The Bank Resolution
(Recapitalisation) Act 2025 (Commencement) Regulations
2025
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations bring sections 1 to 7 of the Bank Resolution
(Recapitalisation) Act 2025 (“the Act”) into force on 16th July
2025.
Section 8 of the Act came into force upon the Act receiving Royal
Assent on 15th May 2025, by virtue of section 4(b) of the
Interpretation Act 1978 (c. 30).
The effect of these Regulations is to bring the Act into force in
full.
No impact assessment has been produced for this instrument as no,
or no significant, impact on the private, voluntary or public
sector is foreseen.
The Financial Services and
Markets Act 2023 (Commencement No. 10 and Saving Provisions)
Regulations 2025
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are the 10th commencement Regulations made
under the Financial Services and Markets Act 2023 (c. 29) (“the
Act”).
Section 1 of the Act (revocation of assimilated law relating to
financial services and markets) revokes and repeals assimilated
law which is referred to in Schedule 1 to the Act. These
Regulations bring into force section 1(1) of, and Schedule 1 to,
the Act, so far as they relate to the instruments and provisions
mentioned in the following paragraphs.
Regulation 2 brings into force on 15th July 2025 the revocation
of the Regulation (EU) 2020/852 of the European Parliament and of
the Council of 18 June 2020 on the establishment of a framework
to facilitate sustainable investment.
Regulation 3 brings into force the revocation of the Equivalence
Determinations for Financial Services and Miscellaneous
Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I.
2019/541) and the Equivalence Determinations for Financial
Services (Amendment etc.) (EU Exit) Regulations 2020 (S.I.
2020/1055). HMT intends to bring forward legislation to replace
those Regulations.
Regulation 4 brings into force on 1st January 2026 the revocation
of certain 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.
Regulation 4 also brings into force on 1st January 2026 the
revocation of certain legislation under Part 3 (EU tertiary
legislation etc.) of Schedule 1 to the Act. The legislation was
originally made under (i) Directive 2014/59/EU of the European
Parliament and of the Council of 15 May 2014 (listed in Part 3 of
Schedule 1), (ii) Directive 2009/138/EC of the European
Parliament and of the Council of 25 November 2009 (listed in Part
3 of that Schedule) and (iii) Regulation (EU) No 575/2013 of the
European Parliament and of the Council of 26 June 2013 (listed in
Part 1 of that Schedule).
Regulation 5 makes saving provision in relation to certain
decisions and applications originally made under, or whose status
is governed by, the legislation whose revocation is commenced by
regulation 3.
Regulation 6 makes saving provision in relation to permissions
granted under provisions of the Capital Requirements Regulation,
the revocation of which is brought into force by regulation 4.
This saving provision ensures that those permissions will
continue to be valid as if they had been granted under rules of
the Prudential Regulation Authority (“PRA”) which replace those
provisions. The rules can be found at
https?://www?.prarulebook.co.uk/ and a copy can be obtained from
the PRA, 20 Moorgate, London EC2R 6DA.
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 at
https?://bills.parliament.uk/publications/49053/documents/2621
