(See end of Document for details) View outstanding changes Bank of England regulatory powers 48 Exercise of FMI regulatory powers After section 30C of the Bank of England Act 1998 insert— 30D Exercise of functions relating to CCPs and CSDs (1) In exercising its FMI functions in a way that advances the Financial Stability Objective (and subject to that), the Bank must have regard to— (a) the regulatory principles in section 30E; (b) the effects generally that the exercise of FMI functions will or may have on the financial stability of countries or territories (other than the United Kingdom) in which FMI entities are established or provide (c) the desirability of exercising FMI functions in a manner that is not determined by whether the persons to whom FMI services are provided are located in the United Kingdom or elsewhere. (2) In exercising its FMI functions in a way that advances the Financial Stability Objective the Bank must, so far as reasonably possible, act in a way which, as a secondary objective, facilitates innovation in the provision of FMI services (including in the infrastructure used for that purpose) with a view to improving the quality, efficiency and economy of the services. (3) For the purposes of this Part the Bank’s “FMI functions” are the following functions so far as exercisable in relation to FMI entities— (a) its function of making rules under FSMA 2000 (considered as a (b) its function of making technical standards in accordance with Chapter (c) its function of preparing and issuing codes under FSMA 2000 (d) its function of determining the general policy and principles by reference to which it performs particular functions under FSMA 2000. (a) a recognised central counterparty within the meaning of Part 18 of FSMA 2000 (see section 285(1)(b)(i) of that Act), (b) a recognised CSD as defined by section 285(1)(e) of FSMA (c) a third country central counterparty as defined by section 285(1) (d) a third country CSD as defined by section 285(1)(g) of FSMA

Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes “FMI services” means services provided by FMI entities as part of their business as FMI entities; “FSMA 2000” means the Financial Services and Markets Act 2000. (1) These are the regulatory principles referred to in section 30D(1)(a)— (a) the need to use the resources of the Bank in the most efficient and (b) the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction; (c) the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with section 1 of the Climate Change Act 2008 (UK net zero emissions target) and section 5 of the Environment Act 2021 (environmental targets) where the Bank considers the exercise of its FMI functions to be relevant to the making of such a contribution; (d) the general principle that consumers should take responsibility for (e) the responsibilities of the senior management of FMI entities subject to requirements imposed by or under FSMA 2000, including those affecting consumers, in relation to compliance with those (f) the desirability where appropriate of the Bank exercising its FMI functions in a way that recognises differences in the nature of, and objectives of, businesses carried on by different persons; (g) the desirability in appropriate cases of the Bank publishing information relating to persons on whom requirements are imposed as a result of the exercise of the Bank’s FMI functions, or requiring such persons to publish information, as a means of contributing to the advancement by the Bank of its Financial Stability Objective and its objective under section 30D(2); (h) the principle that the Bank should exercise its FMI functions as (i) the desirability of facilitating fair and reasonable access to FMI (2) For the purposes of subsection (1) “consumer” has the same meaning as in section 3B of FSMA 2000 (and for these purposes includes in particular persons who receive FMI services). 30F Financial Market Infrastructure Committee (1) There is to be a committee of the Bank known as the Financial Market Infrastructure Committee (the “FMI Committee”). (2) The FMI Committee is to consist of— (a) a chair appointed by the Bank;

78 Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (b) at least three independent members appointed by the Bank; (c) such other members as may be appointed from time to time by the (3) The person appointed as chair under subsection (2)(a) must be the Governor, or a Deputy Governor, of the Bank.
(4) A person is an independent member for the purposes of subsection (2)(b) if the person is an officer, employee or agent of the Bank— (a) as a result only of their membership of one or more of the Bank’s (b) is appointed as an independent member to the FMI Committee with (5) For the purposes of subsection (4)(a)— (a) the Bank’s committees are— (ii) the Financial Policy Committee, (iii) the Monetary Policy Committee, and (iv) the Prudential Regulation Committee; (b) the reference to a person who is an officer, employee or agent of the Bank as result of their membership of one or more of those committees includes a reference to a person who becomes such an officer, employee or agent as a result of their appointment to the FMI (6) Before appointing a person under subsection (2)(b) the Bank must— (a) be satisfied that the person has knowledge or experience which is likely to be relevant to the FMI Committee’s functions, and (b) consider whether the person has any financial or other interests that could substantially affect the functions as member that it would be proper for the person to discharge. 30G Functions of the Financial Market Infrastructure Committee (1) The following functions of the Bank are to be exercised by the Bank acting through the FMI Committee (and, except as authorised by this section, are not to be exercised in any other way)— (b) such other functions of the Bank as the court of directors may specify as functions that are to be discharged by the FMI Committee. (2) The FMI Committee may arrange for such of its functions as it thinks fit to be carried out only by, or after consultation with, the Governor of the Bank. (3) Except as provided by subsection (4), the FMI Committee may delegate such of its functions as it thinks fit to— (a) a member of the FMI Committee; (b) a sub-committee of the FMI Committee consisting of members of the FMI Committee or one or more such members and one or more officers, employees or agents of the Bank; (c) an officer, employee or agent of the Bank;

Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (d) a committee consisting of officers, employees or agents of the Bank. (4) The FMI Committee may not delegate under subsection (3) its FMI functions under FSMA 2000 of making rules or technical standards (but this does not prevent arrangements under subsection (2) being made in respect of such (1) The Bank must publish a statement setting out the following matters in respect (a) the number of members and whether each such member is a Bank member or an independent member; (b) if the Committee includes any Bank members, the role of each such (c) arrangements for meetings and how proceedings at meetings are (d) arrangements for the taking of decisions otherwise than at meetings; (e) arrangements for any functions to be carried out by, or after consultation with, the Governor of the Bank (including details of the functions to which such arrangements relate); (f) arrangements for the delegation of functions. (2) If there is a material change in any of the matters contained in the statement the Bank must publish an updated statement. (3) Publication under this section is to be made in such manner as the Bank considers best designed to bring the statement to the attention of the public. (4) For the purposes of subsection (1)— (a) a person is an independent member if they are appointed in accordance with section 30F(2)(b) and (4); (b) a person is a Bank member if they are an officer or employee of the Bank who is not appointed as mentioned in paragraph (a). 30I Recommendations by Treasury (1) The Treasury may at any time by notice in writing to the FMI Committee make recommendations about aspects of the economic policy of His Majesty’s Government to which the Bank should have regard— (a) when considering how to advance the Financial Stability Objective and the objective under section 30D(2), and (b) when considering the application of the regulatory principles set out (2) The Treasury must make recommendations under subsection (1) at least once (a) publish in such manner as they think fit any notice given under (b) lay a copy of it before Parliament. 80 Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (4) The FMI Committee must respond to each recommendation made under subsection (1) by notifying the Treasury in writing of— (a) action that the Bank has taken or intends to take in accordance with (b) the reasons why the Bank has not acted or does not intend to act in accordance with the recommendation.
(5) The notice under subsection (4) must be given before the end of 12 months beginning with the date the notice containing the recommendation was given (6) Where the FMI Committee has given notice under subsection (4) in relation to a recommendation, it must by notice in writing update the Treasury on the matters mentioned in subsection (4)(a) and (b) before the end of each subsequent period of 12 months. (7) Subsection (6) does not apply if the Treasury have notified the FMI Committee in writing that no update (or further update) is required. (8) The FMI Committee is not required under subsection (4) or (6) to provide any information whose publication would in the opinion of the Committee be I121 S. 48 not in force at Royal Assent, see s. 86(3) I122 S. 48 in force at 1.1.2024 at 1.00 a.m. for specified purposes by S.I. 2023/1382, reg. 10(d) I123 S. 48 in force at 1.1.2025 for specified purposes by S.I. 2023/1382, reg. 12(b) (with reg. 16(1)) I124 S. 48 in force at 1.2.2025 for specified purposes by S.I. 2023/1382, reg. 13 49 Bank of rule-making powers (1) FSMA 2000 is amended as follows. (2) After section 300H (inserted by section 11) insert— 300I Duty of Bank of England to review rules (1) The Bank of England must keep under review generally any rules made by (2) Subsection (1) does not apply to rules made for the purpose of complying with a recommendation of the Financial Policy Committee of the Bank of England under section 9O of the Bank of England Act 1998 (making of recommendations within the Bank). 300J Statement of policy relating to review of rules (1) The Bank of England must prepare and publish a statement of policy with respect to its review of rules under section 300I. Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (2) The statement must provide information about— (a) how representations (including by a statutory panel) can be made to the Bank with respect to its review of rules under section 300I, and (b) the arrangements to ensure that those representations are considered. (3) In this section “statutory panel” has the meaning given by section 1RB(5). (4) If a statement published under this section is altered or replaced, the Bank must publish the altered or replaced statement. (5) A statement prepared under this section must be published by the Bank in the way appearing to the Bank to be best designed to bring it to the attention of 300K Requirement to review specified rules (1) The Treasury may by direction require the Bank of England to carry out a review of specified rules made by the Bank under this Act if— (a) the rules have been in force for at least 12 months, (b) the Treasury consider that it is in the public interest that the rules are (c) it does not appear to the Treasury that— (i) the Bank is carrying out, or plans to carry out, a review of (ii) if the Bank proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective (2) Subsection (1) only applies to rules falling within section 300I(1). (3) The Treasury must consult the Bank before giving a direction under (4) In exercising the power under this section, the Treasury must have regard to the desirability of minimising any adverse effect that the carrying out of the review may have on the exercise by the Bank of any of its other functions. (5) A direction under subsection (1) may— (a) specify the period within which a review must be carried out; (b) determine the scope and conduct of a review; (c) require the provision of interim reports during the carrying out of a (6) Provision made in a direction under subsection (5)(b) may include a (a) for a review to be carried out by a person appointed by the Bank who (b) for any such appointment to be made only with the approval of the (7) As soon as practicable after giving a direction under subsection (1) the (a) lay before Parliament a copy of the direction, and

82 Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (b) publish the direction in such manner as the Treasury think fit. (8) Subsection (7) does not apply where the Treasury consider that publication of the direction would be against the public interest. (9) A direction under subsection (1) may be varied or revoked by the giving of 300L Report on certain reviews (1) This section applies where the Treasury have given a direction to the Bank of England under section 300K to carry out a review.
(2) The Bank must make a written report to the Treasury as to the opinion of the Bank in relation to the following matters— (a) whether the rules under review advance— (i) the Bank’s Financial Stability Objective, and (ii) the Bank’s secondary innovation objective (see section 30D(2) of the Bank of England Act 1998); (b) whether and to what extent the rules are functioning effectively and achieving their intended purpose; (c) whether any amendments need to be made to the rules and, if so, what (d) whether any rules should be revoked (with or without replacement); (e) whether any other action should be taken and, if so, what that action (3) As soon as practicable after receiving the report the Treasury must— (a) lay before Parliament a copy of the report, and (b) publish the report in such manner as the Treasury think fit. (4) When complying with subsection (3) the Treasury may withhold material from the report if the Treasury consider that publication of the material would be against the public interest. 300M Power of Treasury to require making of rules by regulations (1) The Treasury may by regulations require the Bank of England to exercise a power under this Act to make rules in relation to a specified activity or a specified description of person. (2) Regulations under this section may— (a) specify matters that the rules must cover; (b) specify a period within which the rules must be made. (3) But except so far as permitted by subsection (2), regulations under this section may not require rules to be made— (a) in a specified form or with specified content, or (b) to achieve or advance a specified outcome. (4) If no period is specified under subsection (2)(b) the rules must be made as soon as reasonably practicable after the coming into force of the regulations.”

Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (3) In section 429 (Parliamentary control of statutory instruments), in subsection (2), in the list of sections beginning with “90B” insert at the appropriate place “300M,”. I125 S. 49 not in force at Royal Assent, see s. 86(3) I126 S. 49 in force at 1.1.2024 at 1.00 a.m. by S.I. 2023/1382, reg. 10(e) 50 Application of FSMA 2000 to FMI functions (1) FSMA 2000 is amended as follows. (2) In section 285A (powers exercisable in relation to recognised bodies)— (a) in the title at the end insert “etc”; (b) in subsection (3), at the end of paragraph (b) insert “or as a consequence of conferring other FMI functions on the Bank”. (3) In section 313(1) (interpretation of Part 18), insert at the appropriate place— ““FMI functions”, in relation to the Bank of England, has the meaning given by section 30D(3) of the Bank of England Act 1998;”. (4) Schedule 17A to FSMA 2000 (further provision in relation to exercise of Bank of England functions under Part 18 of that Act) is amended as follows. (5) In the title to the Schedule, after “functions” insert “, or other FMI functions,”. 9A (1) Section 1RB (requirements in connection with public consultations) applies in relation to the Bank but as if, in subsection (4), after “proposals” there were inserted “in connection with the carrying on by the Bank of (2) For this purpose, paragraph 9(2)(a) does not apply so far as relating to the following references in section 1RB— (a) in subsection (2), the reference after “statutory panels of” to the (b) in subsection (5)(a), the reference to the FCA; (c) in subsection (5)(b), the reference to the PRA.” (a) in sub-paragraph (1)(b), for the words from “subsection (4)(b)” to the end substitute “subsection (5) of section 138A, subsection (4) of section 138B, and, apart from in relation to rules made under section 300F, subsection (4) (b) after sub-paragraph (1)(b) insert— “(ba) section 138BA (disapplication or modification of rules in (c) in sub-paragraph (1)(d) for “subsection (2)” substitute “subsections (2) and (3), and any references to those subsections”;

84 Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (d) after sub-paragraph (1)(e) insert— “(ea) section 138EA (matters to consider when making (e) at the end of sub-paragraph (1)(f) insert “but with the omission of subsections (f) at the end of sub-paragraph (1)(i) omit “and”; (g) after sub-paragraph (1)(i) insert— “(ia) section 138JA(2), (3) (4), (10) and (11) (duties in relation to PRA Cost Benefit Analysis Panel); (ib) section 138JB (statement of policy in relation to cost benefit (h) after sub-paragraph (1)(j) insert— “(k) section 141A (power to make consequential amendments of (l) section 141B (power to consequentially amend (i) in sub-paragraph (2) at the end insert “or other persons in respect of whom (j) after sub-paragraph (2) insert— “(2A) Section 137T has effect as if, in paragraph (b), for “the other regulator” there were substituted “the FCA or the PRA”.
(2B) Section 138A has effect as if the reference in subsection (4)(b) to any of the regulator’s objectives were a reference to the Bank’s Financial Stability Objective. (2C) Section 138BA has effect as if subsection (3)(b) and (c) were (2D) Section 138EA(5) has effect as if, for paragraphs (a) and (b), there were substituted “complying with a recommendation of the Financial Policy Committee of the Bank of England under section 9O of the Bank of England Act 1998 (making of recommendations within the Bank).”; (k) after sub-paragraph (3) insert— “(3A) Section 138J(8A) has effect as if, in paragraph (a), for sub- paragraphs (i) and (ii) there were substituted “be prejudicial to advancing the Financial Stability Objective, or”. (8) After paragraph 12 insert— (1) Section 166A applies in relation to rules made by the Bank under (2) For this purpose any reference in section 166A to an authorised person is to be read as a reference to a relevant FMI entity (as defined by paragraph (a) in paragraph (a) omit “an offence under section 398(1) or”;

Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (b) for paragraph (g) substitute— “(g) a person may be guilty of an offence under section 398(1), as applied by paragraph 30 of this Schedule;”. (10) In paragraph 29 before “192L,” insert “55X(2) or (4),”. (11) After paragraph 31 insert— 31A (1) The following provisions of Part 28 of this Act apply in relation to the exercise by the Bank of its FMI functions with the modifications in sub- (a) section 409A (consultation in relation to deference decisions), (b) section 409B (notification in relation to international trade (2) Section 409A applies as if— (a) in subsection (4), in paragraph (b), for the words after “proposes to” to the end there were substituted “exercise any of its other (b) in subsection (6)(a), the reference to the duty imposed by section 138J were a reference to that duty as it applies in relation to the Bank under paragraph 10(1) of this Schedule; (c) in subsection (9), for paragraphs (a) to (f) there were substituted “in order to comply with a recommendation of the Financial Policy Committee of the Bank of England under section 9O of the Bank of England Act 1998 (making of recommendations within (d) subsections (7) and (10) were omitted. (3) Section 409B applies as if— (a) in subsection (4), in paragraph (b), for the words after “proposes to” to the end there were substituted “exercise any of its other (b) in subsection (5)(a), the reference to the duty imposed by section 138J were a reference to that duty as it applies in relation to the Bank under paragraph 10(1) of this Schedule; (c) in subsection (8), for paragraphs (a) to (c) there were substituted “in order to comply with a recommendation of the Financial Policy Committee of the Bank of England under section 9O of the Bank of England Act 1998 (making of recommendations within (d) subsections (6) and (9) were omitted.” (12) In paragraph 33(a), for “(f)” substitute “[F17(fb)]” and in the substituted paragraph (b) (a) for “financial stability objective has been met” substitute “Financial Stability Objective and its objective under section 30D(2) of the Bank of England Act

86 Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes “(c) the efforts it has made to engage with persons (other than those mentioned in paragraph (a)) appearing to the Bank to have an interest in the discharge of those functions, and (d) the results of that engagement,”. (13) In paragraph 33(b), for “sub-paragraph (3)” substitute “sub-paragraphs (1A), (1B), (3) (14) After paragraph 33 insert— 33A Paragraph 21A of Schedule 1ZB (other reports by PRA) applies in relation (a) the reference in sub-paragraph (1)(a) to paragraphs (a) to (f) of paragraph 19(1) were a reference to those paragraphs as substituted in relation to the Bank under paragraph 33 of this (b) the reference in sub-paragraph (1)(b) to such other matters were a references to such other matters so far as relating to the exercise (c) the reference in sub-paragraph (5)(b) to section 348 were a reference to that section as it applies in relation to the Bank under paragraph 23 of this Schedule.
Engagement with Parliamentary Committees 33B (1) Paragraph 36 of Schedule 1ZB (PRA engagement with Parliamentary Committees) applies in relation to the Bank, but as if— (a) in sub-paragraph (2)(a), the reference to section 138J were a reference to that section as it applies in relation to the Bank under paragraph 10(1) of this Schedule; (b) in sub-paragraph (2)(b), the reference to a proposal were to a proposal so far as relating to the exercise of the Bank’s FMI (c) in sub-paragraph (2)(c), the reference to general functions were a reference to the Bank’s FMI functions; (d) in sub-paragraph (4)(a), the reference to the PRA’s objectives were a reference to the Financial Stability Objective and the Bank’s secondary innovation objective (see section 30D(2) of the (e) in sub-paragraph (4)(b), the reference to section 3B were a reference to section 30E of the Bank of England Act 1998; (f) in sub-paragraph (4)(c), the reference to section 138EA were a reference to that section as it applies in relation to the Bank under paragraph 10(1) of this Schedule; (g) in sub-paragraph (5A)(b)(ii) and (c)(ii), the references to the PRA being notified were references to the Bank being notified. (2) Paragraph 37 of Schedule 1ZB applies in relation to the Bank, but as if, in sub-paragraph (2), after “the draft of any proposals” there were inserted “so far as relating to the exercise by the Bank of its FMI functions”.”

Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes F17 Word in s. 50(12) substituted (1.1.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 5 I127 S. 50 not in force at Royal Assent, see s. 86(3) I128 S. 50 in force at 1.1.2024 at 1.00 a.m. for specified purposes by S.I. 2023/1382, reg. 10(f) I129 S. 50 in force at 1.8.2024 in so far as not already in force by S.I. 2023/1382, reg. 11(b) Schedule 7 makes provision corresponding or similar to provision made by preceding provisions of this Chapter relating to the accountability of the Payment Systems I130 S. 51 not in force at Royal Assent, see s. 86(3) I131 S. 51 in force at 29.8.2023 for specified purposes by S.I. 2023/779, reg. 4(ll) I132 S. 51 in force at 1.3.2024 for specified purposes by S.I. 2024/250, reg. 2(a) I133 S. 51 in force at 1.8.2024 for specified purposes by S.I. 2024/250, reg. 3(a) I134 S. 51 in force at 1.1.2025 for specified purposes by S.I. 2023/1382, reg. 12(c) (with reg. 16(2)) I135 S. 51 in force at 1.1.2025 in so far as not already in force by S.I. 2024/250, reg. 4(a) 52 Chair of the Payment Systems Regulator as member of FCA Board (1) FSMA 2000 is amended as follows. (2) In section 417(1) (definitions), at the appropriate place insert— ““the Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013;”. (3) Schedule 1ZA (FCA: constitution etc) is amended as follows. (a) in sub-paragraph (2), after paragraph (c) insert— “(ca) the Chair of the Payment Systems Regulator,”; (b) in sub-paragraph (3), after “(c)” insert “, (ca)”. (a) in sub-paragraph (6) after “PRA” insert “or of the Payment Systems (b) in sub-paragraph (7) for “the Bank’s Deputy Governor for prudential regulation” substitute “a person holding an office mentioned in paragraph 2(2) (6) In paragraph 5(a) for “or (c)” substitute “, (c) or (ca)”. 88 Financial Services and Markets Act 2023 (c. 29) PART 3B – Central counterparties and central securities depositories CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes “6A (1) The Chair of the Payment Systems Regulator must not take part in any discussion by or decision of the FCA which relates to— (a) the exercise of the FCA’s functions in relation to a particular (b) a decision not to exercise those functions. (2) Sub-paragraph (1) does not apply at any time when the person who is the Chair of the Payment Systems Regulator also holds the office mentioned I136 S. 52 in force at 29.8.2023, see s. 86(2)(b) (1) In section 138I of FSMA 2000 (consultation by the FCA), after subsection (4) insert— “(4A) The FCA must include, in the account mentioned in subsection (4), a list of the respondents who made the representations, where those respondents have consented to the publication of their names. (4B) The duty in subsection (4A) is not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but the duty is to be taken into account in determining whether particular processing of data would contravene that legislation).
(4C) For the purposes of this section, the exemption relating to functions conferred on the FCA mentioned in paragraph 11 of Schedule 2 to the Data Protection Act 2018 (exemption from application of listed GDPR provisions) does not (4D) Where representations are made to the FCA by a Committee of the House of Commons or the House of Lords or a Joint Committee of both Houses in accordance with subsection (2)(e), the FCA’s account mentioned in subsection (4) must also describe how the FCA has considered the representations made by that Committee in making the proposed rules.” (2) In section 138J of FSMA 2000 (consultation by the PRA), after subsection (4) insert— “(4A) The PRA must include, in the account mentioned in subsection (4), a list of the respondents who made the representations, where those respondents have consented to the publication of their names. (4B) The duty in subsection (4A) is not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but the duty is to be taken into account in determining whether particular processing of data would contravene that legislation). Financial Services and Markets Act 2023 (c. 29) CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (4C) For the purposes of this section, the exemption relating to functions conferred on the PRA mentioned in paragraph 9 of Schedule 2 to the Data Protection Act 2018 (exemption from application of listed GDPR provisions) does not apply. (4D) Where representations are made to the PRA by a Committee of the House of Commons or the House of Lords or a Joint Committee of both Houses in accordance with subsection (2)(e), the PRA’s account mentioned in subsection (4) must also describe how the PRA has considered the representations made by that Committee in making the proposed rules.” (3) In section 104 of the Financial Services (Banking Reform) Act 2013 (consultation requirements), after subsection (5) insert— “(5A) The Payment Systems Regulator must include, in the account mentioned in subsection (5), a list of the respondents who made the representations, where those respondents have consented to the publication of their names. (5B) The duty in subsection (5A) is not to be read as authorising or requiring such processing of personal data as would contravene the data protection legislation (but the duty is to be taken into account in determining whether particular processing of data would contravene that legislation). (5C) In this section “data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act). (5D) Where representations are made to the Payment Systems Regulator by a Committee of the House of Commons or the House of Lords or a Joint Committee of both Houses in accordance with subsection (3)(d), the Payment Systems Regulator’s account mentioned in subsection (5) must also describe how the Payment Systems Regulator has considered the representations made by that Committee in making the proposed requirement.” I137 S. 53 not in force at Royal Assent, see s. 86(3) I138 S. 53 in force at 29.8.2023 by S.I. 2023/779, reg. 4(mm) Schedule 8 makes provision about the provision of cash deposit and withdrawal services in the United Kingdom or a part of the United Kingdom. I139 S. 54 in force at 29.8.2023, see s. 86(2)(c)

90 Financial Services and Markets Act 2023 (c. 29) PART 3 – Performance of functions relating to financial market infrastructure CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 55 Wholesale cash distribution Schedule 9 makes provision about persons involved in wholesale cash distribution (as that term is defined in the Schedule). I140 S. 55 in force at 29.8.2023, see s. 86(2)(d) 56 Recognised senior managers and certification Schedule 10 amends FSMA 2000 to make provision about the performance, by senior managers and others, of functions in relation to activities carried on by recognised bodies (within the meaning of Part 18 of that Act) of types specified by the Treasury. I141 S. 56 in force at Royal Assent for specified purposes, see s. 86(1)(e) 57 Central counterparties in financial difficulties Schedule 11 makes provision for a special resolution regime for central counterparties where all or part of its business has encountered, or is likely to encounter, financial I142 S. 57 not in force at Royal Assent, see s. 86(3) I143 S. 57 in force at 29.8.2023 for specified purposes by S.I. 2023/779, reg. 4(nn) I144 S. 57 in force at 31.12.2023 in so far as not already in force by S.I. 2023/1382, reg. 8(a)

Financial Services and Markets Act 2023 (c. 29) PART 5 – Insurers in financial difficulties CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(See end of Document for details) View outstanding changes 58 Insurers in financial difficulties (1) Schedule 12 makes provision about the powers of the court in relation to liabilities of an insurer that is, or is likely to become, unable to pay its debts (an order made in exercise of these powers is a “write-down order”). (2) Schedule 13 makes provision about the enforcement of contracts to which an insurer is a party, where the insurer is subject to a write-down order or to certain insolvency I145 S. 58 in force at 29.8.2023, see s. 86(2)(e) 59 Application of provisions to regulatory functions under this Act (1) FSMA 2000 is amended as follows. (2) In section 1A (the FCA), in subsection (6) after paragraph (czb) insert— “(czc) the Financial Services and Markets Act 2023,”. (3) In section 2AB (functions of the PRA), in subsection (3) after paragraph (c) insert— “(ca) the Financial Services and Markets Act 2023,”. I146 S. 59 not in force at Royal Assent, see s. 86(3) I147 S. 59 in force at 29.8.2023 by S.I. 2023/779, reg. 4(oo) 60 Formerly authorised persons (1) FSMA 2000 is amended as follows. (2) In section 404C after “(which” insert “, subject to section 415AA(1),”. (3) After section 415A insert—

92 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes “415AA Application of powers to formerly authorised persons (1) A power in the following provisions may be exercised in relation to persons who were at any time authorised persons (in addition to persons who are authorised persons at the time when the power is exercised)— (a) section 168 (appointment of investigators in certain cases); (b) section 205 (public censure); (c) section 206 (financial penalties); (d) section 384 (power to require restitution). (2) Accordingly, references in the provisions listed in subsection (1), and in sections 207 to 209, to an authorised person are (so far as appropriate) to be read as including a person who was at any time an authorised person but who has ceased to be an authorised person.” (4) The amendments made by this section have effect only in relation to persons who cease to be authorised persons on or after 20 July 2022. I148 S. 60 in force at 29.8.2023, see s. 86(2)(f) 61 Control over authorised persons In Part 12 of FSMA 2000 (control over authorised persons), in section 187 (approval with conditions), in subsection (2)— (a) at the end of paragraph (a) omit “or”, and (b) after that paragraph insert— “(aa) it appears to that regulator that it is desirable to impose those conditions in order to advance any of that regulator’s objectives (subject to section 185(2)(c)), or”. I149 S. 61 in force at 29.8.2023, see s. 86(2)(g) 62 Financial services compensation scheme (1) FSMA 2000 is amended as set out in subsections (2) and (3). (2) In section 212 (the scheme manager), in subsection (3)(aa) omit the words “(who is to be the accounting officer)”. (3) Omit section 218B (Treasury’s power to receive information). (4) Omit section 15 of the Financial Services (Banking Reform) Act 2013 (which inserted

Financial Services and Markets Act 2023 (c. 29) CHAPTER 3 – Accountability of regulators Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I150 S. 62 in force at 29.8.2023, see s. 86(2)(h) (1) FSMA 2000 is amended as follows. (2) In section 429 (Parliamentary control of statutory instruments), in subsection (2B) “(d) provision made under paragraph 15(3) of Schedule 17.” (3) Paragraph 15 of Schedule 17 (the Ombudsman power of scheme operator to charge fees) is amended as set out in subsections (4) and (5). (4) In sub-paragraph (1) after “respondent” insert “or other persons of a specified (5) After sub-paragraph (2) insert— “(3) The reference in sub-paragraph (1) to persons of a specified description is a reference to such descriptions of persons as may be specified in regulations (4) The power conferred by sub-paragraph (3) to specify descriptions of persons may not be exercised so as to provide for eligible complainants to fall within a specified description of persons. (5) The reference in sub-paragraph (4) to “eligible complainants” is a reference to complainants who are eligible in relation to the compulsory or voluntary jurisdiction of the ombudsman scheme (see section 226(6) and 227(7)). (6) Before making regulations under sub-paragraph (3) the Treasury must I151 S. 63 not in force at Royal Assent, see s. 86(3) I152 S. 63 in force at 29.8.2023 by S.I. 2023/779, reg. 4(pp) 64 Unauthorised co-ownership AIFs (1) FSMA 2000 is amended as follows. (2) In section 261E (authorised contractual holding of units)— (a) before subsection (1) insert— “(A1) This section sets out requirements for the purposes of section 261D(1) (b) in subsection (1) for “a contractual” substitute “the”. (3) After section 261Z5 insert—

94 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025.
There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 261Z6 Power to make provision about unauthorised co-ownership AIFs (1) The Treasury may by regulations make provision about unauthorised co-ownership AIFs that corresponds or is similar to, or applies with modifications, any of sections 261M to 261O and section 261P(1) and (2) (rights and liabilities of participants in authorised co-ownership schemes). (2) Regulations under subsection (1) may make provision about unauthorised co-ownership AIFs generally, or about unauthorised co-ownership AIFs of a description specified in the regulations. (3) In this section “unauthorised co-ownership AIF” means a co-ownership (b) is not authorised for the purposes of this Act by an authorisation order in force under section 261D(1).” I153 S. 64 not in force at Royal Assent, see s. 86(3) I154 S. 64 in force at 29.10.2024 by S.I. 2024/1071, reg. 2(c) 65 Power to amend enactments in consequence of rules (1) FSMA 2000 is amended as follows. (2) After section 141A insert— “141B Power to consequentially amend enactments (1) The Treasury may by regulations make provision amending an enactment that (a) an enactment comprised in subordinate legislation, (b) retained direct EU legislation, (c) an enactment comprised in, or in an instrument made under, a Measure or Act of Senedd Cymru, (d) an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament, and (e) an enactment comprised in, or in an instrument made under,

Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (see section 21 of that Act) but does not include rules of either regulator.” (3) Omit section 144F (power to consequentially amend enactments). (4) In section 429 (Parliamentary control of statutory instruments), in subsection (2), in the list of sections beginning with “90B”— (a) insert at the appropriate place “141B,”; I155 S. 65 not in force at Royal Assent, see s. 86(3) I156 S. 65 in force at 29.8.2023 by S.I. 2023/779, reg. 4(qq) (1) FSMA 2000 is amended as follows. (2) In section 137T (regulator general supplementary powers), after paragraph (a) “(aa) may make provision for any reference in the rules to an enactment (including an enactment comprised in subordinate legislation) to be read as a reference to that enactment as it has effect from time to (3) In section 428 (regulations and orders)— (a) in subsection (3) before paragraph (a) insert— “(za) make provision by reference to any rules or other instruments as they have effect from time to time;”; (b) after subsection (3) insert— “(4) In subsection (3)(za) “rules” includes rules made by the Bank of I157 S. 66 not in force at Royal Assent, see s. 86(3) I158 S. 66 in force at 29.8.2023 by S.I. 2023/779, reg. 4(rr) 67 Power to amend or repeal certain provisions of FSMA 2000 (1) The Treasury may by regulations amend or repeal the following provisions in Part 9C (a) section 143C (duty to make rules applying to FCA investment firms); (b) section 143D (duty to make rules applying to parent undertakings); (c) section 143G (matters to consider when making Part 9C rules). (2) In consequence of provision made in regulations under subsection (1), the Treasury may by regulations amend or repeal other provisions of FSMA 2000. 96 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (3) Regulations under this section are subject to the affirmative procedure. I159 S. 67 not in force at Royal Assent, see s. 86(3) I160 S. 67 in force at 29.8.2023 by S.I. 2023/779, reg. 4(ss) 68 Power under FSMA 2000 to make transitional provisions (1) FSMA 2000 is amended as follows. (2) In section 427 (transitional provisions)— (a) in subsection (2)(a) to (c), for “the Authority”, in each place, substitute “a (b) in subsection (2)(f), for “the Authority’s” substitute “the FCA’s”; (c) in subsection (3)(a), for “the Authority” substitute “a regulator”. (3) In Schedule 17A, after paragraph 31A (inserted by section 50), insert— 31B Section 427 (transitional provisions), so far as it relates to an order under section 426 which makes provision in connection with this Part of this Act, applies in relation to the Bank.” I161 S. 68 not in force at Royal Assent, see s. 86(3) I162 S. 68 in force at 29.8.2023 by S.I. 2023/779, reg. 4(tt) (1) FSMA 2000 is amended as follows. (2) In section 21 (restrictions on financial promotion), in subsection (14) at end insert “(including where an asset, right or interest is, or comprises or represents, a (3) In section 22 (regulated activities), in subsection (4) at end insert “(including where an asset, right or interest is, or comprises or represents, a cryptoasset)”.
(4) In section 417 (definitions)— (a) in subsection (1), insert at the appropriate place— ““cryptoasset” means any cryptographically secured digital representation of value or contractual rights that— (a) can be transferred, stored or traded electronically, and (b) that uses technology supporting the recording or storage of data (which may include distributed ledger technology).”;

Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes “(5) The Treasury may by regulations amend the definition of “cryptoasset” in subsection (1).” (5) In section 429 (Parliamentary control of statutory instruments), in subsection (2) leave out “or 333T” and insert “, 333T or 417(5)”. I163 S. 69 not in force at Royal Assent, see s. 86(3) I164 S. 69 in force at 29.8.2023 by S.I. 2023/779, reg. 4(uu) (1) The Bank of England Act 1998 is amended as follows. (2) Omit section 6 and Schedule 2 (cash ratio deposits). Schedule 2ZA makes provision for the Bank to impose a charge on financial institutions in connection with the pursuit of its financial stability and (4) Before Schedule 2A (financial policy committee) insert— 1 (1) The Bank may impose a charge on eligible institutions in accordance with (2) The charge is to be known as the Bank of England levy (and is referred to in this Schedule as “the levy”). 2 (1) For the purposes of this Schedule, an “eligible institution” is a person who, at any time during a levy year, is an authorised deposit-taker. (2) An “authorised deposit-taker” for these purposes is a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to accept deposits, other than—

98 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (c) a person who has such permission only in the course of effecting or carrying out contracts of insurance in accordance with that “credit union” has the meaning given by section 31(1) of the Credit Unions Act 1979 or Article 2(2) of the Credit Unions (Northern Ireland) Order 1985; “friendly society” means a society that is registered within the meaning of the Friendly Societies Act 1974 or incorporated under the Friendly Societies Act 1992; “levy year” has the meaning given by paragraph 3. (4) The Treasury may by regulations— (a) amend the foregoing provisions of this paragraph; (b) amend any other provision of this Schedule in consequence of provision made under paragraph (a). 3 (1) For the purposes of this Schedule, a “levy year” is— (a) the period of 12 months beginning on such day as the Bank may (b) each subsequent period of 12 months. (2) The day determined under sub-paragraph (1)(a) may not be before the day on which the Financial Services and Markets Act 2023 is passed. “Anticipated levy requirement” 4 (1) The Bank must, in respect of a levy year— (a) determine which of its policy functions it intends to fund (in whole or in part) by means of the levy; (b) determine the total amount of the levy it reasonably considers it requires in connection with the funding of those functions (“the anticipated levy requirement”). (2) The Bank may add to the anticipated levy requirement for a levy year such (a) was required in connection with the funding of policy functions in the previous levy year, and (b) was in excess of the total amount of the levy that it received in respect of that previous levy year. (3) For the purposes of this Schedule, a function of the Bank is a “policy function” if it is exercised in pursuit of— (a) the Financial Stability Objective (see section 2A), or (b) its objectives in relation to monetary policy (see section 11). (4) In making a determination in accordance with sub-paragraph (1), the Bank must take account of any other amounts which are, or are likely to be, available in the levy year to fund policy functions (for example, amounts

Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes of the levy received in respect of a previous levy year or amounts available from sources other than the levy). (5) The Bank must publish a determination made in accordance with sub- (a) at such time before or during the levy year to which the determination relates as the Bank considers appropriate, and (b) in such manner as the Bank considers appropriate. (6) The reference in sub-paragraph (3) to the exercise of a function includes anything done in preparation for, to facilitate, or otherwise in connection with, the exercise of the function.
5 (1) The amount of the levy that an eligible institution is liable to pay in respect of a levy year is to be determined by the Bank in accordance with regulations made by the Treasury. (2) Regulations under sub-paragraph (1) may— (a) make provision by reference to the Bank’s anticipated levy requirement in respect of the levy year (see paragraph 4); (b) make provision by reference to specified liabilities of an eligible (c) make provision for cases in which no amount of the levy or a reduced amount of the levy is payable. (3) Regulations made by virtue of sub-paragraph (2)(b) may include (among (a) specifying types of liability that may or may not be taken into account for specified purposes; (b) about how and when liabilities of a specified type are to be taken into account for specified purposes; (c) about how the amount of a liability of a specified type is to be determined, including specifying times, or periods of time, by reference to which the amount is to be determined; (d) for an amount of a liability of a specified type to be treated as reduced by the amount of assets of a specified type. (4) Regulations under sub-paragraph (1) may include provision conferring a discretion on the Bank to determine specified matters (including matters mentioned in sub-paragraph (2)(b) or (3)). (5) Regulations made by virtue of sub-paragraph (4) may, in particular, confer (a) to determine the method used to determine a matter, and (b) to determine different methods to be used in relation to different (6) In this section, “specified” means specified in the regulations. 100 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 6 (1) The Bank must notify each eligible institution that is liable to pay the levy in respect of a levy year of the following matters— (a) the levy year in respect of which the levy is payable; (b) the amount of the levy the institution is liable to pay; (c) the time by which the levy must be paid (or, if the Bank determines that the levy may be paid in instalments, the times by which each instalment must be paid); (d) the methods by which the levy may be paid. (2) A time notified in accordance with sub-paragraph (1)(c) (or if more than one time is notified, the earliest of them) may not be before the end of the period of 30 days beginning with the day on which the notification (3) Notification may be given in such form or in such manner as the Bank considers appropriate (and may be given in a different form or manner to different eligible institutions or eligible institutions of a different 7 The levy is recoverable as a civil debt due to the Bank. See also paragraph 8 (interest on unpaid amounts of the levy). 8 (1) This paragraph applies where an eligible person has been notified— (a) of an amount of the levy that is payable, and (b) the time by which the amount must be paid. (2) Interest is payable, at the rate mentioned in sub-paragraph (3), on any part of the amount mentioned in sub-paragraph (1)(a) which remains unpaid after the time mentioned in sub-paragraph (1)(b). (3) The rate mentioned in this sub-paragraph is the rate equivalent to an annual percentage rate of 4% above the benchmark rate. (a) the percentage rate announced from time to time by the Monetary Policy Committee of the Bank as the official dealing rate, or (b) where an order under section 19 (Treasury reserve powers) is in force, any equivalent percentage rate determined by the Treasury (5) The Treasury may by regulations amend this paragraph so as to change the rate of interest payable on an unpaid amount of the levy. Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 9 (1) The Bank may, by written notice, require an eligible institution to provide information or documents in connection with the levy. (b) the form or manner in which the information must be provided; (c) the time at which, or period within which, the information must (d) the period to which the information must relate. 10 (1) Before making regulations under this Schedule the Treasury must (b) such other persons who appear to the Treasury to be representative of persons who are likely to be affected by the (2) When making regulations under this Schedule the Treasury must have regard to the financial needs of the Bank. (3) Regulations under this Schedule are to be made by statutory instrument.
(4) Regulations under this Schedule may— (a) make different provision for different purposes; (b) make incidental, supplemental, consequential, saving or (5) A statutory instrument containing (whether alone or with other provision) regulations under paragraphs 2(4) or 5(1) may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, (6) A statutory instrument containing only regulations under paragraph 8(5) is subject to annulment in pursuance of a resolution of either House of I165 S. 70 not in force at Royal Assent, see s. 86(3) I166 S. 70(1)(3)(4) in force at 1.1.2024 for specified purposes by S.I. 2023/1382, reg. 9(1)(c) I167 S. 70(1)(3)(4) in force at 1.3.2024 in so far as not already in force by S.I. 2024/250, reg. 2(b) I168 S. 70(2) in force at 1.3.2024 by S.I. 2024/250, reg. 2(b) 71 Bank of England consequential amendments (1) The Bank of England Act 1998 is amended as follows in consequence of provision

102 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (2) In section 37 (restriction on disclosure of information), for “cash ratio deposit” substitute “Bank of England levy”. (3) In section 38 (offences in relation to supplying information to the Bank), in each of subsections (1) and (3), for “paragraph 9 of Schedule 2” substitute “paragraph 9 of (i) after “section 17(4) or (5),” insert “or”; (ii) omit “paragraph 1(2) or 5 of Schedule 2, or”; (b) in subsection (3) omit “paragraph 2(2) or 8 of Schedule 2,”. (5) Schedule 7 (restriction on disclosure of information) is amended in accordance with (6) In paragraph 1(1)(a), for “paragraph 9 of Schedule 2” substitute “paragraph 9 of (7) In paragraph 2(1)(c), for “Schedule 2” substitute “Schedule 2ZA”. (8) In paragraph 5(a), for “Schedule 2 (payment in lieu of cash ratio deposit)” substitute “Schedule 2ZA (Bank of England levy)”. I169 S. 71 not in force at Royal Assent, see s. 86(3) I170 S. 71 in force at 1.3.2024 by S.I. 2024/250, reg. 2(c) Other miscellaneous provisions 72 Liability of payment service providers for fraudulent transactions (1) The Payment Systems Regulator must prepare and publish a draft of a relevant requirement for reimbursement in such qualifying cases of payment orders as the Regulator considers should be eligible for reimbursement. (2) A case is a “qualifying case” for the purposes of this section if— (a) the case relates to a payment order executed over the Faster Payments Scheme, (b) the payment order was executed subsequent to fraud or dishonesty. (3) The draft of the relevant requirement must— (a) be published in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public; (b) be accompanied by notice that representations about the proposed relevant requirement may be made to the Payment Systems Regulator within a (4) The duty imposed by subsection (1) must be carried out before the end of two months beginning with the day on which this section comes into force. Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (5) The Payment Systems Regulator must impose a relevant requirement, in whatever way and to whatever extent it considers appropriate, for reimbursement to be made in qualifying cases of payment orders. (6) In complying with the duty imposed by subsection (5) the Payment Systems Regulator must have regard to any representations made in accordance with subsection (3)(b). (7) The duty imposed by subsection (5) must be carried out before the end of 6 months beginning with the day on which this section comes into force. (8) The duty under subsections (1) to (3), and under section 104(2) of the Financial Services (Banking Reform) Act 2013 in the application of that section to a relevant requirement imposed under subsection (5) of this section, may be satisfied by things done before (as well as after) this section comes into force. (9) Nothing in subsections (1) to (8) is to be taken as limiting the power of the Payment (a) to vary or revoke a relevant requirement imposed under the duty imposed by (b) to impose further relevant requirements (after that duty is complied with) in connection with reimbursement of payment orders executed subsequent to (10) In subsections (1) to (9)— “the Faster Payments Scheme” means the payment system, known as the Faster Payments Scheme, designated as a regulated payment system for the purposes of Part 5 of the Financial Services (Banking Reform) Act 2013 by order made by the Treasury in exercise of the power conferred by section 43(1) “relevant requirement” means a requirement imposed by or under section 54 or 55 of the Financial Services (Banking Reform) Act 2013 (or by or under a combination of those sections). (11) In regulation 90 of the Payment Services Regulations 2017 ( S.I.
2017/752) (liability of payment service providers for incorrect unique identifiers), after paragraph (5) “(6) Nothing in this regulation affects the liability of a payment service provider under a relevant requirement in a case where the payment order is executed subsequent to fraud or dishonesty (and the requirements imposed by this regulation are subject to any such relevant requirements). (7) In this regulation, a “relevant requirement” means a requirement imposed by (a) a direction given under regulation 125, (b) a direction given under section 54 of the Financial Services (Banking (c) a rule made under section 55 of that Act, (d) an order made under section 56(3) of that Act, or (e) a variation of an agreement under section 57(2) of that Act.”

104 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I171 S. 72 in force at 29.8.2023, see s. 86(2)(i) Schedule 14 amends the Credit Unions Act 1979 to make provision about additional financial activities credit unions may choose to carry on. I172 S. 73 not in force at Royal Assent, see s. 86(3) I173 S. 73 in force at 29.8.2023 by S.I. 2023/779, reg. 4(vv) 74 Reinsurance for acts of terrorism (1) The Reinsurance (Acts of Terrorism) Act 1993 is amended as follows. (1) A relevant person must comply with any directions given to it by the Treasury (2) For the purposes of this section, a “relevant person” means— (i) has entered into arrangements to which this Act applies (see section 2(1)) (whether before or after the passing of this Act), (ii) has been classified as a public sector body by the Office for National Statistics (whether before or after the passing of this (b) a group undertaking of a person falling within paragraph (a) (within the meaning of section 1161 of the Companies Act 2006). (3) The Treasury may direct a relevant person to appoint a person to perform the functions of an accounting officer. (4) The Treasury may give a direction to a relevant person under this subsection if the Treasury consider it necessary for the purpose of ensuring compliance with any requirements associated with the classification, as mentioned in subsection (2)(a)(ii), of a person falling within subsection (2)(a). (5) Directions under subsection (4) may include provision about compliance with

Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (6) Before giving a direction under this section the Treasury must consult the relevant person to whom the Treasury intend to give a direction. (7) A direction under this section must be accompanied by a notice that— (a) states when the direction takes effect (see subsection (8)), and (b) gives the Treasury’s reasons for giving the direction. (8) A direction may, if the Treasury reasonably consider it necessary, take effect— (a) immediately it is given to the relevant person, or (b) on a later date specified in the direction. (9) A direction may be given so as to have effect— (a) for a specified period, or (b) until the occurrence of a specified event. (10) A direction under this section must be given in writing. (11) A direction under this section must— (a) be published in whatever manner the Treasury consider appropriate, (b) be laid before Parliament. (12) A direction under this section may be varied or revoked by another direction (1) Compliance with a direction given under section 2A is enforceable— (b) in Scotland, by interdict or by an order for specific performance under section 45 of the Court of Session Act 1988. (2) Proceedings under subsection (1) may be brought only by the Treasury.” I174 S. 74 in force at 29.8.2023, see s. 86(2)(j) 75 Banking Act 2009: miscellaneous amendments (1) The Banking Act 2009 is amended as follows. (2) In section 7A (effect on other group members, financial stability in UK etc)— (a) in subsection (1), for “(4)(b)(ii)” substitute “(4), (4B)(b),”; (b) after subsection (1) insert— “(1A) Subsection (1) does not apply in relation to a requirement under section 3A(4) for a person to maintain (but not issue) a particular kind

106 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (3) In section 83ZD (appointment of person to carry out investigations in particular cases), in subsection (3)(a), for “83ZN” substitute “83ZR”.
(4) In section 89H (recognition of third-country resolution actions), in subsection (7), in the definition of “third-country resolution action”— (a) in the words before paragraph (a), for “, third country parent undertaking or a bank, building society, credit union or investment firm” substitute “or third- (b) in paragraph (a), omit “or a bank, building society, credit union or investment (5) In section 182 (interpretation: “payment system”)— (a) in subsection (1), after “arrangements” insert “, or proposed arrangements,”; (b) in subsection (5), after “operates” insert “, or is intended to operate,”. (6) In section 244 (immunity), in subsection (2)(c) after “2000,” insert “of its functions under, or as a result of regulations made under, the Financial Services and Markets I175 S. 75 not in force at Royal Assent, see s. 86(3) I176 S. 75 in force at 29.8.2023 by S.I. 2023/779, reg. 4(ww) 76 Arrangements for the investigation of complaints (1) The Financial Services Act 2012 is amended in accordance with subsections (2) and (2) In section 84 (arrangements for the investigation of complaints)— (a) omit the “and” at the end of subsection (1)(a); (c) after subsection (1) insert— “(1A) The Treasury must appoint an independent person (“the investigator”) to be responsible for the conduct of investigations in accordance with (e) in subsection (5), in the opening words, for “regulators” substitute “Treasury”. (3) In section 87 (investigation of complaints)— (a) in subsection (9A), after paragraph (b) insert— “(ba) for the regulator’s response under paragraph (b) to include a (i) the cases in which the regulator decided not to follow any relevant recommendations, and (ii) the reasons for not following those (b) in subsection (9B), after paragraph (e) insert— “(f) such other matters as the Treasury may from time to time

Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (c) after subsection (9B) insert— “(9C) In subsection (9A)(ba) the reference to “relevant recommendations”, in relation to the regulator’s response in respect of an annual report, (a) any recommendations to the regulator contained in that (b) any recommendations to the regulator contained in final reports relating to individual complaints given during the period to which that annual report relates.” I177 S. 76 not in force at Royal Assent, see s. 86(3) I178 S. 76 in force at 29.8.2023 by S.I. 2023/779, reg. 4(xx) 77 Politically exposed money laundering and terrorist financing (1) The Treasury must exercise the power conferred by section 49 of the Sanctions and Anti-Money Laundering Act 2018 (power of appropriate Minister to make regulations about money laundering etc) for the purpose mentioned in subsection (2). (2) The purpose is to make provision amending Part 3 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the 2017 Regulations”) (customer due diligence) so as to secure the result (3) The result required by this subsection is that, where a customer is a domestic PEP, or a family member or a known close associate of a domestic PEP— (a) the starting point for the relevant person’s assessment under regulation 35(3) of the 2017 Regulations is that the customer presents a lower level of risk than (b) if no enhanced risk factors are present, the extent of enhanced customer due diligence measures to be applied in relation to that customer is less than the extent to be applied in the case of a non-domestic PEP. (a) “customer” includes a potential customer; (b) “domestic PEP” means a politically exposed person entrusted with prominent public functions by the United Kingdom; (c) “enhanced risk factors”, in relation to a customer who is a domestic PEP or a family member or a known close associate of that domestic PEP, mean risk factors other than the customer’s position as a domestic PEP or as a family member or known close associate of that domestic PEP; (d) “non-domestic PEP” means a politically exposed person who is not a domestic (e) the following terms have the same meaning as in regulation 35(12) of the 2017 “politically exposed person” or “PEP”;

108 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (5) Section 55 of the Sanctions and Anti-Money Laundering Act 2018 (Parliamentary procedure for regulations) does not apply to regulations made in compliance with the duty imposed by subsection (1). (6) Regulations made in compliance with the duty imposed by subsection (1)— (a) are subject to the negative procedure, and (b) must be laid before Parliament in accordance with paragraph (a) before the end of 12 months starting with the day on which this section comes into force. (7) The Treasury must, before the end of 6 months starting with the day on which this section comes into force, lay before Parliament a statement setting out what progress has been made towards making the regulations in compliance with the duty imposed (8) The duty in subsection (7) does not apply where the regulations have been laid before Parliament in accordance with subsection (6)(a) before the end of 6 months starting with the day on which this section comes into force.
I179 S. 77 in force at Royal Assent, see s. 86(1)(f) 78 Politically exposed review of guidance (1) The FCA must review its guidance on politically exposed persons (“PEPs”) given under section 139A of FSMA 2000 and in compliance with the requirements under regulation 48 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ( S.I. 2017/692) (“the 2017 (2) The review required under subsection (1) must include— (a) an assessment of the extent to which the guidance is followed by those persons to whom it is given under regulation 48 of the 2017 Regulations, and (b) in the light of that assessment, consideration as to whether the guidance remains appropriate or whether it should be revised. (a) before the end of 3 months beginning with the day on which this section comes into force, publish an update on the FCA’s plan for the review required under (b) before the end of 12 months beginning with the day on which this section (i) publish the conclusions of the review, and (ii) where the FCA concludes that the guidance should be revised, publish draft revised guidance for consultation. (4) Publication as required by subsection (3) must be in the way appearing to the FCA to be best calculated to bring the publication to the attention of persons likely to be (5) The FCA is not required under this section to publish any information whose publication would be against the public interest. Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (a) “domestic PEP” means a politically exposed person entrusted with prominent public functions by the United Kingdom; (b) the following terms have the same meaning as in regulation 35(12) of the 2017 “politically exposed person” or “PEP”; I180 S. 78 in force at Royal Assent, see s. 86(1)(g) 79 Forest risk review (1) The Treasury must carry out a review to assess the extent to which regulation of the UK financial system is adequate for the purpose of eliminating the financing of the use of prohibited forest risk commodities. (2) In subsection (1) the reference to “prohibited” forest risk commodities is a reference to forest risk commodities, or products derived from forest risk commodities, the use of which is prohibited by paragraph 2 of Schedule 17 to the Environment Act 2021. (3) Having carried out a review the Treasury must lay before Parliament, and publish, a (a) the conclusions of the review, and (b) the steps the Treasury consider it appropriate to take to improve the effectiveness of the regulation of the UK financial system for the purpose (4) Subsection (3) must be complied with before the end of 9 months beginning with the day on which the first regulations under paragraph 1 of Schedule 17 to the Environment Act 2021 are made. “forest risk commodities” has the same meaning as in Schedule 17 to the “UK financial system” has the same meaning as in FSMA 2000 (see I181 S. 79 not in force at Royal Assent, see s. 86(3) I182 S. 79 in force at 29.8.2023 by S.I. 2023/779, reg. 4(yy)

110 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes “domestic law” means the law of England and Wales, Scotland or Northern “enactment” means an enactment whenever passed or made and includes— (a) an enactment contained in any Order in Council, order, rules, regulations, scheme, warrant, byelaw or other instrument made under (b) an enactment contained in, or in an instrument made under, an Act of (c) an enactment contained in, or in an instrument made under, a Measure (d) an enactment contained in, or in an instrument made under, Northern (e) any [F18assimilated direct] legislation; “FCA” means the Financial Conduct Authority; “FSMA 2000” means the Financial Services and Markets Act 2000; “modify” includes amend, repeal or revoke (and related expressions are to “Payment Systems Regulator” means the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013; “PRA” means the Prudential Regulation Authority; (b) an Act of the Scottish Parliament, (c) an Act or Measure of Senedd Cymru, or (d) Northern Ireland legislation; “subordinate legislation” means— (a) any Order in Council, order, rules, regulations, scheme, warrant, byelaw or other instrument made under any Act, or (b) any instrument made under an Act of the Scottish Parliament, a Measure or Act of Senedd Cymru or Northern Ireland legislation, and includes any Order in Council, order, rules, regulations, scheme, warrant, byelaw or other instrument made on or after IP completion day under any [F18assimilated direct] legislation. F18 Words in s. 80(1) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 107(9)(a) F19 Words in s. 80(2) omitted (1.1.2024) by virtue of The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 107(9)(b)

Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective.
Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I183 S. 80 in force at Royal Assent, see s. 86(1)(a) 81 Pre-commencement consultation (1) Subsection (2) applies to a duty to consult, so far as applying to or in connection with, or otherwise arising in consequence of, a provision of an enactment as modified or (b) by or under another Act as amended by this Act. (2) The duty to consult may be satisfied by things done before the commencement date (as well as by things done on or after that date). (3) The “commencement date”, in relation to a provision of an enactment as modified or (b) by or under another Act as amended by this Act, means the date on which the modification or making of that provision comes into force. I184 S. 81 in force at Royal Assent, see s. 86(1)(a) There is to be paid out of money provided by Parliament any expenditure incurred by the Treasury for any purpose in connection with this Act. I185 S. 82 in force at Royal Assent, see s. 86(1)(a) 83 Power to make consequential provision (1) The Treasury may by regulations make provision that is consequential on this Act or on any provision made under it. (2) The power to make regulations under this section may (among other things) be exercised by modifying any provision made by or under an enactment (including this (3) Regulations under this section are subject to the affirmative procedure if they amend, repeal or revoke any provision of primary legislation. (4) Regulations under this section to which subsection (3) does not apply are subject to

112 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I186 S. 83 in force at Royal Assent, see s. 86(1)(a) (1) Any power to make regulations under this Act is exercisable by statutory instrument. (2) Any power to make regulations under this Act includes power— (a) to make provision by reference to any rules or other instruments as they have (b) to make different provision for different purposes; (c) to make supplementary, incidental, consequential, transitional, transitory or (3) Where regulations under this Act are subject to “the affirmative procedure”, the regulations may not be made unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, each House of Parliament. (4) Where regulations under this Act are subject to “the negative procedure”, the statutory instrument containing them is subject to annulment in pursuance of a resolution of (5) Any provision that may be made by regulations under this Act, or under any other enactment, subject to the negative procedure may be made in regulations, made under or by virtue of this Act, subject to the affirmative procedure. (6) If an instrument, or a draft of an instrument, containing regulations under this Act would, apart from this subsection, be treated as a hybrid instrument for the purposes of the standing orders of either House of Parliament, it is to proceed in that House as if it were not a hybrid instrument. (7) This section does not apply to regulations under section 86, except so far as making provision by virtue of section 4(1). I187 S. 84 in force at Royal Assent, see s. 86(1)(a) (1) This Act extends to England and Wales, Scotland and Northern Ireland except as (2) The following extend to England and Wales and Scotland only— (3) The power under section 430(3) of FSMA 2000 may be exercised so as to extend to any of the Channel Islands or the Isle of Man any amendment or repeal made by or under this Act of any part of that Act (with or without modifications). Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I188 S. 85 in force at Royal Assent, see s. 86(1)(a) (1) The following come into force on the day on which this Act is passed— (b) Part 5 of Schedule 2, and section 2 so far as relating to that Part; (c) section 20(3), so far as conferring a power to make regulations; (e) section 56 and Schedule 10, so far as conferring power to make regulations; (2) The following provisions come into force two months after Royal Assent— (3) The rest of this Act comes into force on such day as the Treasury may by regulations (4) Different days may be appointed for different purposes. (5) The Treasury may by regulations make transitional or saving provision in connection with the coming into force of any provision of this Act. (6) The power to make regulations under subsection (5) includes power to make different provision for different purposes. (7) Regulations under this section are to be made by statutory instrument.
I189 S. 86 in force at Royal Assent, see s. 86(1)(a) This Act may be cited as the Financial Services and Markets Act 2023. 114 Financial Services and Markets Act 2023 (c. 29) CHAPTER 3B – Unauthorised co-ownership AIFs Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I190 S. 87 in force at Royal Assent, see s. 86(1)(a)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes F20 Word in Sch. 1 heading substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 107(10)(a) I191 Sch. 1 Pt. 1 not in force at Royal Assent, see s. 86(3) I192 Sch. 1 Pt. 1 in force at 11.7.2023 for specified purposes by S.I. 2023/779, reg. 2(f) I193 Sch. 1 Pt. 1 in force at 14.12.2023 for specified purposes by S.I. 2023/1382, reg. 2(b) I194 Sch. 1 Pt. 1 in force at 1.1.2024 for specified purposes by S.I. 2023/779, reg. 5(b) I195 Sch. 1 Pt. 1 in force at 1.1.2024 for specified purposes by S.I. 2023/1382, reg. 3(b), Sch. Pt. 1 I196 Sch. 1 Pt. 1 in force at 5.4.2024 for specified purposes by S.I. 2023/1382, reg. 4(b) I197 Sch. 1 Pt. 1 in force at 1.11.2024 for specified purposes by S.I. 2024/891, reg. 2(b) Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating agencies Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds

116 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(See end of Document for details) View outstanding changes Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 amending Regulation (EC) No 1060/2009 on credit rating agencies Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 248/2014 of the European Parliament and of the Council of 26 February 2014 amending Regulation (EU) No 260/2012 as regards the migration to Union- wide credit transfers and direct debits Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC , Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Regulation (EU) 2019/113 of the European Central Bank of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non- Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector Regulation (EU) 2019/2155 of the European Central Bank of 5 December 2019 amending Regulation (EU) No 1163/2014 on supervisory fees (ECB/2019/37) Regulation (EU) 2019/2175 of the European Parliament and of the Council of 18 December 2019 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and Regulation (EU) 2015/847 on information accompanying Regulation (EU) 2020/605 of the European Central Bank of 9 April 2020 amending Regulation (EU) 2015/534 on reporting of supervisory financial information Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment I198 Sch. 1 Pt. 2 not in force at Royal Assent, see s. 86(3) I199 Sch. 1 Pt. 2 in force at 11.7.2023 for specified purposes by S.I. 2023/779, reg. 2(g) I200 Sch. 1 Pt. 2 in force at 29.8.2023 for specified purposes by S.I. 2023/779, reg. 3(b), Sch. I201 Sch. 1 Pt. 2 in force at 14.12.2023 for specified purposes by S.I. 2023/1382, reg. 2(c) I202 Sch. 1 Pt. 2 in force at 1.1.2024 for specified purposes by S.I. 2023/779, reg. 5(c) I203 Sch. 1 Pt.
2 in force at 1.1.2024 for specified purposes by S.I. 2023/1382, reg.
3(c), Sch. Pt. 2 I204 Sch. 1 Pt. 2 in force at 5.4.2024 for specified purposes by S.I. 2023/1382, reg. 4(c) I205 Sch. 1 Pt. 2 in force at 30.6.2024 for specified purposes by S.I. 2023/1382, reg. 5(b) I206 Sch. 1 Pt. 2 in force at 1.11.2024 for specified purposes by S.I. 2024/891, reg. 2(c) I207 Sch. 1 Pt. 2 in force at 31.12.2024 for specified purposes by S.I. 2024/620, reg. 2(b) (with saving for Gibraltar groups and undertakings in S.I. 2024/1083, regs. 1(2)(b), 3)

118 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Official Listing of Securities (Change of Competent Authority) Regulations 1991 (S.I. Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442) Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979) Official Listing of Securities (Change of Competent Authority) Regulations 2000 (S.I. Financial Markets and Insolvency (Settlement Finality) (Revocation) Regulations 2001 Financial Services (EEA Passport Rights) Regulations 2001 (S.I. 2001/1376) Financial Services and Markets Act 2000 (Communications by Auditors) Regulations Public Offers of Securities (Exemptions) Regulations 2001 (S.I. 2001/2955) Financial Services and Markets Act 2000 (Official Listing of Securities) Regulations 2001 Financial Services and Markets Act 2000 (Official Listing of Securities) (Transitional Provisions) Order 2001 (S.I. 2001/2957) Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 ( S.I. Electronic Commerce Directive (Financial Services and Markets) (Amendment) Financial Services and Markets Act 2000 (Fourth Motor Insurance Directive) Regulations Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 ( S.I. Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 ( S.I. Financial Collateral Arrangements (No.2) Regulations 2003 (S.I. 2003/3226) Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353) Credit Institutions (Reorganisation and Winding up) Regulations 2004 (S.I. 2004/1045) Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862) Financial Services (Distance Marketing) Regulations 2004 (S.I. 2004/2095) Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 (S.I. 2004/3380) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005 ( S.I. Prospectus Regulations 2005 (S.I. 2005/1433) Insurers (Reorganisation and Winding Up) (Lloyd‘s) Regulations 2005 (S.I. 2005/1998) Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (S.I. 2006/2975) Financial Services (EEA State) Regulations 2007 (S.I. 2007/108) Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment No. 2) Regulations 2007 (S.I. 2007/2160) Financial Services and Markets Act 2000 (Motor Insurance) Regulations 2007 ( S.I. Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Reinsurance Directive Regulations 2007 (S.I. 2007/3253) Financial Services and Markets Act 2000 (Reinsurance Directive) Order 2007 ( S.I. Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 (S.I. Regulated Covered Bonds Regulations 2008 (S.I 2008/346) Friendly Societies Act 1992 (Accounts, Audit and EEA State Amendments) Order 2008 Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2008 Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2008 Financial Services and Markets Act 2000 (Market Abuse) Regulations 2008 ( S.I. The Financial Services and Markets Act 2000 (Amendment of section 323) Regulations Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 Regulated Covered Bonds (Amendment) Regulations 2008 (S.I. 2008/1714) Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations Definition of Financial Instrument Order 2008 (S.I. 2008/3053) Takeover Code (Concert Parties) Regulations 2008 (S.I. 2008/3073) Payment Services Regulations 2009 (S.I. 2009/209) Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534) Financial Services and Markets Act 2000 (Amendment) Regulations 2009 ( S.I. Payment Services (Amendment) Regulations 2009 (S.I. 2009/2475) Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009 (S.I. 2009/3075) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2009 ( S.I. Credit Rating Agencies Regulations 2010 (S.I. 2010/906) Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010) Consumer Credit (Disclosure of Information) Regulations 2010 (S.I. 2010/1013) Consumer Credit (Agreements) Regulations 2010 (S.I. 2010/1014) Financial Services and Markets Act 2000 (Amendments to Part 18A etc) Regulations 2010 Consumer Credit (Amendment) Regulations 2010 (S.I. 2010/1969) Consumer Credit (Amendment) Regulations 2011 (S.I. 2011/11) Electronic Money Regulations 2011 (S.I. 2011/99) Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. Prospectus Regulations 2011 (S.I. 2011/1668) Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011 (S.I. 120 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916) Prospectus Regulations 2012 (S.I. 2012/1538) Payment Services Regulations 2012 (S.I.
2012/1791) Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 Undertakings for Collective Investment in Transferable Securities (Amendment) Regulations 2012 (S.I 2012/2015) Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 ( S.I. Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 (S.I 2012/3122) Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013 ( S.I. Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504) Prospectus Regulations 2013 (S.I. 2013/1125) Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 Credit Rating Agencies (Civil Liability) Regulations 2013 (S.I. 2013/1637) Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773) Alternative Investment Fund Managers (Amendment) Regulations 2013 (S.I. 2013/1797) Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908) Companies and Partnerships (Accounts and Audit) Regulations 2013 (S.I. 2013/2005) Capital Requirements Regulations 2013 (S.I. 2013/3115) Financial Services and Markets Act 2000 (Qualifying Provisions) (No.2) Order 2013 (S.I. Capital Requirements (Country-by-Country Reporting) Regulations 2013 (S.I. 2013/3118) Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) (No. 2) Order 2014 (S.I. 2014/506) Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2014 (S.I. 2014/905) Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292) Central Securities Depositories Regulations 2014 (S.I. 2014/2879) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2014 ( S.I. Payments to Governments and Miscellaneous Provisions Regulations 2014 ( S.I. Bank Recovery and Resolution Order 2014 (S.I. 2014/3329) Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014 (S.I. 2014/3330)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Building Societies (Bail-in) Order 2014 (S.I. 2014/3344) Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348) Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 ( S.I. Banks and Building Societies (Depositor Preference and Priorities) Order 2014 ( S.I. Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2015 (S.I. 2015/348) Payment Services (Amendment) Regulations 2015 (S.I. 2015/422) Deposit Guarantee Scheme Regulations 2015 (S.I. 2015/486) Solvency 2 Regulations 2015 (S.I. 2015/575) Mortgage Credit Directive Order 2015 (S.I. 2015/910) Transparency Regulations 2015 (S.I. 2015/1755) Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) European Long-term Investment Funds Regulations 2015 (S.I. 2015/1882) Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911) Payment Accounts Regulations 2015 (S.I 2015/2038) Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 ( S.I. Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I 2016/715) Financial Services and Markets Act 2000 (Qualifying EU Provisions) (Amendment) Order Financial Services and Markets (Disclosure of Information to the European Securities and Markets Authority etc. and Other Provisions) Regulations 2016 (S.I. 2016/1095) Companies Act 2006 (Distributions of Insurance Companies) Regulations 2016 ( S.I. Bank Recovery and Resolution Order 2016 (S.I. 2016/1239) Financial Services & Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 Data Reporting Services Regulations 2017 (S.I. 2017/699) Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations Payment Services Regulations 2017 (S.I. 2017/752) Central Securities Depositories Regulations 2017 (S.I. 2017/1064) Packaged Retail and Insurance-based Investment Products Regulations 2017 ( S.I Payment Systems and Services and Electronic Money (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1173) Risk Transformation Regulations 2017 (S.I. 2017/1212) Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255) Alternative Investment Fund Managers (Amendment) Regulations 2018 (S.I. 2018/134)

122 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135) Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 Money Market Funds Regulations 2018 (S.I. 2018/698) Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786) Consumer Credit (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1038) Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039) Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115) EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149) Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184) Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187) Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 (S.I. Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201) Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244) Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285) Securitisation Regulations 2018 (S.I. 2018/1288) Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I.
2018/1297) Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 ( S.I. Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321) Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394) Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401) Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 ( S.I. Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38) Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266) Interchange Fee (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/284) Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310) Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 ( S.I. Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333) Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336) Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I 2019/341) Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/343) Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394) Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I 2019/403) Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407) Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541) Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542) Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 (S.I. 2019/574) Financial Regulators’ Powers (Technical Standards etc.) and Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/576) Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589) Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656) Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660) Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I 2019/661) Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662) Insurance Distribution (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/663) Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679) Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680) Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681) Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707) Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 ( S.I. Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755) Proxy Advisors (Shareholders’ Rights) Regulations 2019 (S.I 2019/926) Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019 Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 (S.I. 2019/1031) Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043) Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212) Capital Requirements (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1232)

124 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234) Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. Cross-Border Distribution of Funds, Proxy Advisors, Prospectus and Gibraltar (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1370) Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56) Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 (S.I. 2020/117) Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 ( S.I. Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646) Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1055) Payment Services and Electronic Money (Amendment) Regulations 2020 (S.I. 2020/1275) Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301) Bearer Certificates (Collective Investment Schemes) Regulations 2020 (S.I. 2020/1346) Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I 2020/1350) Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385) Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. Solvency 2 (Credit Risk Adjustment) Regulations 2021 (S.I. 2021/463) Capital Requirements Regulation (Amendment) (EU Exit) Regulations 2021 ( S.I. Financial Markets and Insolvency (Transitional Provision) (EU Exit) (Amendment) Regulations 2021 (S.I.
2021/782) Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074) Capital Requirements Regulation (Amendment) Regulations 2021 (S.I. 2021/1078) Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1252) Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408) Financial Services and Markets Act 2000 (Qualifying Provisions) (Amendment) Order

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I208 Sch. 1 Pt. 3 not in force at Royal Assent, see s. 86(3) I209 Sch. 1 Pt. 3 in force at 1.1.2024 for specified purposes by S.I. 2023/779, reg. 5(d) I210 Sch. 1 Pt. 3 in force at 1.1.2024 for specified purposes by S.I. 2023/1382, reg. 3(d), Sch. Pt. 3 I211 Sch. 1 Pt. 3 in force at 5.4.2024 for specified purposes by S.I. 2023/1382, reg. 4(d) I212 Sch. 1 Pt. 3 in force at 30.6.2024 for specified purposes by S.I. 2023/1382, reg. 5(c) I213 Sch. 1 Pt. 3 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 2(d) I214 Sch. 1 Pt. 3 in force at 1.11.2024 for specified purposes by S.I. 2024/891, reg. 2(d) I215 Sch. 1 Pt. 3 in force at 31.12.2024 for specified purposes by S.I. 2024/620, Sch. (with saving for Gibraltar groups and undertakings in S.I. 2024/1083, regs. 1(2)(b), 3) I216 Sch. 1 Pt. 3 in force at 31.12.2024 for specified purposes by S.I. 2024/1071, reg. 5(c), Sch. Any provision made under any of the following EU directives— (a) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems; (b) Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions; (c) Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities; (d) Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements; (e) Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services; (f) Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate; (g) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market; (h) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers; (i) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities; (j) Directive 2009/103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability; (k) Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic (l) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance; (m) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers;

126 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(See end of Document for details) View outstanding changes (n) Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate; (o) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms; (p) Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property; (q) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 (r) Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse; (s) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and (t) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments; (u) Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features; (v) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market; (w) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution; (x) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational (y) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms. Any provision made under an instrument listed in Part 1 (including any such instrument as it had effect in EU law before IP completion day). Any provision made under an instrument listed in Part 2. Any technical standards to which Chapter 2A of Part 9A of FSMA 2000 applies. I217 Sch. 1 Pt. 4 not in force at Royal Assent, see s. 86(3) I218 Sch. 1 Pt. 4 in force at 1.1.2024 for specified purposes by S.I. 2023/779, reg. 5(e)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 1 – Revocation of assimilated law relating to financial services Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (h) section 300H(4) (as inserted by section 11(2) of this Act); (j) paragraph 10(5) of Schedule 17A. I219 Sch. 1 Pt. 5 not in force at Royal Assent, see s. 86(3) I220 Sch. 1 Pt. 5 in force at 1.1.2024 for specified purposes by S.I. 2023/1382, reg. 3(e), Sch. Pt. 4 I221 Sch. 1 Pt. 5 in force at 1.11.2024 for specified purposes by S.I. 2024/891, reg. 2(e) I222 Sch. 1 Pt. 5 in force at 31.12.2024 for specified purposes by S.I. 2024/620, reg. 2(d) (with saving for Gibraltar groups and undertakings in S.I. 2024/1083, regs. 1(2)(b), 3) EU-derived legislation not falling within Parts 1 to 3 so far as relating to financial services or markets (other than instruments excluded from this Part by regulations under section 1(5)). (a) “EU-derived legislation” means— (i) [F21assimilated direct] legislation, (ii) subordinate legislation so far as it contains provision for the purpose of implementing, or otherwise in relation to, an EU directive or any other obligation that was created or arose by or under the EU Treaties before IP (iii) subordinate legislation made under section 3, or (iv) subordinate legislation made under the European Union (Withdrawal) Act (b) EU-derived legislation is to be taken as “relating” to financial services or markets if its purpose, or one of its main purposes, is for or in connection with the imposition of requirements on the provision of financial services or the operation of financial markets F21 Words in Sch. 1 Pt. 5 substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 107(10)(c)

128 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 1 Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments is amended in accordance with this I223 Sch. 2 para. 1 not in force at Royal Assent, see s. 86(3) I224 Sch. 2 para. 1 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, regs. 2(e)(i), 3(b)(i) I225 Sch. 2 para. 1 in force at 1.12.2024 for specified purposes by S.I. 2024/1071, reg. 4(b)(i) I226 Sch. 2 para. 1 in force at 31.12.2024 for specified purposes by S.I. 2024/1071, reg. 5(d)(i) I227 Sch. 2 para. 1 in force at 31.3.2025 for specified purposes by S.I. 2024/1071, reg. 6(b)(i) Transparency requirements for equities 2 In Article 3 (pre-trade transparency requirements), after paragraph 3 insert— “4.
The FCA may make technical standards to specify— (a) the range of bid and offer prices, or designated market-maker quotes, to be made public for each class of financial instrument concerned in accordance with paragraph 1, and (b) the depth of trading interest at those prices. 5. In making technical standards under paragraph 4 the FCA must take into account the necessary calibration for the different types of trading systems I228 Sch. 2 para. 2 not in force at Royal Assent, see s. 86(3)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Waivers for equity instruments 1. The FCA may by rules provide for the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 3(1) to be waived in such cases as the rules may 2. The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purpose of advancing one or more of its operational objectives referred to in 3. Rules under paragraph 1 may impose whatever conditions on the application of the waiver the FCA considers appropriate. 4. The FCA must monitor the application of waivers conferred by rules under paragraph 1 (in particular the effect of such waivers on price formation and compliance with any conditions imposed under paragraph 3). 5. The FCA may by notice given to a market operator, or an investment firm operating a trading venue, withdraw a waiver granted by rules made under this Article if the FCA considers that the waiver is being used— (a) in a way that deviates from its original purpose, or (b) to avoid requirements imposed by the rules.” I229 Sch. 2 para. 3 not in force at Royal Assent, see s. 86(3) 1. The FCA may direct that a waiver provided for by Article 4 is suspended (whether entirely or to such an extent as may be specified in the direction) if it considers that continued use of the waiver would unduly harm price 2. The suspension of a waiver by virtue of a direction under paragraph 1 may not have effect for a period longer than six months, but this does not prevent the giving of a further direction under that paragraph by which the suspension is renewed for a period no longer than six months. 3. The FCA may give a direction under paragraph 1 only if it considers that the direction is necessary to advance the FCA’s integrity objective under 4. In deciding whether to give a direction under paragraph 1 to suspend (or renew the suspension of) a waiver the FCA must have regard to— (a) its consumer protection objective under section 1C of FSMA and its competition objective under section 1E of FSMA,

130 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (b) relevant information produced under Article 3, or under equivalent pre-trading transparency requirements in other jurisdictions, about the use of the waiver in the United Kingdom, or under equivalent waiver arrangements in any other country, in relation to the financial (c) any other relevant information available in relation to trading volumes in the financial instrument concerned, whether in the 5. The FCA must consult the Treasury before giving a direction under 6. The requirement to consult under paragraph 5 does not apply if the FCA considers it necessary by reason of urgency to give the direction before such consultation can be carried out in order to protect— (a) the transparency of the price formation process, or (b) the interests of consumers (within the meaning of section 1G of I230 Sch. 2 para. 4 not in force at Royal Assent, see s. 86(3) I231 Sch. 2 para. 4 in force at 14.12.2023 by S.I. 2023/1382, reg. 6(b) 5 Omit Article 5 (volume cap mechanism). I232 Sch. 2 para. 5 not in force at Royal Assent, see s. 86(3) I233 Sch. 2 para. 5 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(aa) 6 (1) Article 14 (obligation for systematic internalisers to make public firm quotes in respect of shares etc) is amended as follows. (2) In paragraph 6A, omit “referred to in Article 5(3A)”. (3) After paragraph 6C insert— “6D. The reference in paragraph 6A to the “transitional period” is a reference to— (a) the period of four years beginning with IP completion day; or (b) the period ending on such day as the Treasury may direct, if that period ends earlier than the period mentioned in sub-paragraph (a). 6E. In deciding whether to issue a direction under paragraph 6D(b), the Treasury must take into account whether the FCA is able to carry out its functions relating to transparency under this Regulation and its implementing I234 Sch. 2 para. 6 not in force at Royal Assent, see s. 86(3) I235 Sch. 2 para. 6 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(aa)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective.
Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Transparency requirements for fixed income instruments and derivatives etc 7 For Articles 8 to 11 substitute— Pre-trade transparency requirements for fixed income instruments and derivatives etc 1. The FCA must by rules impose pre-trade transparency requirements on relevant persons in respect of the trading of such relevant instruments as the FCA determines should be subject to the requirements for the purposes of (a) efficient price formation, and (b) the fair evaluation of financial assets. 2. The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purpose of advancing one or more of its operational objectives referred to in 3. In making rules under paragraph 1 the FCA must (in particular) have regard to the impact that requirements imposed by the rules will have on market 4. The reference in paragraph 1 to “pre-trade transparency requirements” is a reference to whatever kinds of requirements relating to transparency before trading that the rules may specify, for example— (a) requirements to make public matters specified in the rules in respect of the trading of relevant instruments; (b) requirements about the means by which, and the times at which, such matters are to be made public; (c) requirements for the giving of access to the arrangements employed for the making of such matters public; (d) requirements in respect of relevant instruments that are traded in a standardised and frequent way, if not subject to disclosure requirements of the kind mentioned in sub-paragraph (a). 5. Rules under paragraph 1 may— (a) impose requirements by reference to the types of trading system (b) impose different requirements in relation to different types of trading (c) provide for the criteria by which the determination referred to in that 6. In this Article and in Article 9— “relevant instruments” means bonds, structured finance products, emission allowances, derivatives and instruments included within “relevant persons” means market operators and investment firms

132 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Article 8: waivers or suspensions for fixed income instruments and derivatives etc 1. Rules under Article 8 may include provision for any requirements imposed by the rules to be waived in such cases, and to such extent, as may be determined by or under the rules. 2. Rules that include provision under paragraph 1 may impose whatever conditions on the application of a waiver the FCA considers appropriate. 3. The FCA may by notice given to a relevant person withdraw a waiver granted by virtue of paragraph 1 if the FCA considers that the waiver is being used— (a) in a way that deviates from its original purpose, or (b) to avoid requirements provided for in the rules. 4. The FCA may by notice suspend requirements imposed by rules under Article 8 in the case of such relevant instruments, or class of relevant instruments, as may be specified in the notice. 5. A notice under paragraph 4 suspending requirements— (a) may be given subject to conditions; (b) must specify the period for which the suspension has effect; (c) must be published in the manner appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected (d) may be varied or withdrawn by the giving of a further notice (and sub-paragraph (c) applies to any such notice). 6. The power under paragraph 4 to suspend requirements is exercisable only if the FCA considers that it is necessary to do so to advance the FCA’s integrity objective under section 1D of FSMA. 7. In deciding whether to exercise the power under paragraph 4 to suspend requirements the FCA must also have regard to— (a) its consumer protection objective under section 1C of FSMA, and (b) its competition objective under section 1E of FSMA. Post-trade transparency requirements for fixed income instruments and derivatives etc 1. The FCA must by rules impose post-trade transparency requirements on relevant persons in respect of the trading of such relevant instruments as the FCA determines should be subject to the requirements for the purposes of (a) efficient price formation, and (b) the fair evaluation of financial assets. 2. The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purpose of advancing one or more of its operational objectives referred to in

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 3. In making rules under paragraph 1 the FCA must (in particular) have regard to the impact that requirements imposed by the rules will have on market 4.
The reference in paragraph 1 to “post-trade transparency requirements” is a reference to whatever kinds of requirements relating to transparency after the execution of trades that the rules may specify, for example— (a) requirements to make public matters specified in the rules in respect of the trading of relevant instruments (including the price, volume (b) requirements about the means by which, and the times at which, such matters are to be made public; (c) requirements for the giving of access to the arrangements employed for the making of such matters public. 5. Rules under paragraph 1 may— (a) impose requirements by reference to the types of trading system (b) impose different requirements in relation to different types of trading (c) provide for the criteria by which the determination referred to in that 6. In this Article and in Article 11— “relevant instruments” means bonds, structured finance products, emission allowances, derivatives and instruments included within “relevant persons” means market operators and investment firms Article 10: deferrals and suspensions for fixed income instruments and derivatives etc 1. Rules under Article 10 may include provision authorising relevant persons to defer complying with requirements imposed by the rules in such cases and to such extent as the rules may specify. 2. Rules made by virtue of paragraph 1 may impose whatever conditions on the application of a deferral the FCA considers appropriate. 3. The FCA may by notice suspend any requirements imposed by rules under Article 10 in the case of such relevant instruments, or class of relevant instruments, as may be specified in the notice. 4. A notice under paragraph 3 suspending requirements— (a) may be given subject to conditions; (b) must specify the period for which the suspension has effect; (c) must be published in the manner appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected (d) may be varied or withdrawn by the giving of a further notice (and sub-paragraph (c) applies to any such notice). 134 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 5. The power under paragraph 3 to suspend requirements is exercisable only if the FCA considers that it is necessary to do so to advance the FCA’s integrity objective under section 1D of FSMA. 6. In deciding whether to exercise the power under paragraph 3 to suspend requirements the FCA must also have regard to— (a) its consumer protection objective under section 1C of FSMA, and (b) its competition objective under section 1E of FSMA.” I236 Sch. 2 para. 7 not in force at Royal Assent, see s. 86(3) I237 Sch. 2 para. 7 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(ii) I238 Sch. 2 para. 7 in force at 1.12.2024 in so far as not already in force by S.I. 2024/1071, reg. 4(b)(ii) Systematic internalisers and other investment firms 8 In Article 2(1) (definitions), for points (12) and (12A) substitute— “(12) “systematic internaliser” means an investment firm which deals on own account when executing client orders outside a UK regulated market, UK MTF or UK OTF without operating a multilateral system and which— (a) does so on an organised, frequent, systematic and substantial basis, (b) has chosen to opt in to the systematic internaliser regime; (12A) for the purposes of point (12), whether dealing is taking place on a basis that is organised, frequent, systematic and substantial is to be determined in accordance with rules made by the FCA (but the power to make such rules is subject to any provision contained in regulations in respect of point (12) under paragraph 2 of this Article);”. I239 Sch. 2 para. 8 not in force at Royal Assent, see s. 86(3) I240 Sch. 2 para. 8 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(iii) 9 In Article 17a (tick sizes), in the second paragraph, omit “large in scale”. I241 Sch. 2 para. 9 not in force at Royal Assent, see s. 86(3) I242 Sch. 2 para. 9 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(bb)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Systematic pre-trade transparency requirements for fixed income instruments and derivatives etc 1. The FCA may by rules impose pre-trade transparency requirements on systematic internalisers in respect of the trading of such relevant instruments as the FCA determines should be subject to the requirements for the purposes (a) efficient price formation, and (b) the fair evaluation of financial assets. 2. The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purposes of advancing one or more of its operational objectives referred to in 3. In making rules under paragraph 1 the FCA must (in particular) have regard to the impact that requirements imposed by the rules will have on market 4.
The reference in paragraph 1 to “pre-trade transparency requirements” is a reference to whatever kinds of requirements relating to transparency before trading that the rules may specify, for example— (a) requirements to make public matters specified in the rules in respect of the trading of relevant instruments (for example, quotes); (b) requirements about the means by which, and the times at which, such matters are to be made public or otherwise disclosed; (c) requirements relating to the determination of quotes in relation to (d) requirements in relation to the entering of transactions on the basis 5. Rules under paragraph 1 may include provision for quotes issued by systematic internalisers to be updated or withdrawn in such cases as the rules 6.
In this Article and in Article 18a “relevant instruments” means bonds, structured finance products, emission allowances, derivatives and instruments included within package orders. Article 18: waivers and suspensions for fixed income instruments and derivatives etc 1.
Rules under Article 18 may include provision for any requirements imposed by those rules to be waived in such cases, and to such extent, as may be determined by or under the rules. 2.
Rules that include provision under paragraph 1 may impose whatever conditions on the application of a waiver as the FCA considers appropriate. 136 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective.
Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date.
Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes 3. The FCA may by notice given to a systematic internaliser withdraw a waiver granted by virtue of paragraph 1 if the FCA considers that the waiver is being (a) in a way that deviates from its original purpose, or (b) to avoid requirements imposed by the rules. 4. The FCA may by notice suspend requirements imposed by rules under Article 18 in the case of such relevant instruments, or class of relevant instruments, as may be specified in the notice. 5. A notice under paragraph 4 suspending requirements— (a) may be given subject to conditions; (b) must specify the period for which the suspension has effect; (c) must be published in the manner appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected (d) may be varied or withdrawn by the giving of a further notice (and sub-paragraph (c) applies to any such notice). 6. The power under paragraph 4 to suspend requirements is exercisable only if the FCA considers that it is necessary to do so to advance the FCA’s integrity objective under section 1D of FSMA. 7. In deciding whether to exercise the power under paragraph 4 to suspend requirements the FCA must also have regard to— (a) its consumer protection objective under section 1C of FSMA, and (b) its competition objective under section 1E of FSMA. Notification and publication requirements 1. Firms meeting the definition of systematic internaliser must notify the FCA of that fact in accordance with rules made by the FCA. 2. The FCA must publish, and keep up to date, a list of the systematic internalisers for which it has received notification under paragraph 1.” I243 Sch. 2 para. 10 not in force at Royal Assent, see s. 86(3) I244 Sch. 2 para. 10 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(iv) I245 Sch. 2 para. 10 in force at 1.12.2024 in so far as not already in force by S.I. 2024/1071, reg. 4(b)(iii) Investment firms (including systematic internalisers): post-trade transparency requirements for fixed income instruments and derivatives etc 1. The FCA must by rules impose post-trade transparency requirements on relevant persons in respect of the trading of such relevant instruments as the

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes FCA determines should be subject to the requirements for the purposes of (a) efficient price formation, and (b) the fair evaluation of financial assets. 2. The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purpose of advancing one or more of its operational objectives referred to in 3. In making rules under paragraph 1 the FCA must (in particular) have regard to the impact that requirements imposed by the rules will have on market 4. The reference in paragraph 1 to “post-trade transparency requirements” is a reference to whatever kinds of requirements relating to transparency after the conclusion of trades that the rules may specify, for example— (a) requirements to make public matters specified in the rules in respect of the trading of relevant instruments (including the price, volume (b) requirements about the means by which, and the times at which, such matters are to be made public. 5. Rules under paragraph 1 may— (a) provide for the criteria by which the determination referred to in that (b) in cases where both parties to a transaction are relevant persons, provide for which of those parties is to comply with the requirements 6. Rules under paragraph 1 may include provision authorising relevant persons to defer complying with requirements imposed by the rules in such cases and to such extent as the rules may specify. 7. Rules made by virtue of paragraph 6 may impose whatever conditions on the application of a deferral as the FCA considers appropriate. 8. The FCA may by notice suspend requirements imposed by rules under paragraph 1 in the case of such relevant instruments, or class of relevant instruments, as may be specified in the notice. 9. A notice under paragraph 8 suspending requirements— (a) may be given subject to conditions; (b) must specify the period for which the suspension has effect; (c) must be published in the manner appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected (d) may be varied or withdrawn by the giving of a further notice (and sub-paragraph (c) applies to any such notice). 10. The power under paragraph 8 to suspend requirements is exercisable only if the FCA considers that it is necessary to do so to advance the FCA’s integrity objective under section 1D of FSMA. 11. In deciding whether to exercise the power under paragraph 8 to suspend requirements the FCA must also have regard to—

138 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(See end of Document for details) View outstanding changes (a) its consumer protection objective under section 1C of FSMA, and (b) its competition objective under section 1E of FSMA. “relevant instruments” means bonds, structured finance products, emission allowances, derivatives and instruments included within “relevant persons” means investment firms which, either on own account or on behalf of clients, conclude transactions in relevant I246 Sch. 2 para. 11 not in force at Royal Assent, see s. 86(3) I247 Sch. 2 para. 11 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(v) I248 Sch. 2 para. 11 in force at 1.12.2024 in so far as not already in force by S.I. 2024/1071, reg. 4(b)(iv) Systematic internalisers and other investment firms 12 In Article 22 (providing information for the purposes of transparency and other calculations), in paragraph 1 omit “and for determining whether an investment firm is a systematic internaliser”. I249 Sch. 2 para. 12 not in force at Royal Assent, see s. 86(3) I250 Sch. 2 para. 12 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(vi) 13 (1) Article 23 (trading obligation for investment firms) is amended as follows. (2) Omit paragraphs 1, 1A, 3, 4, 5 and 6. (3) In the title, for “Trading obligation for investment firms” substitute “Investment firms operating internal matching systems”. I251 Sch. 2 para. 13 not in force at Royal Assent, see s. 86(3) I252 Sch. 2 para. 13 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(cc) 14 In Article 1(2E), omit “Article 23,”. I253 Sch. 2 para. 14 not in force at Royal Assent, see s. 86(3) I254 Sch. 2 para. 14 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(cc)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I251 Sch. 2 para. 13 not in force at Royal Assent, see s. 86(3) I252 Sch. 2 para. 13 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(cc) I253 Sch. 2 para. 14 not in force at Royal Assent, see s. 86(3) I254 Sch. 2 para. 14 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(cc) Derivatives trading obligation 15 In Article 1(3) (subject matter and scope), for “financial counterparties” to the end substitute “counterparties that are relevant financial counterparties, or relevant non- financial counterparties, for the purposes of Article 28 (see paragraph 1A of that I255 Sch. 2 para. 15 not in force at Royal Assent, see s. 86(3) I256 Sch. 2 para. 15 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(cc) 16 (1) Article 28 (obligation to trade on regulated markets, MTFs or OTFs) is amended as (2) In paragraph 1, for the words from the beginning to “Article 10(1)(b) of Regulation (EU) No 648/2012” substitute “Relevant financial counterparties and relevant non- financial counterparties shall conclude transactions which are neither intragroup transactions as defined in Article 3 of Regulation (EU) No 648/2012 nor transactions covered by the transitional provisions in Article 89 of that Regulation with other relevant financial counterparties or other relevant non-financial counterparties”. “1A. For the purposes of this Article— (a) “financial counterparty” and “non-financial counterparty” have the same meanings as in Regulation (EU) No 648/2012 (see Article 2(8) (b) a financial counterparty is a “relevant” financial counterparty if it is subject to the clearing obligation referred to in Article 4 of (c) a non-financial counterparty is a “relevant” non-financial counterparty in respect of derivative contracts pertaining to any asset classes if it is subject to that clearing obligation in respect of derivative contracts pertaining to those asset classes.” I257 Sch. 2 para. 16 not in force at Royal Assent, see s. 86(3) I258 Sch. 2 para. 16 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(i)(cc)

140 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Suspension or modification of Article 28 1. The FCA may direct that the trading obligation imposed by Article 28(1) and (2) (the “DTO”) is suspended or modified in accordance with the direction if it considers that the suspension or modification— (a) is necessary for the purpose of preventing or mitigating disruption (b) advances one or more of the FCA’s operational objectives referred 2. A direction under this Article may provide for the DTO to be suspended or (a) in the case of all persons to whom the DTO applies or only to such persons or descriptions of persons as are specified in the direction; (b) in the case of all derivatives to which the DTO applies or only to such derivatives, or classes of derivatives, as are specified in the (c) by reference to the venues on which derivative transactions are 3. In giving a direction under this Article the FCA must have regard to its competitiveness and growth objective in section 1EB of FSMA. 4. Before giving a direction under this Article the FCA must consult— (b) the PRA, if the PRA has an interest in the proposed direction.
The PRA has an interest in a proposed direction if the direction— (a) might affect the PRA’s discharge of its functions conferred by or under FSMA or any other enactment, or (b) would apply to a PRA-authorised person or to a person connected with a PRA-authorised person (and for this purpose “PRA authorised person” has the same meaning as in FSMA and “connected” is to be read in accordance with section 165(11) of 5. A direction under this Article may be given only with the consent of the The Treasury must notify the FCA in writing whether or not consent is given before the end of four weeks beginning with the day on which the proposed direction is submitted to the Treasury for consent (and if the notice is not given before the end of that period the Treasury are deemed to have 6. Where the FCA gives a direction under this Article it must also prepare a (a) an explanation of the purpose of the direction, including (where relevant) the ways in which the direction will further the purpose mentioned in paragraph 1(a) and advance one or more of the objectives mentioned in paragraph 1(b), and

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (b) such guidance in connection with the direction that the FCA 7. The FCA must publish a direction given under this Article together with the statement mentioned in paragraph 6. 8. The Treasury must lay before Parliament a copy of a direction given under this Article and the statement mentioned in paragraph 6. 9. If a direction under this Article has effect for a period lasting longer than 6 months, the FCA must publish, as soon as reasonably practicable after the end of each applicable 6 month period, a statement with an explanation as to why the conditions in paragraph 1(a) and (b) continue to be met. The reference to each “applicable 6 month period” is to— (a) the period of 6 months beginning with the day on which the direction (b) each subsequent 6 month period during which the direction 10. Publication under paragraph 7 or 9 is to be in whatever way appears to the FCA to be best calculated to bring the publication to the attention of the 11. A direction under this Article may be varied or revoked by the giving of a further direction under this Article. 12. For the purposes of this Article— (a) the variation of a direction by virtue of paragraph 11 is not to be treated as the giving of a new direction for the purposes of paragraph (b) paragraphs 6(b) and 9 do not apply to the revocation of a direction 13. The functions of the FCA under this Article are not “relevant functions” for the purposes of section 84 of the Financial Services Act 2012 (arrangements for the investigation of complaints relating to exercise of relevant functions I259 Sch. 2 para. 17 not in force at Royal Assent, see s. 86(3) I260 Sch. 2 para. 17 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(vii) I261 Sch. 2 para. 17 in force at 31.12.2024 in so far as not already in force by S.I. 2024/1071, reg. 5(d)(ii) 1. The FCA may by rules provide for one or more relevant obligations not to (a) in relation to activities or transactions of a specified description carried out as part of a risk reduction service, or

142 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (b) to persons of a specified description in the provision of such 2. The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purpose of advancing one or more of its operational objectives referred to in 3. The risk reduction services to which the rules relate may only be post-trade services that do not give rise to any transactions that contribute to the price (a) may describe the risk reduction services to which they relate in whatever way the FCA considers appropriate (subject to paragraph (b) may provide for whatever conditions or exceptions the FCA 5. Before making rules under paragraph 1 the FCA must consult the Bank of (a) the best execution obligation in section 11.2A of the Conduct of (b) the obligation in rule 5AA.1.1 in the Market Conduct (c) the trading obligation imposed by Article 28 of this Regulation; “risk reduction service” means a service provided to two or more counterparties to derivatives transactions for the purpose of reducing non-market risks in derivatives portfolios (including, for example, “specified” means specified in the rules.” I262 Sch. 2 para. 18 not in force at Royal Assent, see s. 86(3) I263 Sch. 2 para. 18 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(viii) Consequential amendments relating to this Part 19 In Article 2(1) (definitions), in point (17) (“liquid market”)— (b) in paragraph (b), for “Articles 4, 5 and 14” substitute “Article 14”. I264 Sch. 2 para.
19 not in force at Royal Assent, see s. 86(3) I265 Sch. 2 para. 19 in force at 29.8.2023 for specified purposes by S.I. 2023/779, reg. 4(zz)(i)(dd) 20 In Article 12(1) after “accordance with” insert “, or with rules made under,”. Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I266 Sch. 2 para. 20 not in force at Royal Assent, see s. 86(3) I267 Sch. 2 para. 20 in force at 1.12.2024 by S.I. 2024/1071, reg. 4(b)(v) 21 In Article 13(1) after “accordance with” insert “, or with rules made under,”. I268 Sch. 2 para. 21 not in force at Royal Assent, see s. 86(3) I269 Sch. 2 para. 21 in force at 1.12.2024 by S.I. 2024/1071, reg. 4(b)(vi) I270 Sch. 2 para. 22 not in force at Royal Assent, see s. 86(3) I271 Sch. 2 para. 22 in force at 31.3.2025 by S.I. 2024/1071, reg. 6(b)(ii) 23 In Article 26(3), omit “and Article 21(5)(a)”. I272 Sch. 2 para. 23 not in force at Royal Assent, see s. 86(3) 24 In Article 47(1A)(a), after “Regulation” insert “or in rules made by the FCA under I273 Sch. 2 para. 24 not in force at Royal Assent, see s. 86(3) I274 Sch. 2 para. 24 in force at 1.12.2024 by S.I. 2024/1071, reg. 4(b)(vii) 25 In Article 50B (FCA directions), omit “Article 5, Article 9 or”. I275 Sch. 2 para. 25 not in force at Royal Assent, see s. 86(3) I276 Sch. 2 para. 25 in force at 29.8.2023 for specified purposes by S.I. 2023/779, reg. 4(zz)(i)(ee) I277 Sch. 2 para. 25 in force at 1.12.2024 in so far as not already in force by S.I. 2024/1071, reg. 4(b)(viii) 26 (1) Article 50C (other FCA directions) is amended as follows. (2) In paragraph 2 after “Article” insert “4a or”. (3) In paragraph 3 after “Article” insert “4a or”. (4) In paragraph 4 after “Article” insert “4a or”. 144 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I278 Sch. 2 para. 26 not in force at Royal Assent, see s. 86(3) I279 Sch. 2 para. 26 in force at 29.10.2024 by S.I. 2024/1071, reg. 2(e)(ii) 27 (1) Article 50D (FCA rules) is amended as follows. (a) for “Article 46(6B) or 48A” substitute “this Regulation”; (b) for “modification in paragraph 3” substitute “modifications in paragraphs (3) In paragraph 2(b) after “damages)” insert “and section 138EA (matters to consider “2A. In its application to rules made under Article 31, section 138I has effect as if the reference to the PRA in subsection (1)(a) were a reference to the Bank (5) In paragraph 3, for the words after “authorised persons” substitute “included a reference to persons who are not authorised persons but to whom any of the rules made by the FCA under this Regulation apply”. I280 Sch. 2 para. 27 not in force at Royal Assent, see s. 86(3) I281 Sch. 2 para. 27 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(b)(ix) I282 Sch. 2 para. 27 in force at 31.3.2025 in so far as not already in force by S.I. 2024/1071, reg. 6(b)(iii) 28 Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories is amended in accordance with this Part of this Schedule. I283 Sch. 2 para. 28 not in force at Royal Assent, see s. 86(3) I284 Sch. 2 para. 28 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(ii) 1. The Bank of England may by rules provide for the clearing obligation referred to in Article 4(1) in respect of a class or classes of OTC derivatives

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (a) in relation to activities or transactions of a specified description carried out as part of a risk reduction service, or (b) to persons of a specified description in the provision of such 2. The power to make rules under paragraph 1 is exercisable only if the Bank of England considers that the rules are necessary or expedient for the purpose of advancing the financial stability objective under section 2A of the Bank 3. The risk reduction services to which the rules relate may only be post-trade services that do not give rise to any transactions that contribute to the price (a) may describe the risk reduction services to which they relate in whatever way the Bank of England considers appropriate (subject (b) may provide for whatever conditions or exceptions the Bank of England considers appropriate.
“risk reduction service” means a service provided to two or more counterparties to derivatives transactions for the purpose of reducing non-market risks in derivatives portfolios (including, for example, “specified” means specified in the rules.” I285 Sch. 2 para. 29 not in force at Royal Assent, see s. 86(3) I286 Sch. 2 para. 29 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(ii) 1. The provisions of Part 9A of FSMA (rules and guidance) listed in paragraph 2 apply in relation to rules made by the Bank of England under Article 6b, subject to the modifications in paragraphs 3 to 5. (a) section 137T (general supplementary powers); (b) sections 138A and 138B (modification or waiver of rules), but with the omission of subsection (4)(b) of section 138A and subsection (4) (c) section 138C (evidential provisions); (d) section 138E (limits on effect of contravening rules); (e) section 138F (notification of rules); (f) section 138G (rule-making instruments); (g) section 138H (verification of rules);

146 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (h) section 138J (consultation by the PRA), but with the omission of subsections (2)(c) and (5)(b); (i) section 138L (consultation: general exceptions), but with the 3. Any reference in any of those provisions to an authorised person is to be read as a reference to a person to whom the clearing obligation referred to 4. Section 138J(2)(d) has effect in relation to rules proposed to be made by the Bank of England as if the reference to the compatibility of the proposed rules with the provisions mentioned in section 138J(2)(d) were a reference to their compatibility with the Bank of England’s financial stability objective under section 2A of the Bank of England Act 1998. 5. Section 138L(2) has effect as if for paragraphs (a) and (b) there were substituted “be prejudicial to financial stability”.” I287 Sch. 2 para. 30 not in force at Royal Assent, see s. 86(3) I288 Sch. 2 para. 30 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(ii) 31 Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (“the EU Securitisation Regulation 2017”) is amended in accordance with this Part of this Schedule. I289 Sch. 2 para. 31 not in force at Royal Assent, see s. 86(3) I290 Sch. 2 para. 31 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) STS equivalent non-UK securitisations 32 (1) Article 2 (definitions) is amended as follows. (2) Omit point (A8) (definition of “third country”). “(A9) ‘STS equivalent non-UK securitisation’ means a securitisation of a description in relation to which a country or territory outside the United Kingdom is designated by regulations under Article 28A;

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (A10) ‘territory’ includes the European Union and any other international organisation or authority comprising countries or territories;”. (4) In point (5) (definition of “sponsor”), for “third country” substitute “country or territory outside the United Kingdom”. I291 Sch. 2 para. 32 not in force at Royal Assent, see s. 86(3) I292 Sch. 2 para. 32 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 33 After Article 28 (third party verifying STS compliance) insert— Designation of country or territory in relation to securitisations 1. The Treasury may by regulations designate a country or territory in relation to securitisations of descriptions specified in the regulations. 2. The power in paragraph 1 is exercisable only if the Treasury are satisfied that the law and practice which applies in the country or territory, in relation to securitisations of the descriptions specified, has equivalent effect (taken as a whole) to applicable UK law. (a) this Regulation, as it applies to STS securitisations, and (b) the Securitisation Regulations 2018 ( S.I. 2018/2188 ), as those regulations apply to STS securitisations. 4. In making regulations under paragraph 1, the Treasury must have regard, in addition to any other matters they consider relevant, to whether the FCA (and, where relevant, the PRA) have established effective cooperation arrangements with the competent authorities of the country or territory. 5. When considering whether to make, vary or revoke regulations under paragraph 1, the Treasury may, by making a request in writing to the FCA, require the FCA to prepare a report on the law and practice of a country or territory outside the United Kingdom, or particular aspects of such law and practice, in relation to securitisations of descriptions specified in the request. 6. If the Treasury request a report under paragraph 5, the FCA (a) consult the PRA when preparing the report, and (b) provide the Treasury with the report within such reasonable period as may be specified in the request (or such other period as may be 7.
Regulations under paragraph 1 may— (a) specify matters that a person carrying out a due-diligence assessment required by Article 5(3) must consider with regard to an STS equivalent non-UK securitisation;

148 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (b) in relation to a matter specified, specify the extent to which the person may rely on the matter. 8. Regulations under this Article are to be made by statutory instrument. (a) contain incidental, supplemental, consequential and transitional (b) make different provision for different purposes. >10.. Regulations under this Article are subject to annulment in pursuance of a resolution of either House of Parliament.” I293 Sch. 2 para. 33 not in force at Royal Assent, see s. 86(3) I294 Sch. 2 para. 33 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I291 Sch. 2 para. 32 not in force at Royal Assent, see s. 86(3) I292 Sch. 2 para. 32 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I293 Sch. 2 para. 33 not in force at Royal Assent, see s. 86(3) I294 Sch. 2 para. 33 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) Minor and consequential amendments 34 The EU Securitisation Regulation 2017 is amended in accordance with paragraphs 35 I295 Sch. 2 para. 34 not in force at Royal Assent, see s. 86(3) I296 Sch. 2 para. 34 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 35 In Article 4 (requirements for securitisation special purpose entities)— (a) in the words before point (a), for “third country” substitute “country or territory outside the United Kingdom”; (b) in point (a), for “third country” substitute “country or territory”; (c) in point (b), for “third country”, in both places, substitute “country or I297 Sch. 2 para. 35 not in force at Royal Assent, see s. 86(3) I298 Sch. 2 para. 35 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 36 (1) Article 5 (due-diligence requirements for institutional investors) is amended as

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (2) In paragraph 1, for “third country”, in each place, substitute “country or territory (3) In paragraph 3, after point (d) insert— “(da) with regard to an STS equivalent non-UK securitisation, such matters as may be specified in regulations under Article 28A (and may rely on such matters to such extent as may be specified).” I299 Sch. 2 para. 36 not in force at Royal Assent, see s. 86(3) I300 Sch. 2 para. 36 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 37 (1) Article 46 (Treasury review) is amended as follows. (2) In paragraph 1, omit the second subparagraph. (a) in point (a), omit “in the Union”; I301 Sch. 2 para. 37 not in force at Royal Assent, see s. 86(3) I302 Sch. 2 para. 37 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 38 In Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 , in Article 242 (definitions), in point (10) (meaning of “simple, transparent and standardised securitisation” or “STS (a) the words from “a securitisation” to the end become paragraph (a); (b) at the end of that paragraph, insert “; or (b) an STS equivalent non-UK securitisation as defined in point (A9) of Article 2 of Regulation (EU) 2017/2402;”. I303 Sch. 2 para. 38 not in force at Royal Assent, see s. 86(3) I304 Sch. 2 para. 38 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 39 In Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), in Article 1 (definitions), in point 18b (meaning of “STS (a) the words from “a securitisation” to the end become paragraph (a); (b) at the end of that paragraph, insert “; or (b) an STS equivalent non-UK securitisation within the meaning of Article 2(A9) of Regulation (EU)

150 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I305 Sch. 2 para. 39 not in force at Royal Assent, see s. 86(3) I306 Sch. 2 para. 39 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 40 In Article 11(1) of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (eligible securitisations and ABCPs), after paragraph (c) insert— “(d) an STS equivalent non-UK securitisation as defined in point (A9) of Article 2 of Regulation (EU) 2017/2402.” I307 Sch. 2 para.
40 not in force at Royal Assent, see s. 86(3) I308 Sch. 2 para. 40 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 41 The Securitisation Regulations 2018 ( S.I. 2018/1288) are amended in accordance I309 Sch. 2 para. 41 not in force at Royal Assent, see s. 86(3) I310 Sch. 2 para. 41 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 42 In regulation 2 (interpretation), in the definition of “SRUP”, in paragraph (c), for “third country” substitute “country or territory outside the United Kingdom”. I311 Sch. 2 para. 42 not in force at Royal Assent, see s. 86(3) I312 Sch. 2 para. 42 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 43 In regulation 4 (designation of competent authorities), in paragraph (1)(b), for “third country” substitute “country or territory outside the United Kingdom”. I313 Sch. 2 para. 43 not in force at Royal Assent, see s. 86(3) I314 Sch. 2 para. 43 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I295 Sch. 2 para. 34 not in force at Royal Assent, see s. 86(3) I296 Sch. 2 para. 34 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I297 Sch. 2 para. 35 not in force at Royal Assent, see s. 86(3) I298 Sch. 2 para. 35 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I299 Sch. 2 para. 36 not in force at Royal Assent, see s. 86(3) I300 Sch. 2 para. 36 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I301 Sch. 2 para. 37 not in force at Royal Assent, see s. 86(3) I302 Sch. 2 para. 37 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii)

Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes I303 Sch. 2 para. 38 not in force at Royal Assent, see s. 86(3) I304 Sch. 2 para. 38 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I305 Sch. 2 para. 39 not in force at Royal Assent, see s. 86(3) I306 Sch. 2 para. 39 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I307 Sch. 2 para. 40 not in force at Royal Assent, see s. 86(3) I308 Sch. 2 para. 40 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I309 Sch. 2 para. 41 not in force at Royal Assent, see s. 86(3) I310 Sch. 2 para. 41 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I311 Sch. 2 para. 42 not in force at Royal Assent, see s. 86(3) I312 Sch. 2 para. 42 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) I313 Sch. 2 para. 43 not in force at Royal Assent, see s. 86(3) I314 Sch. 2 para. 43 in force at 29.8.2023 by S.I. 2023/779, reg. 4(zz)(iii) 44 The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 ( S.I. 2017/701) is amended in accordance with this Part of this I315 Sch. 2 para. 44 not in force at Royal Assent, see s. 86(3) I316 Sch. 2 para. 44 in force at 29.10.2024 for specified purposes by S.I. 2024/1071, reg. 3(c)(i) Position limits for commodity derivatives 45 In Part 3 (position limits and position management controls in commodity derivatives), before regulation 16 insert— FCA rules relating to position limits “15A(1) The FCA may by rules require relevant persons to establish and apply— (a) position limits in respect of specified commodity derivatives, or commodity derivatives of a specified class, that are traded on a (b) position management controls in relation to the trading of (2) The power to make rules under paragraph (1) is exercisable only if the FCA considers that the rules are necessary or expedient for the purpose of advancing one or more of its operational objectives referred to in (3) In making rules under paragraph (1) the FCA must have regard to its competitiveness and growth objective in section 1EB of the Act. 152 Financial Services and Markets Act 2023 (c. 29) SCHEDULE 2 – Transitional amendments Document 2025-04-01 This version of this Act contains provisions that are prospective. Changes to Financial Services and Markets Act 2023 is up to date with all changes known to be in force on or before 01 April 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes (4) Rules under paragraph (1) may provide for matters that relevant persons must have regard to when establishing position limits, or position management controls, under requirements imposed by the rules. (5) Rules under paragraph (1) may provide for exemptions from the requirements imposed by the rules to such extent, and in such cases, as the (6) The reference in paragraph (1)(b) to position management controls includes (for example) arrangements under which— (a) the open interest positions of persons can be monitored; (b) information and documentation can be obtained from persons about the size of positions entered into; (c) requirements can be imposed on persons to terminate or reduce positions or to provide liquidity.