2.—(1) The following provisions of these Regulations come into force on the day after that on which these Regulations are made (“the initial commencement day”)—
(a)this Part, and
(b)Part 2 (designated activities).
(2) The remaining provisions of these Regulations come into force on the initial commencement day for the following purposes only—
(a)enabling the FCA—
(i)to make or approve rules,
(ii)to give guidance,
(iii)to give directions, or
(iv)to issue statements of policy;
(b)enabling applications for—
(i)a Part 4A permission under section 55A of FSMA 2000(1),
(ii)a variation of a Part 4A permission under section 55H or 55I of FSMA 2000(2), or
(iii)approval under Part 5 of FSMA 2000,
to be made and determined in relation to an activity which by virtue of these Regulations is to become a regulated activity specified by article 25DB of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(3);
(c)enabling the FCA to exercise its powers under Part 4A(4) or 5 of FSMA 2000 in relation to any such activity.
(3) So far as not already in force by virtue of paragraph (1) or (2), these Regulations come into force on the day on which the revocation of the prospectus regulation by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 comes into force (“the main commencement day”).
Section 55A was inserted by section 11 of the Financial Services Act 2012 (c. 21) and amended by S.I. 2018/135 and S.I. 2018//1149.
Sections 55H and 55I were inserted by section 11 of the Financial Services Act 2012 (c. 21). There are amendments which are not relevant.
S.I. 2001/544. Article 25DB is inserted by regulation 46 of these Regulations.
Part 4A was inserted by section 11(2) of the Financial Services Act 2012.