The Mortgage Credit (Amendment) (EU Exit) Regulations 2019

Treasury regulations: annual percentage rate of change

14.—(1) The Treasury may, if the condition in paragraph (2) is satisfied, by regulations amend paragraph 9(2) to (4), 20(2) or 21 of Schedule 2 to the 2015 Order (“the provisions”).

(2) The condition in this paragraph is that the Treasury consider that one or more remarks or assumptions set out in the provisions—

(a) do not suffice to calculate the annual percentage rate of change within the meaning of paragraph 9(6) of Schedule 2 to the 2015 Order in a uniform manner, or

(b) are no longer adapted to the commercial situation of the market.

(3) The power to make regulations under paragraph (1) is exercisable by statutory instrument.

(4) Such regulations may—

(a) contain incidental, supplemental, consequential and transitional provision;

(b) make different provision for different purposes.

(5) A statutory instrument containing regulations made under this regulation is subject to annulment in pursuance of a resolution of either House of Parliament.