Watchtower/Law library/Financial Services and Markets Act 2023/153 Modifications to the law
As last captured

Financial Services and Markets Act 2023 · PART 8 General

153 Modifications to the law

Sch. 11 para. 153 · in force: yes

Captured statutory text (L5)

153 Modifications to the law

(1)The Treasury may by regulations modify the law for the purpose of enabling the powers under this Schedule to be used effectively, having regard to the special resolution objectives.
(2)Regulations may be made—
(a)for the general purpose of the exercise of powers under this Schedule,
(b)to facilitate a particular proposed or possible use of a power, or
(c)in connection with a particular exercise of a power.
(3)Regulations under sub-paragraph (2)(c) may make provision which has retrospective effect in so far as the Treasury consider it necessary or desirable for giving effect to the particular exercise of a power under this Schedule in connection with which the regulations are made (but in relying on this sub-paragraph the Treasury must have regard to the fact that it is in the public interest to avoid retrospective legislation).
(4)In sub-paragraph (1) “modify the law” means—
(a)disapply or modify the effect of a provision of an enactment (other than a provision made by or under this Act),
(b)disapply or modify the effect of a rule of law not set out in legislation, or
(c)amend any provision of an instrument or regulations made in the exercise of a stabilisation power.
(5)Specific powers under this Schedule are without prejudice to the generality of this paragraph.
(6)Regulations under this paragraph are—
(a)subject to the affirmative procedure, or
(b)if the Treasury consider it necessary for the regulations to come into force without delay, subject to the made affirmative procedure.
(7)Where regulations under this paragraph are subject to the made affirmative procedure the statutory instrument containing the regulations must be laid before Parliament after being made.
(8)Regulations contained in a statutory instrument laid before Parliament under sub-paragraph (7) cease to have effect at the end of the period of 28 days beginning with the day on which the instrument is made unless, during that period, the instrument is approved by a resolution of each House of Parliament.
(9)In calculating the period of 28 days, no account is to be taken of any whole days that fall within a period during which—
(a)Parliament is dissolved or prorogued, or
(b)either House of Parliament is adjourned for more than four days.
(10)If regulations cease to have effect as a result of sub-paragraph (8), that does not—
(a)affect the validity of anything previously done under the regulations, or
(b)prevent the making of new regulations.
Full captured verbatim text
(1) The Treasury may by regulations modify the law for the purpose of enabling the powers under this Schedule to be used effectively, having regard to the special resolution objectives.

(2) Regulations may be made—

(a) for the general purpose of the exercise of powers under this Schedule,

(b) to facilitate a particular proposed or possible use of a power, or

(c) in connection with a particular exercise of a power.

(3) Regulations under sub-paragraph (2)(c) may make provision which has retrospective effect in so far as the Treasury consider it necessary or desirable for giving effect to the particular exercise of a power under this Schedule in connection with which the regulations are made (but in relying on this sub-paragraph the Treasury must have regard to the fact that it is in the public interest to avoid retrospective legislation).

(4) In sub-paragraph (1) “modify the law” means—

(a) disapply or modify the effect of a provision of an enactment (other than a provision made by or under this Act),

(b) disapply or modify the effect of a rule of law not set out in legislation, or

(c) amend any provision of an instrument or regulations made in the exercise of a stabilisation power.

(5) Specific powers under this Schedule are without prejudice to the generality of this paragraph.

(6) Regulations under this paragraph are—

(a) subject to the affirmative procedure, or

(b) if the Treasury consider it necessary for the regulations to come into force without delay, subject to the made affirmative procedure.

(7) Where regulations under this paragraph are subject to the made affirmative procedure the statutory instrument containing the regulations must be laid before Parliament after being made.

(8) Regulations contained in a statutory instrument laid before Parliament under sub-paragraph (7) cease to have effect at the end of the period of 28 days beginning with the day on which the instrument is made unless, during that period, the instrument is approved by a resolution of each House of Parliament.

(9) In calculating the period of 28 days, no account is to be taken of any whole days that fall within a period during which—

(a) Parliament is dissolved or prorogued, or

(b) either House of Parliament is adjourned for more than four days.

(10) If regulations cease to have effect as a result of sub-paragraph (8), that does not—

(a) affect the validity of anything previously done under the regulations, or

(b) prevent the making of new regulations.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

The Treasury may by regulations modify the law for enabling powers under this Schedule to be used effectively.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

schedule ref schedule_ref · Sch. 11 para. 153

schedule ref schedule_ref · Sch. 11 para. 2

Referred to by

schedule ref schedule_ref · Sch. 11 para. 139

schedule ref schedule_ref · Sch. 11 para. 140

schedule ref schedule_ref · Sch. 11 para. 149

schedule ref schedule_ref · Sch. 11 para. 153

schedule ref schedule_ref · Sch. 11 para. 159

schedule ref schedule_ref · Sch. 11 para. 160

schedule ref schedule_ref · Sch. 11 para. 162

schedule ref schedule_ref · Sch. 11 para. 163

schedule ref schedule_ref · Sch. 11 para. 20

schedule ref schedule_ref · s. 10

Part summaries

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L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (537)

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Instrument tier unavailable

Change history as published

No captured publisher history.

Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument
uk:ukpga/2023/29
Part
PART 8 General
Version
86372fb4e615f9918e757dfa…
Content hash
sha256 7af7a4b5ce0d4457a55eb9dd…
Source
legislation.gov.uk/ukpga/2023/29