Financial Services and Markets Act 2023

7 Interpretation of Chapter U.K.

(1) In this Chapter—

• “EU directive” means a directive within the meaning of Article 288 of the Treaty on the Functioning of the European Union;

• “EU tertiary legislation” has the same meaning as in the European Union (Withdrawal) Act 2018 (see section 20(1));

• “legislation” means primary legislation, [F1 assimilated direct] legislation or subordinate legislation;

• “regulator” means—

  (a)

  the FCA,

  (b)

  the PRA,

  (c)

  the Bank of England, or

  (d)

  the Payment Systems Regulator;

• “the transitional period” has the meaning given in section 2(2).

(2) For the purposes of this Chapter, references to legislation do not include references to rules made by a regulator.

(3) For the purposes of this Chapter, subordinate legislation was subject to affirmative resolution on being made if it was made with approval given by a resolution of each House of Parliament (whether before or after it was made).

(4) References in this Chapter to the revocation of legislation are, in relation to the legislation referred to in Part 4 of Schedule 1, to be read as references to its repeal.

Textual Amendments

F1 Words in s. 7(1) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 107(6)

Commencement Information

I1 S. 7 not in force at Royal Assent, see s. 86(3)

I2 S. 7 in force at 11.7.2023 by S.I. 2023/779, reg. 2(e)