Designated Amazon Web Services, Google Cloud, Microsoft, and Oracle as critical third parties to the UK financial system.

The Critical Third Parties (Designation) Regulations 2026 designates four specific technology service providers as 'critical third parties' under the Financial Services and Markets Act 2000.

It applies to Amazon Web Services EMEA SARL, Google Cloud EMEA Limited, Microsoft Ireland Operations Limited, and Oracle Corporation UK Limited.

By designating these entities, the Treasury subjects them to a regulatory framework intended to manage risks to the stability of the UK financial system stemming from the services they provide to financial institutions.

The Treasury amended the Consumer Composite Investments (Designated Activities) Regulations 2024 to introduce temporary exemptions for financial promotions referencing PRIIPs KIDs during the transition period ending in December 2027.

This Order, made by the Treasury, amends the Consumer Composite Investments (Designated Activities) Regulations 2024, establishing temporary exemptions from the financial promotion and scheme promotion restrictions for communications related to Key Information Documents (KIDs) previously governed by the PRIIPs Regulation, effective from April 6, 2026, until December 8, 2027, within the context of the transition to the new Consumer Composite Investments regime.

The Order amended the Regulated Activities Order to replace existing investment firm exemption criteria with options based on FCA-defined ancillary activity rules or annual thresholds, while also executing consequential updates following the revocation of an EU delegated regulation.

The Treasury enacted this Order using powers under the Financial Services and Markets Act 2000 to amend the Regulated Activities Order 2001, primarily by revising the exclusion criteria for firms dealing in commodity derivatives, emission allowances, and derivatives from the definition of an "investment firm." The amendment introduces the option for exclusion based on activities being ancillary to the firm's main business (assessed on a group basis) or falling below an annually determined threshold set by the Financial Conduct Authority (FCA), with the FCA granted rule-making powers to specify these conditions.

The Order also makes consequential amendments necessitated by the revocation of Commission Delegated Regulation (EU) 2017/592, establishing commencement dates across late 2025 and early 2027.

This Order amended the 2025 Order by adjusting rules regarding credit broking exclusions for deferred payment agreements and providing transitional arrangements for existing regulated permissions.

The Treasury issues this Order to amend the Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025, which primarily addresses the regulation of deferred payment credit agreements, often termed "buy-now-pay-later" (BNPL) agreements.

Key amendments include excluding domestic premises suppliers from certain credit broking regulations related to these agreements and establishing transitional provisions to ensure that existing Part 4A permissions remain valid for the activities as they stand after the Order’s changes take effect on the regulatory commencement date.

The Treasury substituted a new investigation regulation into the 2024 Regulations, introduced transitional periods for firms seeking permissions related to a new regulated activity, and made consequential amendments across primary, assimilated direct, and subordinate legislation including various sanctions regimes.

These Regulations, made by the Treasury under powers in the Financial Services and Markets Act 2000, make technical amendments and transitional provisions concerning the Public Offers and Admissions to Trading Regulations 2024.

Specifically, they substitute a new provision for FCA investigation powers concerning entities subject to the 2024 Regulations, establish temporary arrangements for existing authorised persons applying to conduct the newly regulated activity of operating an electronic system for public offers, and introduce consequential amendments across various pieces of legislation, including primary and subordinate legislation and numerous UK sanctions regulations, to align them with the new framework.

The Order amended the Financial Services and Markets Act 2000 (Exemption) Order 2001 to broaden the exemption for National Wealth Fund Limited from the general prohibition on carrying out regulated activities without authorization.

The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2025, effective March 31, 2025, amends the 2001 Exemption Order.

It expands the exemption from the general prohibition on unregulated financial activities to include National Wealth Fund Limited.

This is achieved by inserting a new Article 3A granting a general exemption and creating a Part 1A to the Schedule, listing exempted entities, while removing the fund from the previous list.

The Unauthorised Co-ownership Alternative Investment Funds (Reserved Investor Fund) Regulations 2025 extended the application of specified sections of the Financial Services and Markets Act 2000 to unauthorized co-ownership AIFs that were or are RIFs, with modifications.

These regulations, effective immediately after the Co-ownership Contractual Schemes (Tax) Regulations 2025, apply sections 261M to 261O and 261P(1) and (2) of the Financial Services and Markets Act 2000 to unauthorised co-ownership Alternative Investment Funds (AIFs) that are or were Reserved Investor Funds (RIFs), with modifications.

The regulations extend to all UK jurisdictions and define relevant terms such as 'the Act' and 'RIF'.

They specify the rights and liabilities of participants in these AIFs and define 'UK-based' for the purpose of these regulations.