Legislation – Financial Services and Markets Act 2023
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There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Section 79.
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PART 6Miscellaneous
Other miscellaneous provisions
79Forest risk commodities: review
(1)
The Treasury must carry out a review to assess the extent to which regulation of the UK financial system is adequate for the purpose of eliminating the financing of the use of prohibited forest risk commodities.
(2)
In subsection (1) the reference to “prohibited” forest risk commodities is a reference to forest risk commodities, or products derived from forest risk commodities, the use of which is prohibited by paragraph 2 of Schedule 17 to the Environment Act 2021.
(3)
Having carried out a review the Treasury must lay before Parliament, and publish, a report stating—
(a)
the conclusions of the review, and
(b)
the steps the Treasury consider it appropriate to take to improve the effectiveness of the regulation of the UK financial system for the purpose stated in subsection (1).
(4)
Subsection (3) must be complied with before the end of 9 months beginning with the day on which the first regulations under paragraph 1 of Schedule 17 to the Environment Act 2021 are made.
(5)
In this section—
“forest risk commodities” has the same meaning as in Schedule 17 to the Environment Act 2021;
“UK financial system” has the same meaning as in FSMA 2000 (see section 1I of that Act).