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The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

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Changes to legislation:

The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 is up to date with all changes known to be in force on or before 12 September 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.

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  1. Introductory TextNext Match

  2. PART 1 IntroductoryPrevious MatchNext Match

    1. 1.Citation, commencement and interpretationPrevious MatchNext Match

  3. PART 2 Amendments to the ActPrevious MatchNext Match

    1. CHAPTER 1 Part 1A of the Act: the regulatorsPrevious MatchNext Match

      1. 2.IntroductionPrevious MatchNext Match

      2. 3.Section 1A (the Financial Conduct Authority)Previous MatchNext Match

      3. 4.Section 1H (further interpretative provisions for sections 1B to 1G)Previous MatchNext Match

      4. 5.Section 1L (supervision, monitoring and enforcement)Previous MatchNext Match

      5. 6.Section 2AB (functions of the PRA)Previous MatchNext Match

      6. 7.Section 3E (memorandum of understanding)Previous MatchNext Match

      7. 8.Section 3I (power of PRA to require FCA to refrain from specified action)Previous MatchNext Match

      8. 9.Section 3J (power of PRA in relation to with-profits policies)Previous MatchNext Match

      9. 10.Section 3M (directions relating to consolidated supervision of groups)Previous MatchNext Match

    2. CHAPTER 2 Part 3 of the Act: authorisation and exemptionPrevious MatchNext Match

      1. 11.IntroductionPrevious MatchNext Match

      2. 12.Section 39 (exemption of appointed representatives)Previous MatchNext Match

      3. 13.Section 39A (certain tied agents operating outside United Kingdom)Previous MatchNext Match

    3. CHAPTER 3 Part 4A of the Act: permission to carry on regulated activitiesPrevious MatchNext Match

      1. 14.IntroductionPrevious MatchNext Match

      2. 15.Section 55D (application for permission)Previous MatchNext Match

      3. 16.Section 55J (variation and cancellation of Part 4A permission: general)Previous MatchNext Match

      4. 17.Section 55K (variation and cancellation of Part 4A permission: investment firms)Previous MatchNext Match

      5. 18.Section 55KA (variation and cancellation of Part 4A permission: insurance undertakings etc.)Previous MatchNext Match

      6. 19.Section 55PA (imposition and variation of requirements)Previous MatchNext Match

      7. 20.Section 55Q (exercise of power in support of overseas regulator)Previous MatchNext Match

      8. 21.Section 55R (connected persons)Previous MatchNext Match

      9. 22.Section 55S (additional permissions)Previous MatchNext Match

      10. 23.Sections 55Z1 to 55Z2A (notification)Previous MatchNext Match

    4. CHAPTER 4 Part 5 of the Act: performance of regulated activitiesPrevious MatchNext Match

      1. 24.IntroductionPrevious MatchNext Match

      2. 25.Section 59 (approval for particular arrangements)Previous MatchNext Match

      3. 26.Section 63E (certification of employees by relevant authorised persons)Previous MatchNext Match

      4. 27.Section 66A (misconduct: action by the FCA)Previous MatchNext Match

      5. 28.Section 66B (misconduct: action by the PRA)Previous MatchNext Match

      6. 29.Section 71D (sections 71B and 71C: conditions)Previous MatchNext Match

      7. 30.Section 71I (sections 71B to 71H: interpretation)Previous MatchNext Match

    5. CHAPTER 5 Part 7 of the Act: control of business transfersPrevious MatchNext Match

      1. 31.IntroductionPrevious MatchNext Match

      2. 32.Section 105 (insurance business transfer schemes)Previous MatchNext Match

      3. 33.Further amendments to Part 7 of the ActPrevious MatchNext Match

    6. CHAPTER 6 Part 9A of the Act: rules and guidancePrevious MatchNext Match

      1. 34.IntroductionPrevious MatchNext Match

      2. 35.Section 137J (rules about recovery plans: duty to consult)Previous MatchNext Match

      3. 36.Section 137N (recovery plans and resolution packs: restriction on duty of confidence)Previous MatchNext Match

      4. 37.Section 137Q (price stabilising rules)Previous MatchNext Match

      5. 38.Section 137R (financial promotion rules)Previous MatchNext Match

      6. 39.Section 138K (consultation: mutual societies)Previous MatchNext Match

      7. 40.Section 139A (power of the FCA to give guidance)Previous MatchNext Match

      8. 41.Section 141A (power to make consequential amendments of references to rules etc)Previous MatchNext Match

    7. CHAPTER 7 Part 11 of the Act: information gathering and investigationsPrevious MatchNext Match

      1. 42.IntroductionPrevious MatchNext Match

      2. 43.Section 165A (PRA's power to require information: financial stability)Previous MatchNext Match

      3. 44.Section 167 (appointment of persons to carry out general investigations)Previous MatchNext Match

      4. 45.Section 168 (appointment of persons to carry out investigations in particular cases)Previous MatchNext Match

      5. 46.Section 169 (investigations etc. in support of overseas regulator)Previous MatchNext Match

      6. 47.Section 169A (support of overseas regulator with respect to financial stability)Previous MatchNext Match

    8. CHAPTER 8 Part 12 of the Act: control over authorised personsPrevious MatchNext Match

      1. 48.IntroductionPrevious MatchNext Match

      2. 49.Section 184 (disregarded holdings)Previous MatchNext Match

      3. 50.Section 186 (assessment criteria)Previous MatchNext Match

      4. 51.Section 188 (assessment: consultation with EC competent authorities)Previous MatchNext Match

      5. 52.Section 189 (assessment: procedure)Previous MatchNext Match

      6. 53.Section 190 (requests for further information)Previous MatchNext Match

      7. 54.Section 190A (assessment and resolution)Previous MatchNext Match

      8. 55.Section 191A (objection by the appropriate regulator)Previous MatchNext Match

      9. 56.Section 191G (interpretation of Part 12)Previous MatchNext Match

    9. CHAPTER 9 Part 12A of the Act: powers exercisable in relation to parent undertakingsPrevious MatchNext Match

      1. 57.IntroductionPrevious MatchNext Match

      2. 58.Section 192C (power to direct qualifying parent undertaking)Previous MatchNext Match

      3. 59.Section 192JB (rules requiring parent undertakings to facilitate resolution)Previous MatchNext Match

      4. 60.Section 192K (power to impose penalty or issue censure)Previous MatchNext Match

    10. CHAPTER 10 Part 14 of the Act: disciplinary measuresPrevious MatchNext Match

      1. 61.Section 204A (meaning of “relevant requirement” etc.)Previous MatchNext Match

    11. CHAPTER 11 Part 20 of the Act: provision of financial services by members of the professionsPrevious MatchNext Match

      1. 62.IntroductionPrevious MatchNext Match

      2. 63.Section 326 (designation of professional bodies)Previous MatchNext Match

      3. 64.Section 327 (exemption from the general prohibition)Previous MatchNext Match

      4. 65.Section 328 (directions in relation to the general prohibition)Previous MatchNext Match

    12. CHAPTER 12 Part 22 of the Act: auditors and actuariesPrevious MatchNext Match

      1. 66.IntroductionPrevious MatchNext Match

      2. 67.Section 342 (information given by auditor or actuary to a regulator)Previous MatchNext Match

      3. 68.Section 343 (information given by auditor or actuary to a regulator: persons with close links)Previous MatchNext Match

    13. CHAPTER 13 Part 25 of the Act: injunctions and restitutionPrevious MatchNext Match

      1. 69.IntroductionPrevious MatchNext Match

      2. 70.Section 380 (injunctions)Previous MatchNext Match

      3. 71.Section 382 (restitution orders)Previous MatchNext Match

      4. 72.Section 384 (power of FCA or PRA to require restitution)Previous MatchNext Match

    14. CHAPTER 14 Part 26 of the Act: noticesPrevious MatchNext Match

      1. 73.IntroductionPrevious MatchNext Match

      2. 74.Section 391 (publication)Previous MatchNext Match

      3. 75.Section 391A (publication: special requirements relating to capital requirements directive)Previous MatchNext Match

      4. 76.Section 391B (publication: special provisions relating to the transparency obligations directive)Previous MatchNext Match

      5. 77.Section 391C (publication: special provisions relating to the UCITS directive)Previous MatchNext Match

      6. 78.Section 391D (publication: special provisions relating to the markets in financial instruments directive)Previous MatchNext Match

      7. 79.Section 391E (publication: special provisions relating to the insurance distribution directive)Previous MatchNext Match

    15. CHAPTER 15 Part 27 of the Act: offencesPrevious MatchNext Match

      1. 80.Section 398 (misleading FCA or PRA: residual cases)Previous MatchNext Match

    16. CHAPTER 16 Part 28 of the Act: miscellaneousPrevious MatchNext Match

      1. 81.IntroductionPrevious MatchNext Match

      2. 82.Section 404E (meaning of “consumers”)Previous MatchNext Match

      3. 83.Section 410 (international obligations)Previous MatchNext Match

    17. CHAPTER 17 Part 29 of the Act: interpretation of the ActPrevious MatchNext Match

      1. 84.IntroductionPrevious MatchNext Match

      2. 85.Section 417 (definitions)Previous MatchNext Match

      3. 86.Section 418 (carrying on regulated activities in the United Kingdom)Previous MatchNext Match

      4. 87.Section 420 (parent and subsidiary undertaking)Previous MatchNext Match

      5. 88.Section 422A (disregarded holdings)Previous MatchNext Match

      6. 89.Mortgage agreements etcPrevious MatchNext Match

      7. 90.Section 424A (meaning of “investment firm”)Previous MatchNext Match

      8. 91.Section 425A (consumers: regulated activities etc carried on by authorised persons)Previous MatchNext Match

      9. 92.Section 425C (“qualifying EU provision”)Previous MatchNext Match

    18. CHAPTER 18 Schedule 1ZA to the Act: the Financial Conduct AuthorityPrevious MatchNext Match

      1. 93.Schedule 1ZA (the Financial Conduct Authority)Previous MatchNext Match

    19. CHAPTER 19 Schedule 1ZB to the Act: the Prudential Regulation AuthorityPrevious MatchNext Match

      1. 94.Schedule 1ZB (the Prudential Regulation Authority)Previous MatchNext Match

    20. CHAPTER 20 Schedule 2 to the Act: regulated activitiesPrevious MatchNext Match

      1. 95.Schedule 2 (regulated activities)Previous MatchNext Match

    21. CHAPTER 21 Schedule 6 to the Act: threshold conditionsPrevious MatchNext Match

      1. 96.IntroductionPrevious MatchNext Match

      2. 97.InterpretationPrevious MatchNext Match

      3. 98.Paragraph 2C (effective supervision)Previous MatchNext Match

      4. 99.Paragraph 3B (effective supervision)Previous MatchNext Match

      5. 100.Paragraph 4A (introduction to Part 1D)Previous MatchNext Match

      6. 101.Paragraph 4F (effective supervision)Previous MatchNext Match

      7. 102.Paragraph 5F (effective supervision)Previous MatchNext Match

      8. 103.Paragraph 8 (additional conditions)Previous MatchNext Match

    22. CHAPTER 22 Schedule 12 to the Act: transfer schemes: certificatesPrevious MatchNext Match

      1. 104.IntroductionPrevious MatchNext Match

      2. 105.Paragraph 1 (insurance business transfer schemes)Previous MatchNext Match

      3. 106.Paragraph 2 (certificates as to margin of solvency)Previous MatchNext Match

      4. 107.Paragraphs 3 to 6 (further provisions on certificates)Previous MatchNext Match

      5. 108.Paragraph 7 (banking business transfer schemes)Previous MatchNext Match

      6. 109.Paragraph 8 (certificates as to financial resources)Previous MatchNext Match

      7. 110.Paragraph 9 (certificates as to consent of home state regulator)Previous MatchNext Match

      8. 111.Paragraph 9B (ring-fencing transfer schemes)Previous MatchNext Match

      9. 112.Paragraph 9C (certificate as to financial resources)Previous MatchNext Match

      10. 113.Paragraph 9D (certificate as to consent of home state regulator)Previous MatchNext Match

      11. 114.Paragraph 10 (insurance business transfers effected outside the United Kingdom)Previous MatchNext Match

    23. CHAPTER 23 Schedule 17A to the Act: further provisions in relation to exercise of Part 18 functions by Bank of EnglandPrevious MatchNext Match

      1. 115.IntroductionPrevious MatchNext Match

      2. 116.Paragraph 11 (information gathering and investigations)Previous MatchNext Match

      3. 117.Paragraphs 22 and 23 (public record and disclosure of information)Previous MatchNext Match

      4. 118.Paragraph 30 (offences)Previous MatchNext Match

      5. 119.Paragraph 36 (fees)Previous MatchNext Match

  4. PART 3 Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Previous MatchNext Match

    1. 120.IntroductionPrevious MatchNext Match

    2. 121.Article 3 (interpretation)Previous MatchNext Match

    3. 122.Article 4 (specified activities: general)Previous MatchNext Match

    4. 123.Article 6 (sums paid by certain persons)Previous MatchNext Match

    5. 124.Article 9B (issuing electronic money)Previous MatchNext Match

    6. 125.Article 9C (persons certified as small issuers etc)Previous MatchNext Match

    7. 126.Article 24A (bidding in emissions auctions)Previous MatchNext Match

    8. 127.Article 24B (miscellaneous exclusions)Previous MatchNext Match

    9. 128.Article 33B (provision of information – contracts of insurance)Previous MatchNext Match

    10. 129.Article 35 (international securities self-regulating organisations)Previous MatchNext Match

    11. 130.Article 35A (trade repositories)Previous MatchNext Match

    12. 131.Article 42A (depositaries of UCITS and AIFs)Previous MatchNext Match

    13. 132.Article 51ZA (managing a UCITS)Previous MatchNext Match

    14. 133.Article 51ZB (acting as trustee or depositary of a UCITS)Previous MatchNext Match

    15. 134.Article 51ZD (acting as trustee or depositary of an AIF)Previous MatchNext Match

    16. 135.Article 51ZG (operating a collective investment scheme in relation to a UCITS or an AIF)Previous MatchNext Match

    17. 136.Article 53DA (advising on regulated credit agreements for the acquisition of land)Previous MatchNext Match

    18. 137.Article 54 (advice given in newspapers etc)Previous MatchNext Match

    19. 138.Article 60D (exempt agreements: exemption relating to the purchase of land for non-residential purposes)Previous MatchNext Match

    20. 139.Article 60E (exempt agreements: exemptions relating to the nature of the lender)Previous MatchNext Match

    21. 140.Article 60G (exempt agreements: exemptions relating to the total charge for credit)Previous MatchNext Match

    22. 141.Article 60H (exempt agreements: exemptions relating to the nature of the borrower)Previous MatchNext Match

    23. 142.Article 60HA (exempt agreements: exemptions not permitted under the mortgages directive)Previous MatchNext Match

    24. 143.Article 60JA (payment institutions)Previous MatchNext Match

    25. 144.Article 60JB (electronic money institutions)Previous MatchNext Match

    26. 145.Article 61 (regulated mortgage contracts)Previous MatchNext Match

    27. 146.Article 61A (mortgage contracts which are not regulated mortgage contracts)Previous MatchNext Match

    28. 147.Article 72 (overseas persons)Previous MatchNext Match

    29. 148.Article 72AA (managers of UCITS and AIFs)Previous MatchNext Match

    30. 149.Article 72D (large risks contracts where risk situated outside the EEA)Previous MatchNext Match

    31. 150.Article 72E (Business Angel-led Enterprise Capital Funds)Previous MatchNext Match

    32. 151.Article 72G (local authorities)Previous MatchNext Match

    33. 152.Article 77A (alternative finance investment bonds)Previous MatchNext Match

    34. 153.Article 78 (government and public securities)Previous MatchNext Match

    35. 154.Article 82A (greenhouse gas emissions allowances)Previous MatchNext Match

    36. 155.Article 82B (emission allowances)Previous MatchNext Match

    37. 156.Article 83 (options)Previous MatchNext Match

    38. 157.Article 84 (futures)Previous MatchNext Match

    39. 158.Article 85 (contracts for differences etc)Previous MatchNext Match

    40. 159.Article 95 (exclusion from record where not fit and proper to carry on insurance distribution)Previous MatchNext Match

    41. 160.Schedule 4 (relevant text of the insurance distribution directive)Previous MatchNext Match

    42. 161.Schedule 8 (persons excluded from regulated activity of managing an AIF)Previous MatchNext Match

  5. PART 4 Amendments to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005Previous MatchNext Match

    1. 162.Introduction and transitional provisionPrevious MatchNext Match

    2. 163.Article 2 (interpretation: general)Previous MatchNext Match

    3. 164.Article 6 (interpretation: communications)Previous MatchNext Match

    4. 165.Article 8A (interpretation: outgoing electronic commerce communication)Previous MatchNext Match

    5. 166.Article 10 (application to qualifying contracts of insurance)Previous MatchNext Match

    6. 167.Article 12 (communications to overseas recipients)Previous MatchNext Match

    7. 168.Article 18A (electronic commerce communications: mere conduits, caching and hosting)Previous MatchNext Match

    8. 169.Article 20B (incoming electronic commerce communications)Previous MatchNext Match

    9. 170.Article 25 (relevant insurance activity: non-real time communications: reinsurance and large risks)Previous MatchNext Match

    10. 171.Article 29 (communications required or authorised by enactments)Previous MatchNext Match

    11. 172.Article 34 (governments, central banks etc)Previous MatchNext Match

    12. 173.Article 36 (nationals of EEA States other than United Kingdom)Previous MatchNext Match

    13. 174.Article 59 (annual accounts and directors' report)Previous MatchNext Match

    14. 175.Article 70 (promotions included in listing particulars etc)Previous MatchNext Match

    15. 176.Schedule 1 (controlled activities and controlled investments)Previous MatchNext Match

  6. PART 5 Amendments to other secondary legislationPrevious MatchNext Match

    1. 177.The Financial Services and Markets Act 2000 (Exemption) Order 2001Previous MatchNext Match

    2. 178.The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001Previous MatchNext Match

    3. 179.The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001Previous MatchNext Match

    4. 180.The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001Previous MatchNext Match

    5. 181.The Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001Previous MatchNext Match

    6. 182.The Financial Services and Markets Act 2000 (Own-initiative Power) (Overseas Regulators) Regulations 2001Previous MatchNext Match

    7. 183.The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001Previous MatchNext Match

    8. 184.The Financial Services and Markets Act 2000 (Control of Business Done at Lloyd's) Order 2001Previous MatchNext Match

    9. 185.The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009Previous MatchNext Match

    10. 186.The Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013Previous MatchNext Match

    11. 187.The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013Previous MatchNext Match

    12. 188.The Financial Services and Markets Act 2000 (Exercise of Powers under Part 4A) (Consultation with Home State Regulators) Regulations 2013Previous MatchNext Match

    13. 189.The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013Previous MatchNext Match

    14. 190.The Financial Services and Markets Act 2000 (Qualifying EU Provisions) (No. 2) Order 2013Previous MatchNext Match

    15. 191.The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014Previous MatchNext Match

    16. 192.The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014Previous MatchNext Match

    17. 193.The Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015Previous MatchNext Match

  7. PART 6 Minor and consequential amendmentsPrevious MatchNext Match

    1. 194.Consumer Credit Act 1974Previous MatchNext Match

    2. 195.Electronic Money Regulations 2011Previous MatchNext Match

    3. 196.Payment Services Regulations 2017Previous MatchNext Match

  8. PART 7 Transitional Powers of the Financial RegulatorsPrevious MatchNext Match

    1. 197.InterpretationPrevious MatchNext Match

    2. 198.Power of the regulators to give transitional directionsPrevious MatchNext Match

    3. 199.Meaning of “relevant obligation”Previous MatchNext Match

    4. 200.Giving, and effect, of transitional directionsPrevious MatchNext Match

    5. 201.Variation of transitional directionsPrevious MatchNext Match

    6. 202.ConsultationPrevious MatchNext Match

    7. 203.Notification and publication of transitional directionsPrevious MatchNext Match

    8. 204.Revocation of transitional directionsPrevious MatchNext Match

    9. 205.Annual reports and complaintsPrevious MatchNext Match

  9. PART 8 Regulators' feesPrevious MatchNext Match

    1. 206.Meaning of “qualifying functions” in this PartPrevious MatchNext Match

    2. 207.Fees: Bank of EnglandPrevious MatchNext Match

    3. 208.Fees: Financial Conduct AuthorityPrevious MatchNext Match

    4. 209.Fees: Prudential Regulation AuthorityPrevious MatchNext Match

  10. SignaturePrevious MatchNext Match

  11. Explanatory NotePrevious Match

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