The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023
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Change 1
5 Transitional provision for other PRA rules
(1) This regulation applies where— (a) the PRA makes— (i) CRR rules; or (ii) section 192XA rules that are not CRR rules; and (b) regulation 4(1) does not disapply the provisions listed in paragraph (2) of that regulation in relation to the making of the rules described in sub-paragraph (a). (2) The following modifications apply during the period beginning with 29 August 2023 and ending with the day on which section 1 of, and Part 4 of Schedule 1 to the Act come into force, so far as those provisions repeal sections 144C, 144D and 144E of FSMA 2000 for all purposes. (3) To the extent that the provisions of FSMA 2000 listed in sub-paragraphs (a) to (f) would otherwise apply in relation to the making of CRR rules, those provisions are to be treated as if they were omitted— (a) section 144C(1) and (2); (b) in section 144C(5), the definition of “consumer”; (c) section 144D(1) and (2)(b); (d) section 144E(5); (e) section 144E(6)(a) so far as it relates to an explanation described in section 144D(2); (f) section 144E(7). (4) To the extent that sections 144C, 144D and 144E of FSMA 2000 would otherwise apply by virtue of section 192XB(2) of that Act in relation to the making of section 192XA rules that are not CRR rules, section 192XB(2) is to be read subject to the modifications specified in paragraphs (3) and (5). (5) For the purposes of paragraph (4), the following provisions of FSMA 2000 are to be treated as if they were omitted, so far as those provisions apply in relation to the making of rules that are not CRR rules in a rule-making instrument made under sections 192XA and 137G of FSMA 2000— (a) section 144C(3) and (4); (b) in section 144C(5), the definitions of “equivalence decision” and “territory”; (c) section 144C(6). (6) In this regulation— (a) “CRR rules” has the meaning given by section 144A of FSMA 2000; (b) “rule-making instrument” has the meaning given by section 138G(2) of FSMA 2000; (c) “section 192XA rules” means rules made by the PRA under section 192XA of FSMA 2000.
5 Transitional provision for other PRA rules
(1) This regulation applies where— (a) the PRA makes— (i) CRR rules; or (ii) section 192XA rules that are not CRR rules; and (b) regulation 4(1) does not disapply the provisions listed in paragraph (2) of that regulation in relation to the making of the rules described in sub-paragraph (a). (2) The following modifications apply during the period beginning with 29 August 2023 and ending with the day on which section 1 of, and Part 4 of Schedule 1 to the Act come into force, so far as those provisions repeal sections 144C, 144D and 144E of FSMA 2000 for all purposes. (3) To the extent that the provisions of FSMA 2000 listed in sub-paragraphs (a) to (f) would otherwise apply in relation to the making of CRR rules, those provisions are to be treated as if they were omitted— (a) section 144C(1) and (2); (b) in section 144C(5), the definition of “consumer”; (c) section 144D(1) and (2)(b); (d) section 144E(5); (e) section 144E(6)(a) so far as it relates to an explanation described in section 144D(2); (f) section 144E(7). (4) To the extent that sections 144C, 144D and 144E of FSMA 2000 would otherwise apply by virtue of section 192XB(2) of that Act in relation to the making of section 192XA rules that are not CRR rules, section 192XB(2) is to be read subject to the modifications specified in paragraphs (3) and (5). (5) For the purposes of paragraph (4), the following provisions of FSMA 2000 are to be treated as if they were omitted, so far as those provisions apply in relation to the making of rules that are not CRR rules in a rule-making instrument made under sections 192XA and 137G of FSMA 2000— (a) section 144C(3) and (4); (b) in section 144C(5), the definitions of “equivalence decision” and “territory”; (c) section 144C(6). (6) In this regulation— (a) “CRR rules” has the meaning given by section 144A of FSMA 2000; (b) “rule-making instrument” has the meaning given by section 138G(2) of FSMA 2000; (c) “section 192XA rules” means rules made by the PRA under section 192XA of FSMA 2000.
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