Miscellaneous Forest risk commodities Financing of forest risk commodities: review
Section 79 introduces a requirement for HM Treasury to review the adequacy of the regulation of the UK financial system for the purpose of eliminating the financing of the use of prohibited forest risk commodities. This is intended to help identify any practical steps that can be taken through the financial services regulatory framework to help tackle the financing of illegal deforestation.
	The UK financial system is defined in section 1I of FSMA 2000. Prohibited forest risk commodities are those to be defined in Schedule 17 to the Environment Act 2021 and subsequent regulations (which have not been made at the time of this Act achieving Royal Assent).
	HM Treasury is required to undertake this review within nine months of the Secretary of State making the first set of regulations under paragraph 1 of Schedule 17 to the Environment Act 2021. This will enable HM Treasury to consider those regulations in the review, and ensure a joined-up and effective approach.
	HM Treasury is obliged to publish a report on the conclusions of the review 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.