
2025 No. 1078 (C. 52)
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025
Made 14th October 2025
The Treasury make these Regulations in exercise of the powers conferred by section 86(3) to (6) of the Financial Services and Markets Act 2023.
Citation and interpretation
1 

(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025.
(2) In these Regulations— 
(a) “the Act” means the Financial Services and Markets Act 2023;
(b) “the EU Prospectus Regulation 2017” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC;
(c) “the Organisational Requirements Regulation” means 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.
Provisions coming into force on 23rd October 2025
2 
The following provisions of the Act come into force on 23rd October 2025—
(a) section 1(1) (revocation of assimilated law relating to financial services and markets), so far as it relates to the provision in paragraph (b) of this regulation; 
(b) in Part 3 (EU tertiary legislation etc.) of Schedule 1 (revocation of assimilated law relating to financial services and markets), the revocation of the Organisational Requirements Regulation. 
Provisions coming into force on 26th November 2025
3 
The following provisions of the Act come into force on 26th November 2025—
(a) section 2(1) (transitional amendments), so far as it relates to the provision in paragraph (b) of this regulation;
(b) in Part 1 (amendments to the Markets in Financial Instruments Regulation) of Schedule 2 (transitional amendments), paragraph 3 (waivers for equity instruments).
Provisions coming into force on 1st December 2025
4 
The following provisions of the Act come into force on 1st December 2025—
(a) section 1(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b) in Part 1 (assimilated direct principal legislation) of Schedule 1, the revocation of Article 18b of Regulation (EU) No  600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No  648/2012.
Provisions coming into force on 19th January 2026
5 
The following provisions of the Act come into force on 19th January 2026— 
(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 EU Prospectus Regulation 2017;
(c) in Part 2 (subordinate legislation) of Schedule 1, the revocation of—
(i) the Financial Services and Markets Act 2000 (Prospectus) Regulations 2019;
(ii) the Prospectus (Amendment etc.) (EU Exit) Regulations 2019;
(d) in Part 3 of Schedule 1, the revocation of—
(i) Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No  382/2014 and Commission Delegated Regulation (EU) 2016/301;
(ii) Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004.
Provisions coming into force on 30th March 2026
6 
The following provisions of the Act come into force on 30th March 2026—
(a) section 1(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b) in Part 1 of Schedule 1, the revocation of the following provisions of Regulation (EU) No  600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No  648/2012—
(i) Article 4;
(ii) Article 4a.
Provisions coming into force on 6th April 2026
7 
The following provisions of the Act come into force on 6th April 2026—
(a) section 1(1), so far as it relates to the provisions in paragraphs (b) to (e) of this regulation; 
(b) in Part 1 of Schedule 1, the revocation of Regulation (EU) No  1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based products (PRIIPs);
(c) in Part 2 of Schedule 1, the revocation of the Packaged Retail and Insurance-based Investment Products Regulations 2017;
(d) in Part 3 of Schedule 1, the revocation of—
(i) Commission Delegated Regulation (EU) 2016/1904 of 14 July 2016 supplementing Regulation (EU) No  1286/2014 of the European Parliament and of the Council with regard to product intervention;
(ii) Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No  1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents;
(iii) Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website;
(e) in Part 5 (other EU-derived legislation) of Schedule 1, the revocation of the Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024.
Provisions coming into force on 6th July 2026
8 
The following provisions of the Act come into force on 6th July 2026—
(a) section 2(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b) in Part 4 (amendments to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017) of Schedule 2—
(i) paragraph 47;
(ii) paragraph 48.
Provisions coming into force on 1st January 2027
9 
The following provisions of the Act come into force on 1st January 2027—
(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 paragraph 19 of Schedule 3 to Regulation (EU) No  600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No  648/2012 (powers to make technical standards transferred to the FCA);
(c) in Part 3 of Schedule 1, the revocation of Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business;
(d) in Part 5 of Schedule 1, the revocation of the following provisions in article 72J of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (persons seeking to use the exemption under Article 2.1(j) of the markets in financial instruments directive)—
(i) in paragraph (1), sub-paragraphs (a) and (b);
(ii) in paragraph (3), the definitions of “market threshold calculation”, “official source”, “relevant data” and “the delegated regulation”.
Provisions coming into force on 1st January 2028
10 
The following provisions of the Act come into force on 1st January 2028—
(a) section 1(1), so far as it relates to the provisions in paragraph (b) of this regulation;
(b) in Part 5 of Schedule 1, the revocation of the remaining provisions of article 72J of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
Savings relating to the Organisational Requirements Regulation
11 

(1) The revocation by section 1(1) of, and Schedule 1 to, the Act of the Organisational Requirements Regulation does not apply in relation to a PISCES operator in relation to the operation of a PISCES until the earlier of—
(a) 5th June 2030;
(b) the date on which any rules applicable to PISCES operators made by the FCA under FSMA 2000 in replacement of the Organisational Requirements Regulation come into force. 
(2) In relation to the saving made in paragraph (1), the revocation by section 1(1) of, and Schedule 1 to, the Act of the Organisational Requirements Regulation does not apply for the purposes of the definition of “relevant enactment” in section 17(3) of the Act (interpretation).
(3) In this regulation, “PISCES” and “PISCES operator” each has the meaning given in regulation 2 of the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (interpretation).
Savings relating to EU-derived prospectus legislation
12 

(1) The revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not apply in relation to— 
(a) an offer of transferable securities to the public that is first made before 19th January 2026, or
(b) a request for the admission of transferable securities to trading on a regulated market that is made before 19th January 2026.
(2)  Where a prospectus has been approved by the FCA in accordance with Part 6 of FSMA 2000 (official listing) and the EU Prospectus Regulation 2017 before 19th January 2026, the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable in relation to any offer of transferable securities to the public or request for the admission of transferable securities to trading on a regulated market which (in either case) is made in reliance on that prospectus, together with any supplementary prospectus, during the period for which it is valid under Article 12 of the EU Prospectus Regulation 2017.
(3) In a case falling within regulation 49(1) of the Public Offers and Admissions to Trading Regulations 2024 (references to the Tribunal in transitional cases)—
(a) the revocation by section 1(1) of, and Schedule 1 to, the Act of the EU-derived prospectus legislation does not affect the law applicable on any reference to the Tribunal or any related appeal, and
(b) if the Tribunal remit the matter to the FCA for decision, paragraph (2) applies in relation to a prospectus approved by the FCA in accordance with a direction of the Tribunal as it applies in relation to a prospectus approved before 19th January 2026.
(4) In this regulation, “the EU-derived prospectus legislation” means the legislation whose revocation is brought into force by regulation 5. 
(5) Other expressions used in this regulation and in Part 6 of FSMA 2000, as that Part has effect immediately before 19th January 2026, have the same meaning as they have in that Part.
Stephen Morgan 
Taiwo Owatemi
Two of the Lords Commissioners of His Majesty's Treasury
14th October 2025