The Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024
Introduction
The Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024 (the Regulations) were made on 16 December 2024 and came into force on 17 December 2024. The Regulations add a number of new enactments to the list of relevant enactments for the purposes of the Financial Services and Markets Act 2000 (FSMA).
Background
FSMA is the primary legislation governing the financial services industry in the United Kingdom. It gives the Financial Conduct Authority (FCA) a wide range of powers to regulate the financial services industry, including the power to make rules and regulations.
The Regulations add a number of new enactments to the list of relevant enactments for the purposes of FSMA. These include:
- The Financial Services and Markets Act 2023
- The Financial Services (Banking Reform) Act 2023
- The Financial Services (Insurance) Act 2023
Impact of the Regulations
The Regulations will have a number of impacts on the financial services industry, including:
- Extending the scope of FSMA to cover new activities and products
- Giving the FCA new powers to regulate these new activities and products
- Imposing new obligations on firms that carry out these new activities and products
Next Steps
Firms that are affected by the Regulations should take steps to ensure that they are compliant with the new requirements. The FCA will be publishing guidance on the Regulations in due course.
Conclusion
The Regulations are a significant development in the regulation of the financial services industry in the United Kingdom. They will extend the scope of FSMA and give the FCA new powers to regulate the financial services industry. Firms that are affected by the Regulations should take steps to ensure that they are compliant with the new requirements.
The Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024
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