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Section 6(4)

FSMA 2023

For the purposes of subsection (1), rules make excluded provision in relation to provisions of legislation if, in the opinion of the regulator making the rules, the rules reproduce those provisions— without any changes that are material, or with changes that are material but their effect is to reduce a regulatory burden without having any other effects that are material.

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Source: legislation.gov.uk · retrieved 2026-09-04