SCHEDULE 2Investment contracts
PART 2Regulations: general
Regulations for the purposes of investment contracts
6
(1)
The Secretary of State may by regulations make further provision about or in connection with investment contracts.
(2)
The provision which may be made by regulations includes, but is not limited to, the provision described in this Schedule.
(3)
Regulations may—
(a)
include incidental, supplementary and consequential provision;
(b)
make transitory or transitional provision or savings;
(c)
make different provision for different cases or circumstances or for different purposes;
(d)
make provision subject to exceptions.
(4)
Regulations are to be made by statutory instrument.
(5)
An instrument containing regulations of any of the following kinds may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, each House of Parliament (in each case, whether or not the regulations also make any other provision)—
(a)
the first regulations which make provision falling within paragraph 10,
(b)
the first regulations which make provision falling within paragraph 11, or
(c)
regulations which make provision falling within any other paragraph of Parts 1 to 3 of this Schedule.
(6)
Any other instrument containing regulations is subject to annulment in pursuance of a resolution of either House of Parliament.
(7)
If, but for this sub-paragraph, an instrument containing regulations would be treated for the purposes of the standing orders of either House of Parliament as a hybrid instrument, it is to proceed in that House as if it were not a hybrid instrument.