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STATUTORY INSTRUMENTS
2026 No. 174 (C. 17)
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2023
(Commencement No. 13) Regulations 2026
Made - - - - 26th February 2026
The Treasury make these Regulations in exercise of the power conferred by section 86(3) of the
Financial Services and Markets Act 2023(1).
Citation
1. These Regulations may be cited as the Financial Services and Markets Act 2023
(Commencement No. 13) Regulations 2026.
Provisions coming into force on 1st January 2027
2. The following provisions of the Financial Services and Markets Act 2023 come into force on
1st January 2027—
(a) section 1(1) (revocation of assimilated law relating to financial services and markets), so
far as it relates to the provisions in paragraph (b);
(b) in Part 1 (assimilated direct principal legislation) of Schedule 1 (revocation of assimilated
law relating to financial services), the revocation of the following provisions of Regulation
(EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013
on prudential requirements for credit institutions and investment firms and amending
Regulation (EU) No 648/2012(2)—
(i)Article 4 (definitions) to the extent that it is not revoked by virtue of regulation 3 of
the Financial Services and Markets Act 2023 (Commencement No. 12 and Saving
Provisions) Regulations 2026(3);
(ii)Article 4A (definitions: Regulators’ rules)(4);
(iii)Article 4B (the consolidating supervisor)(5);
(iv)Article 5 (definitions specific to capital requirements for credit risk).
(1) 2023 c. 29.
(2) EUR 2013/575.
(3) S.I. 2026/45 (C. 5).
(4) Article 4A was inserted by S.I. 2018/1401.
(5) Article 4B was inserted by S.I. 2018/1401.Document Generated: 2026-02-26
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Christian Wakeford
Lilian Greenwood
Two of the Lords Commissioners of His
26th February 2026 Majesty’s Treasury
2Document Generated: 2026-02-26
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are the 13th commencement regulations made under the Financial Services and
Markets Act 2023 (c. 29) (“FSMA 2023”).
Section 1(1) of FSMA 2023 revokes the legislation listed in Schedule 1 to that Act, which includes
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on
prudential requirements for credit institutions and investment firms and amending Regulation (EU)
No 648/2012 (EUR 2013/575) (“the Capital Requirements Regulation”).
Regulation 2 brings into force on 1st January 2027 section 1(1) of, and Schedule 1 to, FSMA 2023 so
far as they relate to the revocation of Articles 4, 4A, 4B and 5 of the Capital Requirements Regulation.
These Articles provide for definitions of terms used in the Capital Requirements Regulation. Some
definitions in Article 4 are revoked on 1st January 2027 by virtue of regulation 3 of the Financial
Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026
(S.I. 2026/45 (C. 5)).
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 FSMA 2023 and copies can be obtained from HM Treasury, 1 Horse Guards Road,
London, SW1A 2HQ or at https://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.
Provision Date of Commencement S.I. No.
Section 1(1) (in part) 11th July 2023 2023/779 (C. 40)
Section 1(1) (in part) 29th August 2023 2023/779 (C. 40)
Section 1(1) (in part) 14th December 2023 2023/1382 (C. 97)
Section 1(1) (in part) 1st January 2024 2023/779 (C. 40)
Section 1(1) (in part) 1st January 2024 2023/1382 (C. 97)
Section 1(1) (in part) 5th April 2024 2023/1382 (C. 97)
Section 1(1) (in part) 30th June 2024 2023/1382 (C. 97)
Section 1(1) (in part) 29th October 2024 2024/1071 (C. 72)
Section 1(1) (in part) 1st November 2024 2024/620 (C. 39)
Section 1(1) (in part) 31st December 2024 2024/891 (C. 57)
Section 1(1) (in part) 31st December 2024 2024/1071 (C. 72)
Section 1(1) (in part) 14th May 2025 2025/572 (C. 25)
3Document Generated: 2026-02-26
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Provision Date of Commencement S.I. No.
Section 1(1) (in part) 15th July 2025 2025/873 (C. 38)
Section 1(1) (in part) 31st July 2025 2025/572 (C. 25)
Section 1(1) (in part) 23rd October 2025 2025/1078 (C. 52)
Section 1(1) (in part) 28th November 2025 2025/873 (C. 38)
Section 1(1) (in part) 1st December 2025 2025/1078 (C. 52)
Section 1(1) (in part) 1st January 2026 2025/873 (C. 38)
Section 1(1) (in part) 19th January 2026 2025/1078 (C. 52)
Section 1(1) (in part) 30th March 2026 2025/1078 (C. 52)
Section 1(1) (in part) 6th April 2026 2025/1078 (C. 52)
Section 1(1) (in part) 1st July 2026 2026/45 (C. 5)
Section 1(1) (in part) 1st January 2027 2025/1078 (C. 52)
Section 1(1) (in part) 1st January 2027 2026/45 (C. 5)
Section 1(1) (in part) 1st January 2028 2025/1078 (C. 52)
Section 1(2), (4), (5) and (6) 11th July 2023 2023/779 (C. 40)
Section 2(1) (in part) 29th August 2023 2023/779 (C. 40)
Section 2(1) (in part) 14th December 2023 2023/1382 (C. 97)
Section 2(1) (in part) 29th October 2024 2024/1071 (C. 72)
Section 2(1) (in part) 1st December 2024 2024/1071 (C. 72)
Section 2(1) (in part) 31stDecember 2024 2024/1071 (C. 72)
Section 2(1) (in part) 31st March 2025 2024/1071 (C. 72)
Section 2(1) (in part) 30th June 2025 2024/1071 (C. 72)
Section 2(1) (in part) 26th November 2025 2025/1078 (C. 52)
Section 2(1) (in part) 1st December 2025 2024/1071 (C. 72)
Section 2(1) (in part) 6th July 2026 2024/1071 (C. 72)
Section 2(1) (in part) 6th July 2026 2025/1078 (C. 52)
Section 2(2) and (3) 11th July 2023 2023/779 (C. 40)
Section 3 11th July 2023 2023/779 (C. 40)
Sections 4 to 6 29th August 2023 2023/779 (C. 40)
Section 7 11th July 2023 2023/779 (C. 40)
Section 8 29th August 2023 2023/779 (C. 40)
Section 9(1) to (5) 1.00 a.m. on 1st January 2023/1382 (C. 97)
2024
Section 9(6) 29th August 2023 2023/779 (C. 40)
Section 10 1.00 a.m. on 1st January 2023/1382 (C. 97)
2024
4Document Generated: 2026-02-26
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Provision Date of Commencement S.I. No.
Section 11 29th August 2023 2023/779 (C. 40)
Section 12 1.00 a.m. on 1st January 2023/1382 (C. 97)
2024
Sections 13 to 19 29th August 2023 2023/779 (C. 40)
Section 20 (in part) 6th September 2023 2023/936 (C. 55)
Section 20 (in part) 6th November 2023 2023/936 (C. 55)
Section 20 (so far as not already in force) 7th February 2024 2023/936 (C. 55)
Section 21 1st January 2024 2023/1382 (C. 97)
Section 23 29th August 2023 2023/779 (C. 40)
Sections 25 and 26 29th August 2023 2023/779 (C. 40)
Section 27 (in part) 29th August 2023 2023/779 (C. 40)
Section 27 (so far as not already in force) 1st January 2025 2023/1382 (C. 97)
Sections 28 to 32 29th August 2023 2023/779 (C. 40)
Section 33 1st January 2024 2023/1382 (C. 97)
Sections 34 to 40 29th August 2023 2023/779 (C. 40)
Section 41 (in part) 29th August 2023 2023/779 (C. 40)
Section 41 (so far as not already in force) 26th December 2023 2023/1382 (C. 97)
Section 42 (in part) 29th August 2023 2023/779 (C. 40)
Section 42 (so far as not already in force) 26thDecember 2023 2023/1382 (C. 97)
Section 43 (in part) 29th August 2023 2023/779 (C. 40)
Section 43 (so far as not already in force) 1st August 2024 2023/1382 (C. 97)
Sections 44 and 45 29th August 2023 2023/779 (C. 40)
Section 46(1) (in part) 29th August 2023 2023/779 (C. 40)
Section 46(2), (7) and (9) (in part) 29th August 2023 2023/779 (C. 40)
Section 46 (so far as not already in force) 26th December 2023 2023/1382 (C. 97)
Section 47 29th August 2023 2023/779 (C. 40)
Section 48 (in part) 1.00 a.m. on 1st January 2023/1382 (C. 97)
2024
Section 48 (in part) 1st January 2025 2023/1382 (C. 97)
Section 48 (so far as not already in force) 1st February 2025 2023/1382 (C. 97)
Section 49 1.00 a.m. on 1st January 2023/1382 (C. 97)
2024
Section 50 (in part) 1.00 a.m. on 1st January 2023/1382 (C. 97)
2024
Section 50 (so far as not already in force) 1st August 2024 2023/1382 (C. 97)
Section 51 (in part) 29th August 2023 2023/779 (C. 40)
5Document Generated: 2026-02-26
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Provision Date of Commencement S.I. No.
Section 51 (in part) 1st March 2024 2024/250 (C. 11)
Section 51 (in part) 1st August 2024 2024/250 (C. 11)
Section 51 (in part) 1st January 2025 2023/1382 (C. 97)
Section 51 (so far as not already in force) 1st January 2025 2024/250 (C. 11)
Section 53 29th August 2023 2023/779 (C. 40)
Section 57 (in part) 29th August 2023 2023/779 (C. 40)
Section 57 (so far as not already in force) 31st December 2023 2023/1382 (C. 97)
Section 59 29th August 2023 2023/779 (C. 40)
Section 63 29th August 2023 2023/779 (C. 40)
Section 64 29th October 2024 2024/1071 (C. 72)
Sections 65 to 69 29th August 2023 2023/779 (C. 40)
Section 70(1), (3) and (4) (in part) 1st January 2024 2023/1382 (C. 97)
Section 70 (so far as not already in force) 1st March 2024 2024/250 (C. 11)
Section 71 1st March 2024 2024/250 (C. 11)
Section 73 29th August 2023 2023/779 (C. 40)
Section 75 29th August 2023 2023/779 (C. 40)
Section 76 29th August 2023 2023/779 (C. 40)
Section 79 29th August 2023 2023/779 (C. 40)
Schedule 1, Part 1 (in part) 11th July 2023 2023/779 (C. 40)
Schedule 1, Part 1 (in part) 14th December 2023 2023/1382 (C. 97)
Schedule 1, Part 1 (in part) 1st January 2024 2023/779 (C. 40)
Schedule 1, Part 1 (in part) 1st January 2024 2023/1382 (C. 97)
Schedule 1, Part 1 (in part) 5th April 2024 2023/1382 (C. 97)
Schedule 1, Part 1 (in part) 1st November 2024 2024/891 (C. 57)
Schedule 1, Part 1 (in part) 15th July 2025 2025/873 (C. 38)
Schedule 1, Part 1 (in part) 1st December 2025 2025/1078 (C. 52)
Schedule 1, Part 1 (in part) 1st January 2026 2025/873 (C. 38)
Schedule 1, Part 1 (in part) 19th January 2026 2025/1078 (C. 52)
Schedule 1, Part 1 (in part) 30th March 2026 2025/1078 (C. 52)
Schedule 1, Part 1 (in part) 6th April 2026 2025/1078 (C. 52)
Schedule 1, Part 1 (in part) 1st January 2027 2025/1078 (C. 52)
Schedule 1, Part 1 (in part) 1st January 2027 2026/45 (C. 5)
Schedule 1, Part 2 (in part) 11th July 2023 2023/779 (C. 40)
6Document Generated: 2026-02-26
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Provision Date of Commencement S.I. No.
Schedule 1, Part 2 (in part) 29th August 2023 2023/779 (C. 40)(6)
Schedule 1, Part 2 (in part) 14th December 2023 2023/1382 (C. 97)
Schedule 1, Part 2 (in part) 1st January 2024 2023/779 (C. 40)
Schedule 1, Part 2 (in part) 1st January 2024 2023/1382 (C. 97)
Schedule 1, Part 2 (in part) 5th April 2024 2023/1382 (C. 97)
Schedule 1, Part 2 (in part) 30th June 2024 2023/1382 (C. 97)
Schedule 1, Part 2 (in part) 1st November 2024 2024/891 (C. 57)
Schedule 1, Part 2 (in part) 31st December 2024 2024/620 (C. 39)
Schedule 1, Part 2 (in part) 31st July 2025 2025/572 (C. 25)
Schedule 1, Part 2 (in part) 28th November 2025 2025/873 (C. 38)
Schedule 1, Part 2 (in part) 19th January 2026 2025/1078 (C. 52)
Schedule 1, Part 2 (in part) 6th April 2026 2025/1078 (C. 52)
Schedule 1, Part 2 (in part) 1st January 2027 2026/45 (C. 5)
Schedule 1, Part 3 (in part) 1st January 2024 2023/779 (C. 40)
Schedule 1, Part 3 (in part) 1st January 2024 2023/1382 (C. 97)
Schedule 1, Part 3 (in part) 5th April 2024 2023/1382 (C. 97)
Schedule 1, Part 3 (in part) 30th June 2024 2023/1382 (C. 97)
Schedule 1, Part 3 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 1, Part 3 (in part) 1st November 2024 2024/891 (C. 57)
Schedule 1, Part 3 (in part) 31st December 2024 2024/620 (C. 39)
Schedule 1, Part 3 (in part) 31st December 2024 2024/1071 (C. 72)
Schedule 1, Part 3 (in part) 14th May 2025 2025/572 (C. 25)
Schedule 1, Part 3 (in part) 23rd October 2025 2025/1078 (C. 52)
Schedule 1, Part 3 (in part) 1st January 2026 2025/873 (C. 38)
Schedule 1, Part 3 (in part) 19th January 2026 2025/1078 (C. 52)
Schedule 1, Part 3 (in part) 6th April 2026 2025/1078 (C. 52)
Schedule 1, Part 3 (in part) 1st July 2026 2026/45 (C. 5)
Schedule 1, Part 3 (in part) 1st January 2027 2025/1078 (C. 52)
Schedule 1, Part 3 (in part) 1st January 2027 2026/45 (C. 5)
Schedule 1, Part 4 (in part) 1st January 2024 2023/779 (C. 40)
Schedule 1, Part 4 (in part) 14th May 2025 2025/572 (C. 25)
Schedule 1, Part 5 (in part) 1st January 2024 2023/1382 (C. 97)
Schedule 1, Part 5 (in part) 1st November 2024 2024/891 (C. 57)
(6) As amended by S.I. 2023/937.
7Document Generated: 2026-02-26
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Provision Date of Commencement S.I. No.
Schedule 1, Part 5 (in part) 31st December 2024 2024/620 (C. 39)
Schedule 1, Part 5 (in part) 14th May 2025 2025/572 (C. 25)
Schedule 1, Part 5 (in part) 6th April 2026 2025/1078 (C. 52)
Schedule 1, Part 5 (in part) 1st January 2027 2025/1078 (C. 52)
Schedule 1, Part 5 (in part) 1st January 2028 2025/1078 (C. 52)
Schedule 2, Part 1, paragraph 1 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part) 1st December 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part) 31st December 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part) 31st March 2025 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part) 30th June 2025 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 1 (in part) 1st December 2025 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 3 26th November 2025 2025/1078 (C. 52)
Schedule 2, Part 1, paragraph 4 14th December 2023 2023/1382 (C. 97)
Schedule 2, Part 1, paragraphs 5 and 6 29th August 2023 2023/779 (C. 40)
Schedule 2, Part 1, paragraph 7 (in part) 29th October 2024 2024/1071 (C.72)
Schedule 2, Part 1, paragraph 7 (so far as not 1st December 2024 2024/1071 (C.72)
already in force)
Schedule 2, Part 1, paragraph 8 (in part) 1st December 2024 2024/1071 (C.72)
Schedule 2, Part 1, paragraph 8 (so far as not 1st December 2025 2024/1071 (C.72)
already in force)
Schedule 2, Part 1, paragraph 9 29th August 2023 2023/779 (C. 40)
Schedule 2, Part 1, paragraphs 10 and 11 (in 29th October 2024 2024/1071 (C. 72)
part)
Schedule 2, Part 1, paragraphs 10 and 11 (so 1st December 2024 2024/1071 (C. 72)
far as not already in force)
Schedule 2, Part 1, paragraph 12 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 12 (so far as 1st December 2025 2024/1071 (C. 72)
not already in force)
Schedule 2, Part 1, paragraph 13 to 16 29th August 2023 2023/779 (C. 40)
Schedule 2, Part 1, paragraph 17 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 17 (so far as 31st December 2024 2024/1071 (C. 72)
not already in force)
Schedule 2, Part 1, paragraph 18 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 18 (so far as 30th June 2025 2024/1071 (C. 72)
not already in force)
Schedule 2, Part 1, paragraph 19 (in part) 29th August 2023 2023/779 (C. 40)
Schedule 2, Part 1, paragraphs 20 and 21 1st December 2024 2024/1071 (C. 72)
8Document Generated: 2026-02-26
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Provision Date of Commencement S.I. No.
Schedule 2, Part 1, paragraph 22 31st March 2025 >2024/1071 (C. 72).
Schedule 2, Part 1, paragraph 24 1st December 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 25 (in part) 29th August 2023 2023/779 (C. 40)
Schedule 2, Part 1, paragraph 25 (so far as 1st December 2024 2024/1071 (C. 72)
not already in force)
Schedule 2, Part 1, paragraph 26 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 27 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 27 (so far as 31st March 2025 2024/1071 (C. 72)
not already in force)
Schedule 2, Parts 2 and 3 29th August 2023 2023/779 (C. 40)
Schedule 2, Part 4, paragraph 44 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 4, paragraph 44 (in part) 6th July 2026 2024/1071 (C. 72)
Schedule 2, Part 4, paragraph 45 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 4, paragraph 45 (so far as 6th July 2026 2024/1071 (C. 72)
not already in force)
Schedule 2, Part 4, paragraph 46 6th July 2026 2024/1071 (C. 72)
Schedule 2, Part 4, paragraph 47 6th July 2026 2025/1078 (C. 52)
Schedule 2, Part 4, paragraph 48 6th July 2026 2025/1078 (C. 52)
Schedule 2, Part 4, paragraph 49 (in part) 29th October 2024 2024/1071 (C. 72)
Schedule 2, Part 1, paragraph 49 (so far as 6th July 2026 2024/1071 (C. 72)
not already in force)
Schedule 2, Part 4, paragraph 50 6th July 2026 2024/1071 (C. 72)
Schedule 2, Part 6 29th August 2023 2023/779 (C. 40)
Schedule 3 29th August 2023 2023/779 (C. 40)
Schedule 4 29th August 2023 2023/779 (C. 40)
Schedule 5 (in part) 6th September 2023 2023/936 (C. 55)
Schedule 5 (in part) 6th November 2023 2023/936 (C. 55)
Schedule 5 (so far as not already in force) 7th February 2024 2023/936 (C. 55)
Schedule 7, paragraph 1 (in part) 29th August 2023 2023/779 (C. 40)
Schedule 7, paragraph 1 (in part) 1st January 2024 2023/1382 (C. 97)
Schedule 7, paragraph 1 (in part) 1st August 2024 2024/250 (C. 11)
Schedule 7, paragraph 1 (so far as not already 1st January 2025 2024/250 (C. 11)
in force)
Schedule 7, paragraph 2 (in part) 29th August 2023 2023/779 (C. 40)
Schedule 7, paragraph 2 (so far as not already 1st January 2024 2023/1382 (C. 97)
in force)
9Document Generated: 2026-02-26
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Provision Date of Commencement S.I. No.
Schedule 7, paragraph 3 (in part) 29th August 2023 2023/779 (C. 40)
Schedule 7, paragraph 3 (so far as not already 1st January 2025 2023/1382 (C. 97)
in force)
Schedule 7, paragraphs 4 to 6 29th August 2023 2023/779 (C. 40)
Schedule 7, paragraph 7 (in part) 29th August 2023 2023/779 (C. 40)
Schedule 7, paragraph 7 (so far as not already 1st August 2024 2023/1382 (C. 97)
in force)
Schedule 7, paragraph 8 1st January 2024 2023/1382 (C. 97)
Schedule 7, paragraphs 9 to 13 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 3(9) to (11) 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 13(5) to (7) 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 16 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 20 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 22(10) to (12) 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 25(2), (3), (5) and (8) 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 32(3) to (5) 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 75 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 76 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 78 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 85 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 87 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 154 29th August 2023 2023/779 (C. 40)
Schedule 11, paragraph 165 29th August 2023 2023/1382 (C. 97)
Schedule 11 (so far as not already in force) 31st December 2023 2023/1382 (C. 97)
Schedule 14 29th August 2023 2023/779 (C. 40)
10