These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025.
These Regulations specify the dates when various sections and schedules of the Financial Services and Markets Act 2023 officially come into force, initiating the repeal of specific pieces of retained EU financial services legislation, including parts of the EU Prospectus Regulation 2017 and MiFIR provisions.
The commencement dates are staggered between October 2025 and January 2028, and the document includes important saving provisions to ensure continuity for existing regulatory processes, notably for operators of Private Intermittent Securities and Capital Exchange Systems (PISCES) and offers made under pre-existing prospectuses.
Arguments For
The phased commencement approach allows market participants, including financial firms and regulators, adequate time to prepare for significant legislative changes.
Introducing commencement dates for the revocation of retained EU law (assimilated law) is essential for streamlining the UK's post-Brexit regulatory framework for financial services.
Specific saving provisions, particularly concerning PISCES operators and existing prospectus approvals, ensure continuity and legal certainty for ongoing complex financial activities during the transition.
Arguments Against
The staggered commencement dates spanning from October 2025 to January 2028 introduce complexity in compliance management, requiring firms to track multiple future effective dates.
Revoking core EU legislation like MiFIR provisions and Prospectus Regulations creates regulatory divergence, potentially increasing compliance friction for firms operating across multiple jurisdictions.
The need for explicit saving provisions indicates that the main Act’s repeals could otherwise disrupt current, legally valid activities (like ongoing prospectus uses) without careful provision.
The Treasury make these Regulations in exercise of the powers conferred by section 86(3) to (6) of the Financial Services and Markets Act 20231.
The Treasury issues these Regulations using powers granted under sections 86(3) to (6) of the Financial Services and Markets Act 2023 (FSMA 2023).
Citation and interpretation1.
(1)
(2)
In these Regulations—
(a)
“the Act” means the Financial Services and Markets Act 2023;
(b)
“the EU Prospectus Regulation 2017” means 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/EC2;
(c)
“the Organisational Requirements Regulation” means Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive3.
This section establishes the official citation for the regulations.
It is named the Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025.
It also provides definitions for key terms used throughout the document.
The defined terms include 'the Act' (referring to FSMA 2023), 'the EU Prospectus Regulation 2017' (concerning prospectuses for public securities offers), and 'the Organisational Requirements Regulation' (concerning organizational and operating rules for investment firms under EU law).
Provisions coming into force on 23rd October 20252.
The following provisions of the Act come into force on 23rd October 2025—
(a)
section 1(1) (revocation of assimilated law relating to financial services and markets), so far as it relates to the provision in paragraph (b) of this regulation;
(b)
in Part 3 (EU tertiary legislation etc.) of Schedule 1 (revocation of assimilated law relating to financial services and markets), the revocation of the Organisational Requirements Regulation.
Section 1(1) of the Act, concerning the revocation of assimilated law, becomes effective on October 23, 2025.
This enforcement specifically targets the repeal of 'the Organisational Requirements Regulation' as listed within Part 3 of Schedule 1 to the Act.
This action signals the end of that specific piece of retained EU legislation's effect concerning financial services rules.
Provisions coming into force on 26th November 20253.
The following provisions of the Act come into force on 26th November 2025—
(a)
section 2(1) (transitional amendments), so far as it relates to the provision in paragraph (b) of this regulation;
(b)
in Part 1 (amendments to the Markets in Financial Instruments Regulation) of Schedule 2 (transitional amendments), paragraph 3 (waivers for equity instruments).
On November 26, 2025, section 2(1) of the Act comes into force regarding transitional amendments identified in Schedule 2.
This commencement specifically activates paragraph 3 of Part 1 of Schedule 2, which amends the Markets in Financial Instruments Regulation concerning waivers for equity instruments.
Provisions coming into force on 1st December 20254.
The following provisions of the Act come into force on 1st December 2025—
(a)
section 1(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b)
in Part 1 (assimilated direct principal legislation) of Schedule 1, the revocation of Article 18b of 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 648/20124.
Section 1(1) of the Act, related to revoking assimilated law, takes effect on December 1, 2025.
This activation specifically covers the revocation of Article 18b within Regulation (EU) No 600/2014 (MiFIR) as found in Part 1 of Schedule 1.
This targets specific parts of the EU's laws related to financial markets instruments.
Provisions coming into force on 19th January 20265.
The following provisions of the Act come into force on 19th January 2026—
(a)
section 1(1), so far as it relates to the provisions in paragraphs (b) to (d) of this regulation;
(b)
in Part 1 of Schedule 1, the revocation of the EU Prospectus Regulation 2017;
(c)
in Part 2 (subordinate legislation) of Schedule 1, the revocation of—
(i)
the Financial Services and Markets Act 2000 (Prospectus) Regulations 20195;
(ii)
the Prospectus (Amendment etc.) (EU Exit) Regulations 20196;
(d)
in Part 3 of Schedule 1, the revocation of—
(i)
Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No 382/2014 and Commission Delegated Regulation (EU) 2016/3017;
(ii)
Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/20048.
On January 19, 2026, section 1(1) comes into force to revoke a significant body of legislation related to prospectuses for securities offers.
This includes the main 'EU Prospectus Regulation 2017' (Part 1), related subordinate legislation like the 2019 Prospectus Regulations (Part 2), and specific EU delegated regulations detailing technical standards for prospectus content and format (Part 3).
Provisions coming into force on 30th March 20266.
The following provisions of the Act come into force on 30th March 2026—
(a)
section 1(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b)
in Part 1 of Schedule 1, the revocation of the following provisions of 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—
(i)
Article 4;
(ii)
Article 4a.
On March 30, 2026, section 1(1) takes effect to revoke Article 4 and Article 4a of Regulation (EU) No 600/2014 (MiFIR) under Part 1 of Schedule 1.
This action continues the process of repealing existing EU legislation governing financial instruments and market structure.
Provisions coming into force on 6th April 20267.
The following provisions of the Act come into force on 6th April 2026—
(a)
section 1(1), so far as it relates to the provisions in paragraphs (b) to (e) of this regulation;
(b)
in Part 1 of Schedule 1, the revocation of 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 products (PRIIPs)9;
(c)
in Part 2 of Schedule 1, the revocation of the Packaged Retail and Insurance-based Investment Products Regulations 201710;
(d)
in Part 3 of Schedule 1, the revocation of—
(i)
Commission Delegated Regulation (EU) 2016/1904 of 14 July 2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council with regard to product intervention11;
(ii)
Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents12;
(iii)
Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website13;
(e)
in Part 5 (other EU-derived legislation) of Schedule 1, the revocation of the Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 202414.
Section 1(1) comes into force on April 6, 2026, bringing about fresh revocations of assimilated law related to investment disclosures.
This includes the main PRIIPs Regulation (EU) No 1286/2014 (Part 1), the UK's 2017 PRIIPs Regulations (Part 2), several related delegated regulations dealing with product intervention and Key Information Documents (KIDs) (Part 3), and the 2024 amendment regulations (Part 5).
Provisions coming into force on 6th July 20268.
The following provisions of the Act come into force on 6th July 2026—
(a)
section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b)
in Part 4 (amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017) of Schedule 2—
(i)
paragraph 47;
(ii)
paragraph 48.
Section 2(1), concerning transitional amendments, takes effect on July 6, 2026, specifically activating paragraphs 47 and 48 in Part 4 of Schedule 2.
These amendments modify the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, likely dealing with matters related to commodity derivatives trading.
Provisions coming into force on 1st January 20279.
The following provisions of the Act come into force on 1st January 2027—
(a)
section 1(1), so far as it relates to the provisions in paragraphs (b) to (d) of this regulation;
(b)
in Part 1 of Schedule 1, the revocation of paragraph 19 of Schedule 3 to 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 (powers to make technical standards transferred to the FCA);
(c)
in Part 3 of Schedule 1, the revocation of Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business15;
(d)
in Part 5 of Schedule 1, the revocation of the following provisions in article 72J of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (persons seeking to use the exemption under Article 2.1(j) of the markets in financial instruments directive)16—
(i)
in paragraph (1), sub-paragraphs (a) and (b);
(ii)
in paragraph (3), the definitions of “market threshold calculation”, “official source”, “relevant data” and “the delegated regulation”.
Section 1(1) takes effect on January 1, 2027, to revoke further delegated legislation.
This includes changes to MiFIR (paragraph 19 of Schedule 3) concerning the transfer of technical standards powers to the FCA, a delegated regulation on ancillary activity criteria (Part 3), and initial parts of Article 72J of the 2001 Regulated Activities Order concerning specific exemptions for MiFID activities (Part 5).
This targets the transfer of regulatory rule-making powers for certain activities.
Provisions coming into force on 1st January 202810.
The following provisions of the Act come into force on 1st January 2028—
(a)
section 1(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b)
in Part 5 of Schedule 1, the revocation of the remaining provisions of article 72J of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
On January 1, 2028, section 1(1) comes into force to complete the revocation process detailed in Part 5 of Schedule 1.
This specifically repeals the remaining provisions of Article 72J of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, finalizing the removal of these exemption provisions.
Savings relating to the Organisational Requirements Regulation11.
(1)
The revocation by section 1(1) of, and Schedule 1 to, the Act of the Organisational Requirements Regulation does not apply in relation to a PISCES operator in relation to the operation of a PISCES until the earlier of—
(a)
5th June 2030;
(b)
the date on which any rules applicable to PISCES operators made by the FCA under FSMA 200017 in replacement of the Organisational Requirements Regulation come into force.
(2)
In relation to the saving made in paragraph (1), the revocation by section 1(1) of, and Schedule 1 to, the Act of the Organisational Requirements Regulation does not apply for the purposes of the definition of “relevant enactment” in section 17(3) of the Act (interpretation)18.
(3)
In this regulation, “PISCES” and “PISCES operator” each has the meaning given in regulation 2 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (interpretation)19.
This provision creates a specific saving measure for the 'Organisational Requirements Regulation' which is being revoked.
The revocation will not apply to a PISCES operator regarding the operation of a PISCES until the earlier of June 5, 2030, or the date the FCA introduces replacement rules under FSMA 2000.
This ensures regulatory continuity for firms operating within the regulatory sandbox for conditional trading systems.
Savings relating to EU-derived prospectus legislation12.
(1)
The revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not apply in relation to—
(a)
an offer of transferable securities to the public that is first made before 19th January 2026, or
(b)
a request for the admission of transferable securities to trading on a regulated market that is made before 19th January 2026.
(2)
Where a prospectus has been approved by the FCA in accordance with Part 6 of FSMA 2000 (official listing) and the EU Prospectus Regulation 2017 before 19th January 2026, the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable in relation to any offer of transferable securities to the public or request for the admission of transferable securities to trading on a regulated market which (in either case) is made in reliance on that prospectus, together with any supplementary prospectus, during the period for which it is valid under Article 12 of the EU Prospectus Regulation 2017.
(3)
In a case falling within regulation 49(1) of the Public Offers and Admissions to Trading Regulations 2024 (references to the Tribunal in transitional cases)20—
(a)
the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable on any reference to the Tribunal or any related appeal, and
(b)
if the Tribunal remit the matter to the FCA for decision, paragraph (2) applies in relation to a prospectus approved by the FCA in accordance with a direction of the Tribunal as it applies in relation to a prospectus approved before 19th January 2026.
(4)
In this regulation, “the EU-derived prospectus legislation” means the legislation whose revocation is brought into force by regulation 5.
(5)
Other expressions used in this regulation and in Part 6 of FSMA 2000, as that Part has effect immediately before 19th January 2026, have the same meaning as they have in that Part.
Regulation 12 provides transitional savings for prospectuses governed by EU law (the 'EU-derived prospectus legislation' referenced in Regulation 5).
The revocation of this legislation does not apply to any offer of securities or admission request made before January 19, 2026.
Furthermore, any prospectus approved by the FCA before that date remains valid for subsequent reliance until its original expiry date under the EU Prospectus Regulation 2017.
Savings also cover any ongoing Tribunal references or appeals related to prospectus approval decisions made before this date.
Stephen Morgan
Taiwo Owatemi
Two of the Lords Commissioners of His Majesty's Treasury
This section confirms the signing authority for the Regulations.
They were made by Stephen Morgan and Taiwo Owatemi, acting as Two of the Lords Commissioners of His Majesty's Treasury, on October 14, 2025.
Explanatory Note
(This note is not part of the Regulations)
These Regulations are the 11th commencement regulations made under the Financial Services and Markets Act 2023 (c. 29) (“the Act”).
Section 1 of the Act revokes and repeals assimilated law referred to in Schedule 1 to the Act. These Regulations bring into force section 1(1) of the Act so far as it relates to the revocation of certain provisions referred to in Schedule 1 to the Act. In particular—
regulation 2 commences the revocation of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms used for the purposes of that Directive (“the Organisational Requirements Regulation”) on 23rd October 2025;
regulations 4, 6 and 9(a) and (b) commence the revocation of certain provisions of Regulation (EU) 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 (“MiFIR”) on 1st December 2025 (systematic internalisers), 30th March 2026 (waivers for equity instruments) and 1st January 2027 (ancillary activities) respectively;
regulations 9(a), (c) and (d) and 10 commence the revocation of a further set of linked provisions concerning ancillary activities on 1st January 2027 and 1st January 2028 respectively;
regulation 5 commences the revocation on 19th January 2026 of instruments that concern the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market;
regulation 7 commences the revocation on 6th April 2026 of instruments that concern the information documents to be provided to retail investors for certain types of investments.
Section 2 of the Act makes transitional amendments to assimilated law referred to in Schedule 1 to the Act before it is revoked. These Regulations commence section 2(1) of the Act so far as it relates to certain transitional amendments set out in Schedule 2 to the Act. In particular—
regulation 3 commences a transitional amendment to MiFIR on 26th November 2025 and concerns waivers for equity instruments;
regulation 8 commences transitional amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701) on 6th July 2026 and concerns over the counter commodity derivatives.
Regulation 11 makes saving provision in relation to the Organisational Requirements Regulation, whose revocation is commenced by regulation 2. This saving provision ensures that the revocation of the Organisational Requirements Regulation does not apply in relation to PISCES operators under the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (S.I. 2025/583) (“the PISCES Regulations”) until the earlier of the dates specified in this saving provision. For the purposes of this note, the term “PISCES operators” has the meaning given in the PISCES Regulations.
Regulation 12 makes saving provision in relation to the legislation whose revocation is commenced by regulation 5. The saving relates to cases where—
an offer of transferable securities to the public is first made before 19th January 2026,
a request for the admission of transferable securities to trading on a regulated market is made before that date,
a prospectus is approved by the Financial Conduct Authority before that date, or
a reference is made to the Upper Tribunal in respect of a decision before that date to refuse the approval of a prospectus.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A full impact assessment has been published in relation to the Act and copies can be obtained from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or at https://bills.parliament.uk/publications/49053/documents/2621.
The Explanatory Note clarifies that these are the eleventh commencement regulations for the FSMA 2023, focusing on bringing into force the repeal of specific retained EU financial services laws listed in Schedule 1.
The note highlights commencement dates for revoking rules on investment firm organizational requirements (Oct 2025), MiFIR provisions related to internalisers, waivers, and ancillary activities (Dec 2025 - Jan 2027), prospectus legislation (Jan 2026), and PRIIPs disclosure documents (April 2026).
It also summarises consequential amendments in Schedule 2, such as those to MiFIR regarding equity waivers (Nov 2025) and rules related to over-the-counter commodity derivatives for July 2026.
Finally, it explains transitional protections for PISCES operators until 2030 or new rules are enacted, and protections for existing prospectus processes that pre-date January 19, 2026.
The Treasury states that a full impact assessment was not needed as significant impacts are not foreseen.
NOTE AS TO EARLIER COMMENCEMENT Regulations
(This note is not part of the Regulations)
The following provisions of the Financial Services and Markets Act 2023 have been brought into force by commencement Regulations made before the date of these Regulations.
Provision | Date of Commencement | S.I. No. |
|---|---|---|
Section 1(1) (in part) | 11th July 2023 | |
Section 1(1) (in part) | 29th August 2023 | |
Section 1(1) (in part) | 14th December 2023 | |
Section 1(1) (in part) | 1st January 2024 | |
Section 1(1) (in part) | 1st January 2024 | |
Section 1(1) (in part) | 5th April 2024 | |
Section 1(1) (in part) | 30th June 2024 | |
Section 1(1) (in part) | 29th October 2024 | |
Section 1(1) (in part) | 1st November 2024 | |
Section 1(1) (in part) | 31st December 2024 | |
Section 1(1) (in part) | 31st December 2024 | |
Section 1(1) (in part) | 14th May 2025 | |
Section 1(1) (in part) | 15th July 2025 | |
Section 1(1) (in part) | 31st July 2025 | |
Section 1(1) (in part) | 28th November 2025 | |
Section 1(1) (in part) | 1st January 2026 | |
Section 1(2), (4), (5) and (6) | 11th July 2023 | |
Section 2(1) (in part) | 29th August 2023 | |
Section 2(1) (in part) | 14th December 2023 | |
Section 2(1) (in part) | 29th October 2024 | |
Section 2(1) (in part) | 1st December 2024 | |
Section 2(1) (in part) | 31st December 2024 | |
Section 2(1) (in part) | 31st March 2025 | |
Section 2(1) (in part) | 30th June 2025 | |
Section 2(1) (in part) | 1st December 2025 | |
Section 2(1) (in part) | 6th July 2026 | |
Section 2(2) and (3) | 11th July 2023 | |
Section 3 | 11th July 2023 | |
Sections 4 to 6 | 29th August 2023 | |
Section 7 | 11th July 2023 | |
Section 8 | 29th August 2023 | |
Section 9(1) to (5) | 1.00am on 1st January 2024 | |
Section 9(6) | 29th August 2023 | |
Section 10 | 1.00am on 1st January 2024 | |
Section 11 | 29th August 2023 | |
Section 12 | 1.00am on 1st January 2024 | |
Sections 13 to 19 | 29th August 2023 | |
Section 20 (in part) | 6th September 2023 | |
Section 20 (in part) | 6th November 2023 | |
Section 20 (so far as not already in force) | 7th February 2024 | |
Section 21 | 1st January 2024 | |
Section 23 | 29th August 2023 | |
Sections 25 and 26 | 29th August 2023 | |
Section 27 (in part) | 29th August 2023 | |
Section 27 (so far as not already in force) | 1st January 2025 | |
Sections 28 to 32 | 29th August 2023 | |
Section 33 | 1st January 2024 | |
Sections 34 to 40 | 29th August 2023 | |
Section 41 (in part) | 29th August 2023 | |
Section 41 (so far as not already in force) | 26th December 2023 | |
Section 42 (in part) | 29th August 2023 | |
Section 42 (so far as not already in force) | 26th December 2023 | |
Section 43 (in part) | 29th August 2023 | |
Section 43 (so far as not already in force) | 1st August 2024 | |
Sections 44 and 45 | 29th August 2023 | |
Section 46(1) (in part) | 29th August 2023 | |
Section 46(2), (7) and (9) (in part) | 29th August 2023 | |
Section 46 (so far as not already in force) | 26th December 2023 | |
Section 47 | 29th August 2023 | |
Section 48 (in part) | 1.00am on 1st January 2024 | |
Section 48 (in part) | 1st January 2025 | |
Section 48 (so far as not already in force) | 1st February 2025 | |
Section 49 | 1.00am on 1st January 2024 | |
Section 50 (in part) | 1.00am on 1st January 2024 | |
Section 50 (so far as no already in force) | 1st August 2024 | |
Section 51 (in part) | 29th August 2023 | |
Section 51 (in part) | 1st January 2025 | |
Section 51 (in part) | 1st March 2024 | |
Section 51 (in part) | 1st August 2024 | |
Section 51 (so far as not already in force) | 1st January 2025 | |
Section 53 | 29th August 2023 | |
Section 57 (in part) | 29th August 2023 | |
Section 57 (in so far as not already in force) | 31st December 2023 | |
Section 59 | 29th August 2023 | |
Section 63 | 29th August 2023 | |
Section 64 | 29th October 2024 | |
Sections 65 to 69 | 29th August 2023 | |
Section 70(1), (3) and (4) (in part) | 1st January 2024 | |
Section 70 (in so far as not already in force) | 1st March 2024 | |
Section 71 | 1st March 2024 | |
Section 73 | 29th August 2023 | |
Section 75 | 29th August 2023 | |
Section 76 | 29th August 2023 | |
Section 79 | 29th August 2023 | |
Schedule 1, Part 1 (in part) | 11th July 2023 | |
Schedule 1, Part 1 (in part) | 14th December 2023 | |
Schedule 1, Part 1 (in part) | 1st January 2024 | |
Schedule 1, Part 1 (in part) | 1st January 2024 | |
Schedule 1, Part 1 (in part) | 5th April 2024 | |
Schedule 1, Part 1 (in part) | 1st November 2024 | |
Schedule 1, Part 1 (in part) | 15th July 2025 | |
Schedule 1, Part 1 (in part) | 1st January 2026 | |
Schedule 1, Part 2 (in part) | 11th July 2023 | |
Schedule 1, Part 2 (in part) | 29th August 2023 | 2023/779 (C. 40)21 |
Schedule 1, Part 2 (in part) | 14th December 2023 | |
Schedule 1, Part 2 (in part) | 1st January 2024 | |
Schedule 1, Part 2 (in part) | 1st January 2024 | |
Schedule 1, Part 2 (in part) | 5th April 2024 | |
Schedule 1, Part 2 (in part) | 30th June 2024 | |
Schedule 1, Part 2 (in part) | 1st November 2024 | |
Schedule 1, Part 2 (in part) | 31st December 2024 | |
Schedule 1, Part 2 (in part) | 31st July 2025 | |
Schedule 1, Part 2 (in part) | 28th November 2025 | |
Schedule 1, Part 3 (in part) | 1st January 2024 | |
Schedule 1, Part 3 (in part) | 1st January 2024 | |
Schedule 1, Part 3 (in part) | 5th April 2024 | |
Schedule 1, Part 3 (in part) | 30th June 2024 | |
Schedule 1, Part 3 (in part) | 29th October 2024 | |
Schedule 1, Part 3 (in part) | 1st November 2024 | |
Schedule 1, Part 3 (in part) | 31st December 2024 | |
Schedule 1, Part 3 (in part) | 31st December 2024 | |
Schedule 1, Part 3 (in part) | 14th May 2025 | |
Schedule 1, Part 3 (in part) | 1st January 2026 | |
Schedule 1, Part 4 (in part) | 1st January 2024 | |
Schedule 1, Part 4 (in part) | 14th May 2025 | |
Schedule 1, Part 5 (in part) | 1st January 2024 | |
Schedule 1, Part 5 (in part) | 1st November 2024 | |
Schedule 1, Part 5 (in part) | 31st December 2024 | |
Schedule 1, Part 5 (in part) | 14th May 2025 | |
Schedule 2, Part 1, paragraph 1 (in part) | 29th October 2024 | |
Schedule 2, Part 1, paragraph 1 (in part) | 1st December 2024 | |
Schedule 2, Part 1, paragraph 1 (in part) | 31st December 2024 | |
Schedule 2, Part 1, paragraph 1 (in part) | 31st March 2025 | |
Schedule 2, Part 1, paragraph 1 (in part) | 30th June 2025 | |
Schedule 2, Part 1, paragraph 1 (in part) | 1st December 2025 | |
Schedule 2, Part 1, paragraph 4 | 14th December 2023 | |
Schedule 2, Part 1, paragraphs 5 and 6 | 29th August 2023 | |
Schedule 2, Part 1, paragraph 7 (in part) | 29th October 2024 | |
Schedule 2, Part 1, paragraph 7 (so far as not already in force) | 1st December 2024 | |
Schedule 2, Part 1, paragraph 8 (in part) | 1st December 2024 | |
Schedule 2, Part 1, paragraph 8 (so far as not already in force) | 1st December 2025 | |
Schedule 2, Part 1, paragraph 9 | 29th August 2023 | |
Schedule 2, Part 1, paragraphs 10 and 11 (in part) | 29th October 2024 | |
Schedule 2, Part 1, paragraphs 10 and 11 (so far as not already in force) | 1st December 2024 | |
Schedule 2, Part 1, paragraph 12 (in part) | 29th October 2024 | |
Schedule 2, Part 1, paragraph 12 (so far as not already in force) | 1st December 2025 | |
Schedule 2, Part 1, paragraphs 13 to 16 | 29th August 2023 | |
Schedule 2, Part 1, paragraph 17 (in part) | 29th October 2024 | |
Schedule 2, Part 1, paragraph 17 (so far as not already in force) | 31st December 2024 | |
Schedule 2, Part 1, paragraph 18 (in part) | 29th October 2024 | |
Schedule 2, Part 1, paragraph 18 (so far as not already in force) | 30th June 2025 | |
Schedule 2, Part 1, paragraph 19 (in part) | 29th August 2023 | |
Schedule 2, Part 1, paragraphs 20 and 21 | 1st December 2024 | |
Schedule 2, Part 1, paragraph 22 | 31st March 2025 | |
Schedule 2, Part 1, paragraph 24 | 1st December 2024 | |
Schedule 2, Part 1, paragraph 25 (in part) | 29th August 2023 | |
Schedule 2, Part 1, paragraph 25 | 1st December 2024 | |
Schedule 2, Part 1, paragraph 26 | 29th October 2024 | |
Schedule 2, Part 1, paragraph 27 (in part) | 29th October 2024 | |
Schedule 2, Part 1, paragraph 27 (so far as not already in force) | 31st March 2025 | |
Schedule 2, Parts 2 and 3 | 29th August 2023 | |
Schedule 2, Part 4, paragraph 44 (in part) | 29th October 2024 | |
Schedule 2, Part 4, paragraph 44 (in part) | 6th July 2026 | |
Schedule 2, Part 4, paragraph 45 (in part) | 29th October 2024 | |
Schedule 2, Part 4, paragraph 45 (so far as not already in force) | 6th July 2026 | |
Schedule 2, Part 4, paragraph 46 | 6th July 2026 | |
Schedule 2, Part 4, paragraph 49 (in part) | 29th October 2024 | |
Schedule 2, Part 4, paragraph 49 (so far as not already in force) | 6th July 2026 | |
Schedule 2, part 4, paragraph 50 | 6th July 2026 | |
Schedule 2, Part 6 | 29th August 2023 | |
Schedule 3 | 29th August 2023 | |
Schedule 4 | 29th August 2023 | |
Schedule 5 (in part) | 6th September 2023 | |
Schedule 5 (in part) | 6th November 2023 | |
Schedule 5 (so far as not already in force) | 7th February 2024 | |
Schedule 7, paragraph 1 (in part) | 29th August 2023 | |
Schedule 7, paragraph 1 (in part) | 1st January 2024 | |
Schedule 7, paragraph 1 (in part) | 1st August 2024 | |
Schedule 7, paragraph 1 (so far as not already in force) | 1st January 2025 | |
Schedule 7, paragraph 2 (in part) | 29th August 2023 | |
Schedule 7, paragraph 2 (so far as not already in force) | 1st January 2024 | |
Schedule 7, paragraph 3 (in part) | 29th August 2023 | |
Schedule 7, paragraph 3 (so far as not already in force) | 1st January 2025 | |
Schedule 7, paragraph 4 to 6 | 29th August 2023 | |
Schedule 7, paragraph 7 (in part) | 29th August 2023 | |
Schedule 7, paragraph 7 (so far as not already in force) | 1st August 2024 | |
Schedule 7, paragraph 8 | 1st January 2024 | |
Schedule 7, paragraphs 9 to 13 | 29th August 2023 | |
Schedule 11, paragraph 3(9) to (11) | 29th August 2023 | |
Schedule 11, paragraph 13(5) to (7) | 29th August 2023 | |
Schedule 11, paragraph 16 | 29th August 2023 | |
Schedule 11, paragraph 20 | 29th August 2023 | |
Schedule 11, paragraph 22(10) to (12) | 29th August 2023 | |
Schedule 11, paragraph 25(2), (3), (5) and (8) | 29th August 2023 | |
Schedule 11, paragraph 32(2) to (5) | 29th August 2023 | |
Schedule 11, paragraph 75 | 29th August 2023 | |
Schedule 11, paragraph 76 | 29th August 2023 | |
Schedule 11, paragraph 78 | 29th August 2023 | |
Schedule 11, paragraph 85 | 29th August 2023 | |
Schedule 11, paragraph 87 | 29th August 2023 | |
Schedule 11, paragraph 154 | 29th August 2023 | |
Schedule 11, paragraph 165 | 29th August 2023 | |
Schedule 11 (so far as not already in force) | 31st December 2023 | |
Schedule 14 | 29th August 2023 |
This historical table documents the commencement dates of various provisions of the Financial Services and Markets Act 2023 under previous commencement regulations (S.I. 2023/779, 2023/1382, 2024/1071, 2024/620, 2024/891, 2025/572, 2025/873, 2024/250).
It lists specific sections and schedules that have already come into effect from July 2023 up to November 2025, providing context for the current document's delayed implementation schedule.
Latest Legislation
The Organic Production (Amendment) Regulations 2025
22nd Oct 25
The Road Vehicles (Type-Approval) (Amendment) (No. 3) Regulations 2025
22nd Oct 25
The Immigration (Electronic Travel Authorisations) (Jersey) Order 2025
22nd Oct 25
The Unmanned Aircraft (Amendment) Regulations 2025
21st Oct 25
The Immigration and Nationality (Fees) (Amendment) (No. 2) Regulations 2025
21st Oct 25