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Financial Services and Markets Act 2023 (c. 29) (FSMA 2023)Introductory TextPart 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 markets2 Transitional amendments3 Power to make further transitional amendments4 Power to restate and modify saved legislation5 Power to replace references to EU directives6 Restatement in rules: exemption from consultation requirements etc7 Interpretation of ChapterChapter 2 New Regulatory Powers (ss. 8-24)Designated activities regime (s. 8)8 Designated activitiesFinancial market infrastructure: general rules and requirements (ss. 9-12)9 Rules relating to central counterparties and central securities depositories10 Central counterparties and central securities depositories: other requirements11 Rules relating to investment exchanges and data reporting service providers12 Treasury directions to Bank of England: restrictionsFinancial market infrastructure: piloting powers (ss. 13-17)13 Testing of FMI technologies or practices14 Reports on FMI sandboxes15 Permanent implementation of arrangements tested under an FMI sandbox16 Regulations17 InterpretationPowers in relation to critical third parties (ss. 18-19)18 Critical third parties: designation and powers19 Critical third parties: related amendmentsFinancial promotion (s. 20)20 Financial promotionSustainability disclosure requirements (s. 21)21 Sustainability disclosure requirementsDigital settlement assets (ss. 22-23)22 Digital settlement assets23 Digital settlement assets: power to make regulationsMutual recognition (s. 24)24 Implementation of mutual recognition agreementsChapter 3 Accountability of regulators (ss. 25-53)FCA and PRA objectives and regulatory principles (ss. 25-28)25 Competitiveness and growth objective26 Competitiveness and growth objective: reporting requirements27 Regulatory principles28 Sections 25 and 27: consequential amendmentsFCA and PRA powers to make rules etc (ss. 29-34)29 Review of rules30 Treasury power in relation to rules31 Matters to consider when making rules32 Effect of rules etc on deference decisions33 Effect of rules etc on international trade obligations34 Power to disapply or modify rulesFCA and PRA engagement (ss. 35-39)35 Responses to recommendations of the Treasury36 Public consultation requirements37 Engagement with statutory panels38 Engagement with Parliamentary Committees39 Reporting requirementsCo-operation of FCA and others (s. 40)40 Duty to co-operate and consult in exercising functionsPanels and policy statements (ss. 41-47)41 Listing Authority Advisory Panel42 Insurance Practitioner Panel43 Cost Benefit Analysis Panels44 Statement of policy on cost benefit analyses45 Statement of policy on panel appointments46 Composition of panels47 Panel reportsBank of England regulatory powers (ss. 48-50)48 Exercise of FMI regulatory powers49 Bank of England: rule-making powers50 Application of FSMA 2000 to FMI functionsPayment Systems Regulator (ss. 51-52)51 Payment Systems Regulator52 Chair of the Payment Systems Regulator as member of FCA BoardConsultation on rules (s. 53)53 Consultation on rulesPart 2 Access to cash (ss. 54-55)54 Cash access services55 Wholesale cash distributionPart 3 Performance of functions relating to financial market infrastructure (s. 56)56 Recognised bodies: senior managers and certificationPart 4 Central counterparties in financial difficulties (s. 57)57 Central counterparties in financial difficultiesPart 5 Insurers in financial difficulties (s. 58)58 Insurers in financial difficultiesPart 6 Miscellaneous (ss. 59-79)Amendments to FSMA 2000 (ss. 59-69)59 Application of provisions to regulatory functions under this Act60 Formerly authorised persons61 Control over authorised persons62 Financial services compensation scheme63 The Ombudsman scheme64 Unauthorised co-ownership AIFs65 Power to amend enactments in consequence of rules66 Ambulatory references67 Power to amend or repeal certain provisions of FSMA 200068 Power under FSMA 2000 to make transitional provisions69 CryptoassetsBank of England levy (ss. 70-71)70 Bank of England levy71 Bank of England levy: consequential amendmentsOther miscellaneous provisions (ss. 72-79)72 Liability of payment service providers for fraudulent transactions73 Credit unions74 Reinsurance for acts of terrorism75 Banking Act 2009: miscellaneous amendments76 Arrangements for the investigation of complaints77 Politically exposed persons: money laundering and terrorist financing78 Politically exposed persons: review of guidance79 Forest risk commodities: reviewPart 7 General (ss. 80-87)80 Interpretation81 Pre-commencement consultation82 Financial provision83 Power to make consequential provision84 Regulations85 Extent86 Commencement87 Short titleSchedulesSchedule 1 Revocation of assimilated law relating to financial servicesSchedule 1, Part 1 Assimilated direct principal legislationSchedule 1, Part 2 Subordinate legislationSchedule 1, Part 3 EU tertiary legislation etcSchedule 1, Part 4 Primary legislationSchedule 1, Part 5 Other EU-Derived LegislationSchedule 2 Transitional amendmentsSchedule 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 2000Schedule 4 FMI SandboxesSchedule 5 Financial promotion: related amendmentsSchedule 6 Digital settlement assetsSchedule 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 RegulatorSchedule 8 Cash access servicesSchedule 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 distributionSchedule 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 infrastructureSchedule 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 counterpartiesSchedule 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 ordersSchedule 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 contractsSchedule 13, Part 1 New Schedule 19C to FSMA 2000 (para. 1)Schedule 13, Part 2 Consequential Amendments (para. 2)Schedule 14 Credit unionsExplanatory Notes
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AI Summary of 4 Power to restate and modify saved legislation

The power under section 86(5) grants the Treasury the ability to restate legislation referred to in Schedule 1 upon its revocation. This may involve amending primary or subordinate legislation, or issuing new subordinate legislation. Such restatement aims to enhance clarity and accessibility of the law while permitting necessary modifications as deemed appropriate.

Notably, the power to restate does not encompass technical standards or EU tertiary legislation. Regulations resulting from this section may follow either the negative or affirmative procedure, depending on the type of legislation being restated, ensuring a structured regulatory approach throughout the process.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2024 - onwards
Version 3 of 3

4 Power to restate and modify saved legislation

(1) The power under section 86(5) to make saving provision in connection with the revocation of any legislation referred to in Schedule 1 includes power to restate that legislation (as it has effect immediately before its revocation) -

(a) by amending primary legislation or subordinate legislation, or

(b) by making new subordinate legislation.

(2) Regulations made by virtue of subsection (1) may make such modifications of the legislation being restated as the Treasury consider necessary or desirable for or in connection with -

(a) the purpose of making the law clearer or more accessible, or

(b) any of the purposes mentioned in section 3(2).

(3) Legislation restated by virtue of subsection (1) is not assimilated law.

(4) Where legislation is restated by virtue of subsection (1), the Treasury may by regulations make such further modifications of that legislation as they consider necessary or desirable for or in connection with a purpose referred to in subsection (2)(a) or (b).

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