Part 7Miscellaneous

Investment banks

I2I1C2C1235Regulations: procedure

1

Investment bank insolvency regulations shall be made by statutory instrument.

2

Investment bank insolvency regulations may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

3

The Treasury must consult before laying draft investment bank insolvency regulations before Parliament.

4

If the power to make investment bank insolvency regulations has not been exercised before the end of the period of 2 years beginning with the date on which this Act is passed, it lapses.

5

An order under section 232(6)—

a

shall be made by statutory instrument, and

b

may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

F16

An order under section 232(7)—

a

is to be made by statutory instrument, and

b

is subject to annulment in pursuance of a resolution of either House of Parliament.