Miscellaneous Forest risk commodities: review
Section 79 obliges HM Treasury to carry out a review to assess the extent to which regulation of the UK financial system is adequate for the purpose of eliminating the financing of the use of prohibited forest risk commodities.
	Once HM Treasury has undertaken this review, it must publish and lay before Parliament a report which states its conclusions, and the steps it considers appropriate to take to improve the effectiveness of the regulation of the UK financial system for the purpose of eliminating the financing of the use of prohibited forest risk commodities.
	The timing of HM Treasury’s report is connected with the making of regulations by the Secretary of State under paragraph 1 of Schedule 17 to the Environment Act 2021, which will specify "forest risk commodities" for the purposes of the prohibition in that Act on regulated persons using illegally produced forest risk commodities (or products derived therefrom) in UK commercial activities. HM Treasury’s report must be published and laid before Parliament before the end of 9 months beginning with the day on which the first regulations under paragraph 1 of Schedule 17 are made.
	Section 79 sets out relevant definitions for the purposes of the scope of the review:
"UK financial system" has the same meaning as in section 1I of FSMA 2000 (meaning the financial system operating in the UK including (a) financial markets and exchanges; (b) regulated activities and claims management activities; and (c) other activities connected with financial markets and exchanges).
"Forest risk commodities" has the same meaning as in Schedule 17 to the Environment Act, namely a commodity specified in paragraph 1 to that Schedule, to be specified further by regulations made by the Secretary of State under that paragraph (which are yet to be made as at the date of this Act receiving Royal Assent).
"Prohibited" forest risk commodities refers to those commodities (or products derived from those commodities), the use of which is prohibited by paragraph 2 of Schedule 17 to the Environment Act 2021. Paragraph 2 prohibits regulated persons (for the purposes of that Act) from using forest risk commodities (or products derived from such commodities) in their UK commercial activities unless relevant local laws were complied with in relation to those commodities. "Relevant local laws" are further defined under that legislation.