Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013

2013 CHAPTER 33

Commentary

Part 7 – Miscellaneous

Final Provisions

Section 143: Orders and regulations: parliamentary control

355. Section 143 provides for the parliamentary procedure which will apply to statutory instruments which are made under the Act. As a general rule, these statutory instruments will be subject to the negative resolution procedure (apart from commencement orders, which are not subject to any parliamentary procedure). However, under subsection (2) the affirmative resolution procedure will apply to:

(a)

Regulations made under section 7 (applying ring-fencing provisions to building societies);

(b)

Orders under section 41(4) (altering the list of things that are not to be regarded as payment systems);

(c)

Orders under section 145 (power to make further consequential amendments) which amend primary legislation; and

(d)

Orders under paragraph 6 of the Schedule 6 (power to make further modifications of primary legislation in connection with FMI administration).