The Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023

Revocation of retained EU law coming into force on 5th April 2024

4.  The following provisions of the Act come into force on 5th April 2024—

(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 following provisions of Schedule 3 of Regulation (EU) No600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No648/2012(1)—

(i) paragraph 17;

(ii) paragraphs 34 to 39;

(c) in Part 2 of Schedule 1, the revocation of the Data Reporting Services Regulations 2017 (S.I. 2017/699);

(d) in Part 3 of Schedule 1, the revocation of—

(i) Articles 84 to 89 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 for the purposes of that Directive(2);

(ii) Commission Implementing Regulation (EU) 2017/1469 of 11 August 2017 laying down a standardised presentation format for the insurance product information document;

(iii) Commission Delegated Regulation (EU) 2017/2358 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to product oversight and governance requirements for insurance undertakings and insurance distributors;

(iv) Commission Delegated Regulation (EU) 2017/2359 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products;

(v) Commission Delegated Regulation (EU) 2019/1935 of 13 May 2019 amending Directive (EU) 2016/97 of the European Parliament and of the Council with regard to regulatory technical standards adapting the base euro amounts for professional indemnity insurance and for financial capacity of insurance and reinsurance intermediaries.

(1)

EUR 600/2014; Schedule 3 was inserted by S.I. 2018/1403.

(2)

EUR 2017/565; Article 84 and the headings of Articles 85 to 89 were amended by S.I. 2018/1403.