Legislation – Financial Services and Markets Act 2023
Changes to legislation:
There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Section 5.
Changes to Legislation
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PART 1Regulatory framework
CHAPTER 1Revocation of assimilated law
5Power to replace references to EU directives
(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.