EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146) (the “2003 Regulations”).
Regulation 30K of the 2003 Regulations provides that a local authority must not charge an amount to its revenue account to reflect any fluctuation in the fair value of a local authority’s investment in a pooled investment fund. Instead, such amounts must be recorded in a separate account established and usable solely for that purpose. These Regulations extend the application of regulation 30K by two financial years.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.