(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.
[F1(6)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.]
Textual Amendments
F1S. 235(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 57 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1Ss. 233-236 applied (with modifications) by S.I. 2017/752, reg. 23A, Sch. 3A paras. 2-5 (as inserted (8.12.2020) by The Payment Services and Electronic Money (Amendment) Regulations 2020 (S.I. 2020/1275), regs. 1(2), 6, 7)
C2Ss. 233-236 applied (with modifications) by S.I. 2011/99, reg. 24A, Sch. 2ZA paras. 2-5 (as inserted (8.12.2020) by The Payment Services and Electronic Money (Amendment) Regulations 2020 (S.I. 2020/1275), regs. 1(2), 3, 4)
Commencement Information
I1S. 235 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 6
I2S. 235 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 6