Watchtower/Law library/Financial Services and Markets Act 2023/12
As last captured

Financial Services and Markets Act 2023 · SCHEDULE 7

12

Sch. 7 para. 12 · in force: yes

Captured statutory text (L5)

12

In Schedule 4, after paragraph 7 insert—
Other reports(7A)
(1)The Treasury may (subject to this paragraph) at any time by direction require the Regulator to publish a report containing information about such matters as are specified in the direction.
(2)The Treasury may give a direction under this paragraph requiring information to be published only if the Treasury consider that—
(a)the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the Regulator’s functions, and
(b)other available information is not sufficient to meet that purpose.
(3)Subject to sub-paragraph (4), the Regulator must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.
(4)Nothing in this paragraph requires the inclusion in the report of any information whose publication would be against the public interest.
(5)A direction under this paragraph may not—
(a)require a report to be published more than once in each quarter;
(b)require the publication of information that is confidential information as defined by section 91(2).
(6)The Treasury must consult the Regulator before giving a direction under this paragraph.
(7)In exercising the power under this paragraph, the Treasury must have regard to the desirability of minimising any adverse effect that the preparation of the report required in accordance with the direction may have on the exercise by the Regulator of any of its other functions.
(8)The Treasury must—
(a)lay before Parliament a copy of a direction given under this paragraph, and
(b)publish the direction in such manner as the Treasury think fit.
(9)A direction under this paragraph may be varied or revoked by the giving of a further direction.
Full captured verbatim text
In Schedule 4, after paragraph 7 insert—

Other reports(7A) (1) The Treasury may (subject to this paragraph) at any time by direction require the Regulator to publish a report containing information about such matters as are specified in the direction.

(2) The Treasury may give a direction under this paragraph requiring information to be published only if the Treasury consider that—

(a) the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the Regulator’s functions, and

(b) other available information is not sufficient to meet that purpose.

(3) Subject to sub-paragraph (4), the Regulator must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.

(4) Nothing in this paragraph requires the inclusion in the report of any information whose publication would be against the public interest.

(5) A direction under this paragraph may not—

(a) require a report to be published more than once in each quarter;

(b) require the publication of information that is confidential information as defined by section 91(2).

(6) The Treasury must consult the Regulator before giving a direction under this paragraph.

(7) In exercising the power under this paragraph, the Treasury must have regard to the desirability of minimising any adverse effect that the preparation of the report required in accordance with the direction may have on the exercise by the Regulator of any of its other functions.

(8) The Treasury must—

(a) lay before Parliament a copy of a direction given under this paragraph, and

(b) publish the direction in such manner as the Treasury think fit.

(9) A direction under this paragraph may be varied or revoked by the giving of a further direction.

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 direct the Payment Systems Regulator to publish reports for scrutiny purposes.

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

Refers to

schedule ref schedule_ref · Sch. 4 para. 1

schedule ref schedule_ref · Sch. 4 para. 2

schedule ref schedule_ref · Sch. 4 para. 3

schedule ref schedule_ref · Sch. 4 para. 4

schedule ref schedule_ref · Sch. 4 para. 5

schedule ref schedule_ref · Sch. 4 para. 6

schedule ref schedule_ref · Sch. 4 para. 7

schedule ref schedule_ref · Sch. 4 para. 8

schedule ref schedule_ref · Sch. 4 para. 9

Referred to by

No captured references.

Part summaries

0 of 0 parts have a verified summary.

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

Verification findings (537)

synthesis coverage: missing/unverified L2 part-1-chapter-1

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-1

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-2

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-3

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-5

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-6

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-7

synthesis coverage: missing/unverified L2 part-1-chapter-2

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-8

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-9

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-10

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-11

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synthesis coverage: missing/unverified L2 part-1-chapter-2

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synthesis coverage: missing/unverified L2 part-1-chapter-3

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-25

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-55

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-57

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synthesis coverage: missing/unverified L2 part-7

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synthesis coverage: missing/unverified L2 schedule-2-part-3

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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
SCHEDULE 7
Version
86372fb4e615f9918e757dfa…
Content hash
sha256 8de6fca63285daac10a00621…
Source
legislation.gov.uk/ukpga/2023/29