Sec­tion 1 of the Act revokes and repeals assimilated law which is referred to in Schedule 1 to the Act. These Regulations bring into force section 1(1) and Parts 2 to 5 of Schedule 1, so far as they relate to the instruments and provisions listed in regulations 2(b) to (d) and regulation 3.  Regulation 2(b) commences the revocation of the Commission Delegated Regulation related to the trading of instruments on trading venues. The provisions of FSMA in regulation 2(c) and the Order in regulation 2(d) relate to insurance. The provisions commenced by regulation 2 come into force on 14 May 2025.  Regulation 3 commences the revocation of the Capital Requirements (Capital Buffers and Macro-pruden­tial Measures) Regulations 2014/894 on 31 July 2025. 

Text of James Benford’s speech of 13 May 2025 follows in which he discusses the opportunities and challenges with the latest wave of AI ad­vance­ments.

HMT reports that seventeen workplace pension providers managing around 90% of active savers’ DC pensions are to sign the Mansion House Accord.  Progress against the commitment will be monitored and the initiative will be reinforced by measures to be announced in the upcoming final report of the Pensions Investment Re­view.

BIS has published a short note of a meeting held by the Group of Governors and Heads of Supervision on 12 May 2025.  As well as reaffirming their expectation to implement Basel III in full and consistently and as soon as possible, it was announced that the Basel Committee will publish a voluntary disclosure framework on cli­mate-re­lated financial risks for jurisdictions to consider and that the Group has agreed to prioritise further analysis on the financial risk implications of extreme weather events.