Citation and extent

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 2024.

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

Revocation of assimilated law on 31st December 2024

2.  The following provisions of the Financial Services and Markets Act 2023 come into force on 31st December 2024—

(a) section 1(1) (revocation of assimilated law relating to financial services and markets) so far as it relates to the instruments listed in paragraphs (b) to (d) and in the Schedule, and to the extent that those instruments are not already revoked;

(b) in Part 2 (subordinate legislation) of Schedule 1 (revocation of assimilated law relating to financial services), the revocation of—

(i) the Solvency 2 Regulations ( S.I. 2015/575);

(ii) the Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 ( S.I. 2019/407);

(c) in Part 3 (EU tertiary legislation etc) of Schedule 1, the revocation of the instruments listed in the Schedule to these Regulations( 2);

(d) in Part 5 (other EU-derived legislation) of Schedule 1, the revocation of the Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023( 3).

Regulation 2(c)

Schedule EU tertiary legislation revoked on 31st December 2024

• Commission Delegated Regulation (EU) 2015/35of 10 October 2014 supplementing Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)( 4)

• Commission Implementing Regulation (EU) 2015/460of 19 March 2015 laying down implementing technical standards with regard to the procedure concerning the approval of an internal model in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/462of 19 March 2015 laying down implementing technical standards with regard to the procedures for supervisory approval to establish special purpose vehicles, for the cooperation and exchange of information between supervisory authorities regarding special purpose vehicles as well as to set out formats and templates for information to be reported by special purpose vehicles in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/498of 24 March 2015 laying down implementing technical standards with regard to the supervisory approval procedure to use undertaking-specific parameters in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/499of 24 March 2015 laying down implementing technical standards with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/2011of 11 November 2015 laying down implementing technical standards with regard to the lists of regional governments and local authorities, exposures to whom are to be treated as exposures to the central government in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/2012of 11 November 2015 laying down implementing technical standards with regard to the procedures for decisions to set, calculate and remove capital add-ons in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/2015of 11 November 2015 laying down implementing technical standards on the procedures for assessing external credit assessments in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/2016of 11 November 2015 laying down the implementing technical standards with regard to the equity index for the symmetric adjustment of the standard equity capital charge in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/2017of 11 November 2015 laying down implementing technical standards with regard to the adjusted factors to calculate the capital requirement for currency risk for currencies pegged to the euro in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/2450of 2 December 2015 laying down implementing technical standards with regard to the templates for the submission of information to the supervisory authorities according to Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2015/2452of 2 December 2015 laying down implementing technical standards with regard to the procedures, formats and templates of the solvency and financial condition report in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2016/165of 5 February 2016 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 1 January until 30 March 2016 in accordance with Directive 2009/138/ECof the European Parliament and of the Council (Solvency II)

• Commission Delegated Regulation (EU) 2016/467of 30 September 2015 amending Commission Delegated Regulation (EU) 2015/35concerning the calculation of regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings

• Commission Implementing Regulation (EU) 2016/869of 27 May 2016 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March until 29 June 2016 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2016/1376of 8 August 2016 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 June until 29 September 2016 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2016/1630of 9 September 2016 laying down implementing technical standards with regard to the procedures for the application of the transitional measure for the equity risk sub-module in accordance with Directive 2009/138/ECof the European Parliament and of the Council

• Commission Implementing Regulation (EU) 2016/1976of 10 November 2016 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September until 30 December 2016 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Delegated Regulation (EU) 2016/2283of 22 August 2016 correcting the German language version of Delegated Regulation (EU) 2015/35supplementing Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

• Commission Implementing Regulation (EU) 2017/309of 23 February 2017 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2016 until 30 March 2017 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of insurance and reinsurance

• Commission Delegated Regulation (EU) 2017/669of 16 December 2016 correcting the Bulgarian, Croatian, Czech, Estonian, French, Greek, Lithuanian, Maltese, Romanian, Slovak and Swedish language versions of Delegated Regulation (EU) 2015/35supplementing Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

• Commission Implementing Regulation (EU) 2017/812of 15 May 2017 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March until 29 June 2017 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2017/1421of 2 August 2017 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 June until 29 September 2017 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Delegated Regulation (EU) 2017/1542of 8 June 2017 amending Delegated Regulation (EU) 2015/35concerning the calculation of regulatory capital requirements for certain categories of assets held by insurance and reinsurance undertakings (infrastructure corporates)

• Commission Implementing Regulation (EU) 2017/2015of 9 November 2017 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2017 until 30 December 2017 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2018/165of 31 January 2018 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2017 until 30 March 2018 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2018/730of 4 May 2018 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2018 until 29 June 2018 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2018/1078of 30 July 2018 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 June 2018 until 29 September 2018 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Delegated Regulation (EU) 2018/1221of 1 June 2018 amending Delegated Regulation (EU) 2015/35as regards the calculation of regulatory capital requirements for securitisations and simple, transparent and standardised securitisations held by insurance and reinsurance undertakings

• Commission Implementing Regulation (EU) 2019/228of 7 February 2019 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2018 until 30 March 2019 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2019/699of 6 May 2019 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2019 until 29 June 2019 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2019/1285of 30 July 2019 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 June 2019 until 29 September 2019 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2019/1902of 7 November 2019 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2019 until 30 December 2019 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2020/193of 12 February 2020 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 December 2019 until 30 March 2020 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Delegated Regulation (EU) 2020/442of 17 December 2019 correcting Delegated Regulation (EU) 2015/35supplementing Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

• Commission Implementing Regulation (EU) 2020/641of 12 May 2020 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2020 until 29 June 2020 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2020/1145of 31 July 2020 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 June 2020 until 29 September 2020 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

• Commission Implementing Regulation (EU) 2020/1647of 9 November 2020 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 30 September 2020 until 30 December 2020 in accordance with Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

Explanatory Note

(This note is not part of the Regulations)

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

Section 1 of the Act revokes assimilated law which is referred to in Schedule 1 to the Act. These Regulations bring into force on 31st December 2024 the revocation of the instruments listed in regulation 2(b) to (d) and in the Schedule to these Regulations, and section 1(1) of the Act so far as it relates to those instruments. 

Regulation 2(b) lists certain instruments which are subordinate legislation revoked by Part 2 of Schedule 1 to the Act (subordinate legislation). 

Regulation 2(c), together with the Schedule, lists certain instruments which are EU tertiary legislation made under Directive 2009/138/ECof the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). That Directive is listed in Part 3 (EU tertiary legislation etc) of Schedule 1 to the Act (revocation of assimilated law relating to financial services), allowing for the revocation of instruments made under it.

Regulation 2(d) lists the Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 ( S.I. 2023/1346), which were made under section 3 of the Act (power to make further transitional amendments), and so fall within paragraph (a)(iii) of Part 5 of Schedule 1 to the Act (other EU-derived legislation).

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A full impact assessment has been published in relation to the Act and copies can be obtained from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or athttps://bills.parliament.uk/publications/49053/documents/2621.

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 have been brought into force by commencement Regulations made before the date of these Regulations.