UK Treasury BoE Levy, PSR Duties


On Feb. 29, UK Treasury issued FSMA 2023 commencement no 5.


  • UK Treasury issued Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 (StIn 2024/250) bringing into force provisions of FSMA 2023 (UK).
  • Provisions brought into force concern UK BoE levy and accountability of the UK PSR.
  • Follows UK Treasury Dec. 2023 issued FSMA 2023 commencement no 4, see #194861.
  • BoE Levy
  • Reg 2(b), (c) brings fully into force on Mar. 1, 2024 provisions concern the BoE levy.
  • On same day UK Treasury issued BoE levy rules replacing CRD scheme, see #202753.
  • FSMA 2023 (UK) S. 70 amends the Bank of England Act 1998 to omit S. 6 and Sch 2 (cash ratio deposits) and insert a new S. 6A and new Sch. 2ZA (Bank of England levy).
  • S. 70 was partially commenced on Jan. 1, 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 (StIn 2023/1382) (C. 97), see #194861.
  • S. 70 will come into force so far as not already in force on Mar. 1, 2024; FSMA 2023 (UK) S. 71 makes amendments in consequence of S. 70 and is in force Mar. 1, 2024.
  • PSR Accountability
  • Regs 2(a), 3, 4 deal with commencement of FSMA 2023 (UK) S. 51, FSMA 2023 (UK) Sch 7, para 1 regarding accountability of UK PSR; and commence on varying dates.
  • Reg 2(a) commenced S. 51 for certain purposes on Mar. 1, 2024, reg 3 commenced S. 51 and Sch 7 para 1 for certain purposes on Aug. 1, 2024 and reg. 4 commenced those provisions for all remaining purposes on Jan. 1, 2025.
  • Apr. 2024 Correction Slip
  • On Apr. 16, 2024, UK Treasury published a correction slip which states that page 1, regulation 2(a)(i): paragraphs (ii) should read sub-paragraphs (ii).

Regulators UK BoE; UK GVT; UK PSR; UK Treasury
Entity Types Bank; BS; MSB
Reference Corr, 4/16/2024; UKSI, STIN 2024/250, 2/29/2024; BOEA 1998 (UK); Citation: StIn 2024/250; *FSMA 2023 (UK)* S. 51, S. 70, S. 71, Sch 7;
Functions Compliance; Financial; Legal; Operations; Reporting; Treasury
Countries United Kingdom
Category
State
Products Banking; Deposits; Fixed Income; Payments; Securities
Regions EMEA
Rule Type Final
Rule Date 2/29/2024
Effective Date 8/1/2024
Rule Id 202922
Linked to Rule :202753
Reg. Last Update 4/16/2024
Report Section UK

Last substantive update on 04/19/2024