount in cash to the CCP. The Bank can require any clearing member to make a payment under a cash call instrument, whether or not that clearing member caused or contributed to any loss incurred by the CCP. Under paragraph 32(3) of Schedule 11, the Treasury may make regulations containing provision for calculating the maximum cash amount that may be specified for the purposes of the cash call power, and to specify circumstances in which the Bank may require a CCP to use specified funds of specified clearing members to satisfy all or part of that member’s obligations under a cash call instrument.

Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Deferment of Provisions in Resolution Instruments) Regulations 2023

Reference: 2023 No. 1190
Laid before Parliament: 9 November 2023
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations concern certain instruments (“resolution instruments”) issued by the Bank of England (“the Bank”) when a central counterparty is failing or likely to fail (under the special resolution regime set out in Schedule 11 to the Financial Services and Markets Act 2023 (c. 29) (“the 2023 Act”) (central counterparties)). “Resolution instruments” are defined in paragraph 79 of that Schedule (resolution instruments: effect and supplementary matters) and are the means by which some of the Bank’s powers under the special resolution regime are exercised. These Regulations make provision for and in connection with the suspension or waiver of provisions made under resolution instruments.

Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023

Laid before Parliament: 7 November 2023
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text This Order amends the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (S.I. 2005/1529) (“the Financial Promotion Order”), the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (S.I. 2001/1060) (“the CIS Order”) and the Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023 (S.I. 2023/966) (“the Financial Promotion Gateway Exemptions Regulations”).

Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023

Laid before Parliament: 7 November 2023
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Regulation 2 of these Regulations amends Article 384 of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, which requires certain financial institutions to calculate a particular type of capital requirements in accordance with a specific formula. Article 384(1) defines the total counterparty credit risk exposure value (“EADi total”) for the purposes of that formula. Regulation 2 amends the definition of EADi total by inserting a discount factor which reduces the amount of capital that small and medium-sized firms are required to hold for their derivative activities under Regulation (EU) No. 575/2013.

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

Laid before Parliament: 7 November 2023
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text Section 1 of the Financial Services and Markets Act 2023 (c. 29) (“the Act”) revokes (or, where appropriate, repeals) retained EU law which is referred to in Schedule 1 to the Act.

Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023

Laid before Parliament: 16 October 2023
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Banking Act 2009 Financial Services and Markets Act 2023
SI explanatory text These Regulations restrict the making of certain instruments where stabilisation powers are exercised under Schedule 11 (central counterparties) of the Financial Services and Markets Act 2023 (c. 29). Schedule 11 (“the Schedule”) makes provision establishing a special resolution regime for central counterparties (“CCPs”). It provides the Bank of England with stabilisation powers to exercise various stabilisation options where a CCP has encountered, or is likely to encounter, financial difficulties, as set out in paragraph 1 of the Schedule. This includes the power to make property transfer instruments, and write-down instruments.

Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023

Laid before Parliament: 16 October 2023
Procedure: Draft affirmative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations apply certain provisions of the Companies Act 2006 (c. 46) (“the 2006 Act”) and related legislation with modifications, and make consequential amendments to primary and secondary legislation, in relation to the introduction of a new special resolution regime for central counterparties (“CCPs”) in Schedule 11 (central counterparties) to the Financial Services Act 2023 (c. 29) (“the CCP Schedule”). This replaces the current special resolution regime in Part 1 of the Banking Act 2009 (c. 1) (“the BA09 regime”).

Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023

Reference: 2023 No. 790
Laid before Parliament: 12 July 2023
Procedure: Made negative
Parliament Page Legislation Text
Enabling Acts
Financial Services and Markets Act 2023
SI explanatory text These Regulations amend the Electronic Money Regulations 2011 (“the 2011 Regulations”) and the Payment Services Regulations 2017 (“the 2017 Regulations”) to remove a limitation on the FCA’s power to make rules in relation to authorised electronic money institutions, small electronic money institutions, authorised payment institutions, small payment institutions, and registered account information service providers.