Watchtower/Law library/Financial Services and Markets Act 2023/6
As last captured

Financial Services and Markets Act 2023 · SCHEDULE 7

6

Sch. 7 para. 6 · in force: yes

Captured statutory text (L5)

6

In section 104 (consultation in relation to generally applicable requirements)—
(a)in subsection (1), in the words before paragraph (a) for “section” substitute “Part”;
(b)in subsection (3) after paragraph (b) insert—
(ba)an explanation of the ways in which having regard to specified matters under section 102B(2) has affected the proposed requirement,
;
(c)after subsection (12) insert—
(12A)The duty to provide the explanation referred to in subsection (3)(ba) does not apply in relation to any proposed requirement which changes an existing requirement and the changes consist of, or include, changes which, in the Payment Systems Regulator’s opinion, are not material.
(12B)Where an explanation is not provided by virtue of subsection (12A), the draft of the proposed requirement must be accompanied by a statement of the Payment Systems Regulator’s opinion.
Full captured verbatim text
In section 104 (consultation in relation to generally applicable requirements)—

(a) in subsection (1), in the words before paragraph (a) for “section” substitute “Part”;

(b) in subsection (3) after paragraph (b) insert—

(ba) an explanation of the ways in which having regard to specified matters under section 102B(2) has affected the proposed requirement,

;

(c) after subsection (12) insert—

(12A) The duty to provide the explanation referred to in subsection (3)(ba) does not apply in relation to any proposed requirement which changes an existing requirement and the changes consist of, or include, changes which, in the Payment Systems Regulator’s opinion, are not material.

(12B) Where an explanation is not provided by virtue of subsection (12A), the draft of the proposed requirement must be accompanied by a statement of the Payment Systems Regulator’s opinion.

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

Consultation on generally applicable requirements must explain how specified matters affected the proposed requirement.

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

Refers to

No captured references.

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

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-4

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

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-12

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-13

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-14

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-15

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-16

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-19

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-20

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-21

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-22

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-23

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

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-24

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

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

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-26

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-27

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-28

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-46

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-47

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

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-49

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-50

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synthesis coverage: missing/unverified L2 part-2

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

synthesis coverage: missing/unverified L2 part-3

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synthesis coverage: missing/unverified L2 part-4

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

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-58

synthesis coverage: missing/unverified L2 part-6

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-78

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-79

synthesis coverage: missing/unverified L2 part-7

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-82

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-86

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-87

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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 a9810d0418b6a152ffa4245c…
Source
legislation.gov.uk/ukpga/2023/29