Financial Services and Markets Act 2023

5Power to replace references to EU directivesU.K.

This section has no associated Explanatory Notes

(1)The Treasury may by regulations modify legislation for or in connection with the purpose of replacing any reference (however expressed) to an EU directive referred to in Part 3 of Schedule 1 with such other provision (if any) as the Treasury consider appropriate.

(2)The power under subsection (1) is exercisable only if the Treasury consider it necessary or desirable to replace the reference for or in connection with—

(a)the purpose of making the law clearer or more accessible, or

(b)any of the purposes mentioned in section 3(2).

(3)Regulations under this section are subject to the affirmative procedure if they amend primary legislation.

(4)Regulations under this section to which subsection (3) does not apply are subject to the negative procedure.

Commencement Information

I1S. 5 not in force at Royal Assent, see s. 86(3)

I2S. 5 in force at 29.8.2023 by S.I. 2023/779, reg. 4(c)