The Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 2024

Revocation of assimilated law on 31st December 2024

2.  The following provisions of the Financial Services and Markets Act 2023 come into force on 31st December 2024—

(a) section 1(1) (revocation of assimilated law relating to financial services and markets) so far as it relates to the instruments listed in paragraphs (b) to (d) and in the Schedule, and to the extent that those instruments are not already revoked;

(b) in Part 2 (subordinate legislation) of Schedule 1 (revocation of assimilated law relating to financial services), the revocation of—

(i) the Solvency 2 Regulations (S.I. 2015/575);

(ii) the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407);

(c) in Part 3 (EU tertiary legislation etc) of Schedule 1, the revocation of the instruments listed in the Schedule to these Regulations(1);

(d) in Part 5 (other EU-derived legislation) of Schedule 1, the revocation of the Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023(2).

(1)

The instruments listed in the Schedule to these Regulations were made under 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), which is listed in Part 2 (subordinate legislation) of Schedule 1 to the Financial Services and Markets Act 2023 (c. 29) (revocation of assimilated law relating to financial services).

(2)

S.I. 2023/1346, made under section 3 of the Financial Services and Markets Act 2023 (power to make further transitional amendments). Section 3 is listed in paragraph (a)(iii) of Part 5 (other EU-derived legislation) of Schedule 1 to that Act.