F1PART 9BRing-fencing
General
142ZAffirmative procedure in relation to certain orders under Part 9B
1
This section applies to an order containing provision made under any of the following provisions of this Part—
a
section 142A(2)(b);
b
section 142B(2) or (5);
c
section 142C;
d
section 142D(2) or (4);
e
section 142E;
f
section 142I;
g
section 142Y.
2
No order to which this section applies may be made unless—
a
a draft of the order has been laid before Parliament and approved by a resolution of each House, or
b
subsection (4) applies.
3
Subsection (4) applies if an order under 142D(4) or 142E contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.
4
Where this subsection applies the order—
a
must be laid before Parliament after being made, and
b
ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).
5
The “relevant period” is a period of 28 days beginning with the day on which the order is made.
6
In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which either House is adjourned for more than 4 days.
Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes, 21.4.2016 for the insertion of s. 142H) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2016/512, art. 2(a)