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Financial Services And Markets Act 2023

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Explanatory Notes

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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Section 85 sets out the territorial extent of the Act. That is, the jurisdictions in the UK of which the Act forms part of the law; application applies to where the Act has practical effect.
Financial services is a reserved matter in the UK. The Act extends and applies to England, Wales, Scotland and Northern Ireland, with two exceptions. Section 73 (credit unions) and section 74 (reinsurance for acts of terrorism) extend to England, Wales and Scotland only.
See the table in Annex A for a summary of the position regarding territorial extent and application in the United Kingdom.