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The Financial Services (EEA State) Regulations 2007
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- 2007 No. 108
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations substitute a new definition of “EEA State” in paragraph 8 of Schedule 3 to the Financial Services and Markets Act 2000 (c. 8) (“the Act”). Section 425(1) of the Act provides that the definition applies for the purposes of the Act. The existing definition of “EEA State” excludes Bulgaria and Romania which became Community member States on 1st January 2007. It is amended in order correctly to transpose the single market directives (listed in paragraph 1 of Schedule 3 to the Act). The new definition refers to the definition of “EEA state” inserted into the Interpretation Act 1978 (c. 30) by the Legislative and Regulatory Reform Act 2006 (c. 51); it therefore includes all Community member States.
These Regulations also substitute the same new definition of “EEA State” in regulations made by the Treasury under section 2(2) of the European Communities Act 1972 (c. 68) implementing other Community legislation in relation to financial services where the regulations contain a definition in similar terms to paragraph 8 of Schedule 3 to the Act.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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