- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Financial Transparency (EC Directive) Regulations 2009, PART 2 .
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
3.—(1) A public undertaking shall maintain records of any public funds made available to it—
(a)directly by a public authority, or
(b)by a public authority through another public undertaking or financial institution.
(2) For the purposes of paragraph (1) the activities regarded as making public funds available to a public undertaking shall include—
(a)the setting-off of operating losses;
(b)the provision of capital;
(c)the provision of non-refundable grants or loans on privileged terms;
(d)the granting of financial advantages by forgoing profits or recovery of sums due;
(e)the forgoing of a normal return on public funds; or
(f)the provision of compensation for financial burdens imposed by a public authority.
(3) Nothing in paragraph (2) shall be construed as affecting the generality of paragraph (1).
(4) A public undertaking which receives public funds in relation to which it is required to maintain records under paragraph (1) shall maintain a record of the use to which those public funds are put.
(5) The obligations in paragraphs (1) and (4) shall not apply—
(a)where a public authority makes public funds available to another public authority;
[F1(b)in relation to any public funds which—
(i)were received by a public undertaking prior to IP completion day in relation to services supplied by a public undertaking which were not liable to affect trade between Member States (within the meaning of the Treaty as it applied to the United Kingdom prior to IP completion day) to an appreciable extent; or
(ii)are received by a public undertaking on or after IP completion day in relation to activities carried out by a public undertaking which are not liable to affect that trade between Northern Ireland and the European Union which is subject to the Northern Ireland Protocol (within the meaning of Article 10 of the Northern Ireland Protocol) to an appreciable extent.]
(c)to the Bank of England;
(d)to deposits of public funds placed with a public credit institution by a public authority on normal commercial terms;
(e)to a public undertaking, other than a public credit institution, whose total annual net turnover—
(i)in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are made available, in relation to the obligation in paragraph (1), or
(ii)in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are used, in relation to the obligations in paragraph (4),
is less than 40 million euros; or
(f)to a public credit institution whose balance sheet total—
(i)in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are made available, in relation to the obligation in paragraph (1), or
(ii)in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are used, in relation to the obligation in paragraph (4),
is less than 800 million euros.
Textual Amendments
F1Reg. 3(5)(b) substituted (31.12.2020) by The State Aid (Revocations and Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1470), reg. 1(2), Sch. 1 para. 11(5) (with Sch. 3)
4.—(1) A public undertaking shall retain the records which are required to be maintained under regulation 3(1) from the time that the public funds are provided until a period of five years has elapsed from the last day of the financial year in which the public funds were last used.
(2) A public undertaking shall retain the records which are required to be maintained under regulation 3(4) from the time that the public funds are used until a period of five years has elapsed from the last day of the financial year in which the public funds were last used.
5. Within 28 days of receipt of a written request by the Secretary of State, a public undertaking shall provide the Secretary of State with—
(a)such information, in such form, as is requested concerning the records (this may include copies of the records) which the undertaking is required to maintain under regulation 3(1) and 3(4); and
(b)such further information as is requested and considered necessary by the Secretary of State to fulfil the United Kingdom's obligations under the Financial Transparency Directive.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: