Financial Services and Markets Act 2023 (Commencement No 8) Regulations 2024 Published

The U.K. Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 have been made. The Regulations revoke certain pieces of EU law retained in the U.K. post-Brexit as well as bringing into force amendments made by the Financial Services and Markets Act 2023 to other such assimilated law. The regulations also bring into force amendments to FSMA 2000 made by FSMA 2023 giving HM Treasury the power to make regulations about unauthorized co-ownership alternative investment funds.

Revocations include: (i) removing LIBOR as a critical benchmark for the purpose of the U.K. Benchmark Regulations effective October 29, 2024; and (ii) revoking assimilated law versions of Commission Implementing Regulations (EU) 2018/33 and 2018/34 on October 29, 2024, which contain Implementing Technical Standards on the standardized presentation format of the statement of fees and the fee information document and their common symbol. These ITS supplement parts of the Payment Accounts Regulations 2015 that were revoked on January 1, 2024.

The Regulations also bring into force amendments to the U.K. Markets in Financial Instruments Regulation set out in Schedule 2 of FSMA 2023 at various dates: (a) regulation 2 brings into force on October 29, 2024 amendments to Article 50C of U.K. MiFIR giving the U.K. Financial Conduct Authority the power to suspend waivers under U.K. MiFIR; (b) regulation 3 brings into force on October 29, 2024 amendments to U.K. MiFIR to give the FCA the power to make rules relating to pre- and post-trade transparency requirements for fixed income instruments and derivatives and systematic internalizers and to give the FCA the power to make rules relating to position limits and position managements; and (c) regulations 4 to 9 bring into force various other amendments to MiFIR on December 1, 2024, December 31, 2024, March 31, 2025, June 30, 2025, December 1, 2025 and July 6, 2026. The explanatory note to the Regulations states that the effects of these changes include amendments to U.K. MiFIR removing the requirements for trading venues, approved publication arrangements and consolidated tape providers to provide information for determining whether an investment firm is a systematic internalizer and replaces the FCA's duty to impose position limits in respect of specified commodity derivatives with a power to do the same.

Return to main website.