The Ninth Commencement Regulations–the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025–under the Financial Services and Markets Act 2023 (FSMA 2023) were made and have been published. The Ninth Commencement Regulations continue the process provided for in FSMA 2023 of revoking laws relating to financial services which were derived from EU law and replacing them, for the most part, with regulators rules. For more information see our briefing on FSMA 2023. In particular, these regulations make the following changes, among others:
- Revoke UK Commission Delegated Regulation (EU) 2017/58, which contains regulatory technical standards (RTS) supplementing the UK Markets in Financial Instruments Regulation (600/2014) (UK MiFIR) relating to transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives.
- Revoke the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (SI 2014/894) (Capital Buffers Regulations). In September 2024, HM Treasury published a draft version of a statutory instrument restating the Capital Buffers Regulations.
The revocations came into force on 14 May, except in respect of the Capital Buffers Regulations, which will be revoked on 31 July.
[View source.]
