SCHEDULE 11Central counterparties
PART 8General
Modifications to the law
153
(1)
The Treasury may by regulations modify the law for the purpose of enabling the powers under this Schedule to be used effectively, having regard to the special resolution objectives.
(2)
Regulations may be made—
(a)
for the general purpose of the exercise of powers under this Schedule,
(b)
to facilitate a particular proposed or possible use of a power, or
(c)
in connection with a particular exercise of a power.
(3)
Regulations under sub-paragraph (2)(c) may make provision which has retrospective effect in so far as the Treasury consider it necessary or desirable for giving effect to the particular exercise of a power under this Schedule in connection with which the regulations are made (but in relying on this sub-paragraph the Treasury must have regard to the fact that it is in the public interest to avoid retrospective legislation).
(4)
In sub-paragraph (1) “modify the law” means—
(a)
disapply or modify the effect of a provision of an enactment (other than a provision made by or under this Act),
(b)
disapply or modify the effect of a rule of law not set out in legislation, or
(c)
amend any provision of an instrument or regulations made in the exercise of a stabilisation power.
(5)
Specific powers under this Schedule are without prejudice to the generality of this paragraph.
(6)
Regulations under this paragraph are—
(a)
subject to the affirmative procedure, or
(b)
if the Treasury consider it necessary for the regulations to come into force without delay, subject to the made affirmative procedure.
(7)
Where regulations under this paragraph are subject to the made affirmative procedure the statutory instrument containing the regulations must be laid before Parliament after being made.
(8)
Regulations contained in a statutory instrument laid before Parliament under sub-paragraph (7) cease to have effect at the end of the period of 28 days beginning with the day on which the instrument is made unless, during that period, the instrument is approved by a resolution of each House of Parliament.
(9)
In calculating the period of 28 days, no account is to be taken of any whole days that fall within a period during which—
(a)
Parliament is dissolved or prorogued, or
(b)
either House of Parliament is adjourned for more than four days.
(10)
If regulations cease to have effect as a result of sub-paragraph (8), that does not—
(a)
affect the validity of anything previously done under the regulations, or
(b)
prevent the making of new regulations.