The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 have been published, with an accompanying explanatory memorandum. Regulations 3 to 7 make consequential amendments in connection with the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024, which bring into force several paragraphs of Schedule 2 to FSMA 2023, granting the Financial Conduct Authority the power to make rules in relation to pre- and post-trade transparency obligations and systematic internalisers.
Consequential amendments are needed to other financial services legislation to ensure that it reflects, or is consistent with, certain of those revocations and transitional amendments that take effect under the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2023. Specifically:
- Regulation 3 amends Article 22 of the U.K. Markets in Financial Instruments Regulation.
- Regulation 4 amends the Bank Recovery and Resolution (No 2) Order 2014.
- Regulation 5 amends the U.K. version of Commission Delegated Regulation (EU) 2017/567, supplementing MiFIR.
- Regulation 6 amends the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017.
- Regulation 7 amends the Data Reporting Services Regulations 2024.
Regulation 5(5) comes into force on June 30, 2025. Regulation 4 comes into force on December 1, 2025. The remaining Regulations will come into force on December 1, 2024.
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