PART 5A

Designated activities
CHAPTER 1

GENERAL PROVISIONS

Designated activities regulations: Parliamentary control
71S
1
This section applies to regulations which contain provision made under section 71K which provides for an activity of a specified description to be a designated activity.
2
A statutory instrument containing regulations to which this section applies, other than regulations to which subsection (3) applies, may not be made unless a draft of the instrument has been laid before Parliament and approved by a resolution of each House.
3
This subsection applies to regulations which contain a statement made by the Treasury that they are of the opinion that, by reason of urgency, it is necessary to make the regulations without a draft of the statutory instrument containing the regulations being laid and approved under subsection (2).
4
Where subsection (3) applies to regulations, a statutory instrument containing the regulations must be laid before Parliament after being made.
5
Regulations contained in a statutory instrument laid before Parliament under subsection (4) cease to have effect at the end of the period of 28 days beginning with the day on which the instrument is made unless, during that period, the instrument is approved by a resolution of each House of Parliament.
6
In calculating the period of 28 days, no account is to be taken of any whole days that fall within a period during which—
a
Parliament is dissolved or prorogued, or
b
either House of Parliament is adjourned for more than four days.
7
If regulations cease to have effect as a result of subsection (5), that does not—
a
affect the validity of anything previously done under the regulations, or
b
prevent the making of new regulations.
Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(2), 86(3); S.I. 2023/779, reg. 4(e)
Pt. 5A Ch. 1 heading inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 2