2 Transitional amendments

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Financial Services and Markets Act 2023 (c. 29) (FSMA 2023)Introductory Text Part 1 Regulatory framework (ss. 1-53)Chapter 1 Revocation of assimilated law (ss. 1-7)1 Revocation of assimilated law relating to financial services and markets 2 Transitional amendments 3 Power to make further transitional amendments 4 Power to restate and modify saved legislation 5 Power to replace references to EU directives 6 Restatement in rules: exemption from consultation requirements etc 7 Interpretation of Chapter Chapter 2 New Regulatory Powers (ss. 8-24)Designated activities regime (s. 8)8 Designated activities Financial market infrastructure: general rules and requirements (ss. 9-12)9 Rules relating to central counterparties and central securities depositories 10 Central counterparties and central securities depositories: other requirements 11 Rules relating to investment exchanges and data reporting service providers 12 Treasury directions to Bank of England: restrictions Financial market infrastructure: piloting powers (ss. 13-17)13 Testing of FMI technologies or practices 14 Reports on FMI sandboxes 15 Permanent implementation of arrangements tested under an FMI sandbox 16 Regulations 17 Interpretation Powers in relation to critical third parties (ss. 18-19)18 Critical third parties: designation and powers 19 Critical third parties: related amendments Financial promotion (s. 20)20 Financial promotion Sustainability disclosure requirements (s. 21)21 Sustainability disclosure requirements Digital settlement assets (ss. 22-23)22 Digital settlement assets 23 Digital settlement assets: power to make regulations Mutual recognition (s. 24)24 Implementation of mutual recognition agreements Chapter 3 Accountability of regulators (ss. 25-53)FCA and PRA objectives and regulatory principles (ss. 25-28)25 Competitiveness and growth objective 26 Competitiveness and growth objective: reporting requirements 27 Regulatory principles 28 Sections 25 and 27: consequential amendments FCA and PRA powers to make rules etc (ss. 29-34)29 Review of rules 30 Treasury power in relation to rules 31 Matters to consider when making rules 32 Effect of rules etc on deference decisions 33 Effect of rules etc on international trade obligations 34 Power to disapply or modify rules FCA and PRA engagement (ss. 35-39)35 Responses to recommendations of the Treasury 36 Public consultation requirements 37 Engagement with statutory panels 38 Engagement with Parliamentary Committees 39 Reporting requirements Co-operation of FCA and others (s. 40)40 Duty to co-operate and consult in exercising functions Panels and policy statements (ss. 41-47)41 Listing Authority Advisory Panel 42 Insurance Practitioner Panel 43 Cost Benefit Analysis Panels 44 Statement of policy on cost benefit analyses 45 Statement of policy on panel appointments 46 Composition of panels 47 Panel reports Bank of England regulatory powers (ss. 48-50)48 Exercise of FMI regulatory powers 49 Bank of England: rule-making powers 50 Application of FSMA 2000 to FMI functions Payment Systems Regulator (ss. 51-52)51 Payment Systems Regulator 52 Chair of the Payment Systems Regulator as member of FCA Board Consultation on rules (s. 53)53 Consultation on rules Part 2 Access to cash (ss. 54-55)54 Cash access services 55 Wholesale cash distribution Part 3 Performance of functions relating to financial market infrastructure (s. 56)56 Recognised bodies: senior managers and certification Part 4 Central counterparties in financial difficulties (s. 57)57 Central counterparties in financial difficulties Part 5 Insurers in financial difficulties (s. 58)58 Insurers in financial difficulties Part 6 Miscellaneous (ss. 59-79)Amendments to FSMA 2000 (ss. 59-69)59 Application of provisions to regulatory functions under this Act 60 Formerly authorised persons 61 Control over authorised persons 62 Financial services compensation scheme 63 The Ombudsman scheme 64 Unauthorised co-ownership AIFs 65 Power to amend enactments in consequence of rules 66 Ambulatory references 67 Power to amend or repeal certain provisions of FSMA 2000 68 Power under FSMA 2000 to make transitional provisions 69 Cryptoassets Bank of England levy (ss. 70-71)70 Bank of England levy 71 Bank of England levy: consequential amendments Other miscellaneous provisions (ss. 72-79)72 Liability of payment service providers for fraudulent transactions 73 Credit unions 74 Reinsurance for acts of terrorism 75 Banking Act 2009: miscellaneous amendments 76 Arrangements for the investigation of complaints 77 Politically exposed persons: money laundering and terrorist financing 78 Politically exposed persons: review of guidance 79 Forest risk commodities: review Part 7 General (ss. 80-87)80 Interpretation 81 Pre-commencement consultation 82 Financial provision 83 Power to make consequential provision 84 Regulations 85 Extent 86 Commencement 87 Short title Schedules Schedule 1 Revocation of assimilated law relating to financial services Schedule 1, Part 1 Assimilated direct principal legislation Schedule 1, Part 2 Subordinate legislation Schedule 1, Part 3 EU tertiary legislation etc Schedule 1, Part 4 Primary legislation Schedule 1, Part 5 Other EU-Derived Legislation Schedule 2 Transitional amendments Schedule 2, Part 1 Amendments to the Markets in Financial Instruments Regulation (paras. 1-27)Schedule 2, Part 2 Amendments to the European Market Infrastructure Regulation (paras. 28-30)Schedule 2, Part 3 Amendments to the EU Securitisation Regulation (paras. 31-43)Schedule 2, Part 4 Amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (paras. 44-50)Schedule 2, Part 5 Amendments to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit Regulations 2018) (para. 51)Schedule 2, Part 6 Amendments relating to critical third parties (paras. 52-72)Schedule 3 New Schedule 6B to FSMA 2000 Schedule 4 FMI Sandboxes Schedule 5 Financial promotion: related amendments Schedule 6 Digital settlement assets Schedule 6, Part 1 Amendments to the Banking Act 2009 (paras. 1-39)Schedule 6, Part 2 Amendments to the Financial Services (Banking Reform) Act 2013 (paras. 40-48)Schedule 7 Accountability of the Payment Systems Regulator Schedule 8 Cash access services Schedule 8, Part 1 New Part 8B of FSMA 2000 (para. 1)Schedule 8, Part 2 Consequential amendments to FSMA 2000 (paras. 2-9)Schedule 9 Wholesale cash distribution Schedule 9, Part 1 New Part 5A of the Banking Act 2009 (para. 1)Schedule 9, Part 2 Amendments to Part 6 of the Financial Services (Banking Reform) Act 2013 (paras. 2-9)Schedule 9, Part 3 Consequential amendments (paras. 10-16)Schedule 10 Performance of functions relating to financial market infrastructure Schedule 10, Part 1 New Chapter 2A of Part 18 of FSMA 2000 (para. 1)Schedule 10, Part 2 Related amendments (paras. 2-21)Schedule 11 Central counterparties Schedule 11, Part 1 Introductory (para. 1)Schedule 11, Part 2 Pre-resolution powers of the Bank of England (paras. 2-3)Schedule 11, Part 3 Resolution plans (para. 4)Schedule 11, Part 4 Removal of directors and senior managers (paras. 5-14)Schedule 11, Part 5 Special resolution action (paras. 15-118)Schedule 11, Part 6 Information, investigation and enforcement (paras. 119-144)Schedule 11, Part 7 Third-country resolution actions (paras. 145-147)Schedule 11, Part 8 General (paras. 148-156)Schedule 11, Part 9 Treasury support for CCPs (paras. 157-158)Schedule 11, Part 10 Consequential etc provision (paras. 159-165)Schedule 12 Write-down orders Schedule 12, Part 1 Write-down orders: main provisions (para. 1)Schedule 12, Part 2 The manager of a write-down order (para. 2)Schedule 12, Part 3 Further provision about write-down orders (para. 3)Schedule 12, Part 4 Write-down orders: financial services compensation scheme (paras. 4-7)Schedule 12, Part 5 Consequential amendments (paras. 8-12)Schedule 13 Insurers in financial difficulties: enforcement of contracts Schedule 13, Part 1 New Schedule 19C to FSMA 2000 (para. 1)Schedule 13, Part 2 Consequential Amendments (para. 2)Schedule 14 Credit unions Explanatory Notes

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Version status: Partly in force | Document consolidation status: Updated to reflect all known changes

Version date: 31 December 2024 - 30 March 2025

(1) Schedule 2 amends particular legislation referred to in Schedule 1 in relation to the transitional period.

(2) In this Chapter "the transitional period", in relation to any legislation, means the period ending with the revocation of that legislation.

(3) The amendments in Schedule 2 do not restrict the power in section 3 to modify legislation as amended by that Schedule.

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