Citation, extent and interpretation

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024.

(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.

(3) In these Regulations, “ the Act” means the Financial Services and Markets Act 2023.

Provisions coming into force on 1st March 2024

2.  The following provisions of the Act come into force on 1st March 2024—

(a) section 51 (Payment Systems Regulator), so far as it relates to the following paragraphs of Schedule 7 (accountability of the Payment Systems Regulator) and is not already in force in respect of those paragraphs—

(i) paragraph 1, so far as it relates to the provisions in sub-paragraphs (ii) and (iii) below;

(ii) paragraph 2;

(iii) paragraph 8;

(b) section 70 (Bank of England levy), so far as it is not already in force;

(c) section 71 (Bank of England levy: consequential amendments).

Provisions coming into force on 1st August 2024

3.  The following provisions of the Act come into force on 1st August 2024—

(a) section 51, so far as it relates to the following paragraphs of Schedule 7 and is not already in force in respect of those paragraphs—

(i) paragraph 1, so far as it relates to paragraph 7;

(ii) paragraph 7;

(b) paragraph 1 of Schedule 7 so far as it relates to paragraph 7 of Schedule 7 and is not already in force in respect of that paragraph.

Provisions coming into force on 1st January 2025

4.  The following provisions of the Act come into force on 1st January 2025—

(a) section 51, so far as it is not already in force;

(b) paragraph 1 of Schedule 7, so far as it is not already in force.

Explanatory Note

(This note is not part of the Regulations)

These Regulations are the fifth commencement regulations made under the Financial Services and Markets Act 2023 (c. 29)(“ the Act”).

Regulation 2(b) and (c) brings fully into force on 1st March 2024 the provisions of the Act which concern the Bank of England levy. Section 70 of the Act amends the Bank of England Act 1998 (c. 11)to omit section 6 and Schedule 2 (cash ratio deposits) and insert a new section 6A and new schedule 2ZA (Bank of England levy). Section 70 was partially commenced on 1st January 2024 by regulation 9(1)(c) of the Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023 ( SI 2023/1382) (C. 97). Section 70 will come into force so far as not already in force on 1st March 2024. Section 71 of the Act makes amendments in consequence of section 70 and will come into force on 1st March 2024.

The remainder of the Regulations deal with the commencement of section 51 of, and paragraph 1 of Schedule 7 to, the Act which concern the accountability of the Payment Systems Regulator. Section 51 and paragraph 1 of Schedule 7 are commenced on varying dates in relation to certain paragraphs of Schedule 7. Regulation 2(a) commences section 51 for certain purposes on 1st March 2024, regulation 3 commences section 51 and paragraph 1 of Schedule 7 for certain purposes on 1st August 2024 and regulation 4 commences those provisions for all remaining purposes on 1st January 2025.

NOTE AS TO EARLIER COMMENCEMENT Regulations

(This note is not part of the Regulations)

The following provisions of the Financial Services and Markets Act 2023 (c. 29)have been brought into force by commencement Regulations made before the date of these Regulations.