The Financial Services Act 2021 (Commencement No. 5) Regulations 2023

Provisions of the Financial Services Act 2021 coming into force on 1 September 2023

2.  The provisions of the Financial Services Act 2021 specified in paragraphs (a) to (c) come into force on 1 September 2023—

(a) section 22(5) and Schedule 6 (Gibraltar-based persons carrying on activities in the UK) only so far as they insert the following paragraphs of Schedule 2A into FSMA 2000—

(i) paragraph 1 (Gibraltar-based person);

(ii) paragraph 2 (regulators) except for the definition of “UK regulator” in sub-paragraph (1);

(iii) paragraph 3 (activities and branches);

(iv) paragraph 5 (approval of regulated activities);

(v) paragraph 6 (corresponding activities regulated in Gibraltar);

(vi) paragraph 7 (objectives);

(vii) paragraph 8 (alignment of law and practice);

(viii) paragraph 9 (co-operation);

(ix) paragraph 10 (consultation);

(x) paragraph 12(4) (definition of “Schedule 2A permission”);

(xi) paragraph 55(5) (power to prescribe the meaning of “private person”);

(xii) paragraph 83 (Gibraltar-based individuals carrying on insurance distribution activities);

(b) section 22(7) and the following paragraphs of Schedule 8 (Gibraltar: minor and consequential amendments)—

(i) paragraph 5 only so far as it inserts section 137AA(3) and (4) into FSMA 2000 (power to limit the FCA’s general rules);

(ii) paragraph 6 only so far as it inserts section 137GA(2) and (3) into FSMA 2000 (power to limit the PRA’s general rules);

(iii) paragraph 7 (amendments to section 213 of FSMA 2000);

(iv) paragraph 9 (amendments to section 224 of FSMA 2000);

(v) paragraph 14 (amendments to section 417 of FSMA 2000) except for the definition of “Schedule 2B permission”;

(vi) paragraph 16 (amendments to section 429 of FSMA 2000) except so far as it relates to paragraphs 58(3)(a), 59(3)(a) and 60(8) of Schedule 2A;

(c) section 22(8) to (11) (power to amend Parts 7 and 18A of FSMA 2000, etc).