Regulation 2 further amends the Local Authorities (Capital Finance) Regulations 1997 by excluding leases from the application of section 24 of the Local Government and Housing Act 1989 where any of the constituent bodies specified in the Greater London Authority Act 1999 become lessees by virtue of transfer or vesting arrangements made under that Act or the Regional Development Agencies Act 1998.

Regulation 3 further amends the the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990. The amendments relate to the definition of approved investments and specify each of the constituent bodies specfied in the Greater London Authority Act as persons or bodies advances to whom are approved investments for the purposes of Part IV of the Local Government and Housing Act 1989.

Regulation 4 amends the Local Authorities (Contracts) Regulations 1997 insofar as appropriate to bring the Greater London Authority and the other functional bodies created by the Greater London Authority Act 1999 within the ambit of the 1997 Regulations.

Regulation 5 of the 1997 Regulations is amended so as to require each of Transport for London and the London Development Agency to provide the auditor appointed by the Audit Commission with a copy of each certificate issued under the 1997 Regulations.

Regulation 6(1) of the 1997 Regulations is modified so as to require the Greater London Authority and Transport for London when relying in entering into a contract upon their subsidiary powers to follow the certification procedure set out in Regulation 6(1) of the 1997 Regulations.

Regulation 7(1) of the 1997 Regulations is amended to include within the definition of chief finance officer the chief finance officer of the Greater London Authority and each of the functional bodies and makes a consequential amendment to regulation 7(2)(a) to include reference to the Greater London Authority’s chief finance officer.