Mansion House: FSMA 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 made

The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 have been made. The Regulations serve to implement legislative changes required in relation to the Mansion House reforms announced in relation to the UK overseas recognition regime (UK ORR), the UK Capital Requirements Regulation (UK CRR), and sustainable finance. The regulations will revoke on 28 November legislative provisions relevant to the framework for determining equivalence as on-shored post-Brexit, in alignment with the date on which the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 are expected to come into force – a key step in establishing the UK's regime for providing "recognition" of a regulatory regime in an overseas jurisdiction. On UK CRR, the regulations revoke parts of the UK CRR, in respect of which significant prudential and resolution-related reforms were announced this week, with the relevant provisions coming into force on 1 January 2026. As well as the specific revocations in relation to the UK ORR, the UK CRR and sustainable finance, the regulations include savings provisions to preserve certain directions, decisions, applications and permissions under the current regimes, to ensure they continue to have effect once the revocation provisions have come into force.

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