The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 published

The Financial Services and Markets Act 2023 (Commencement No.11 and Saving Provisions) Regulations 2025 were made and have been published. These Regulations are the eleventh commencement regulations made under the Financial Services and Markets Act 2023 (FSMA 2023). The Regulations continue the process of revoking certain pieces of retained EU law relating to financial services and restating them into UK domestic law, including through regulator-made rules. You may like to read our article "A boost for UK Financial Services" for further information.

In particular, these Regulations revoke the following:

• The UK MiFID Organisational Regulation (UK Commission Delegated Regulation (EU) 2017/565, otherwise known as the UK MiFID Org Regulation), on 23 October.
• The UK Prospectus Regulation ((EU) 2017/1129), on 19 January 2026.
• The UK PRIIPs Regulation (1286/2014), on 6 April 2026.

In addition, the Regulations make partial amendments and revocations to the UK Markets in Financial Instruments Regulation (600/2014) (UK MiFIR) and related legislation.

The Regulations also make transitional and savings provisions in relation to the following:

• The UK MiFID Org Regulation, ensuring that the revocation of the UK MiFID Org Regulation does not apply in relation to PISCES operators under the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (S.I. 2025/583) until the earlier of 5 June 2030 or the date on which any FCA rules applicable to PISCES operators that replace the UK MiFID Org Regulation enter into force.
• The UK Prospectus Regulation and other related legislation, including where, before 19 January 2026, an offer of transferable securities to the public is first made, a request for the admission of transferable securities to trading on a regulated market is made, a prospectus is approved by the FCA or a reference is made to the Upper Tribunal in respect of a decision to refuse the approval of a prospectus before that date.

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