2017 No. 1212

Financial Services And Markets

The Risk Transformation Regulations 2017

Made

Coming into force in accordance with regulation 1(2)

The Treasury are a government department designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to financial services.

In the opinion of the Treasury, one of the effects of these Regulations is that an activity which is not a regulated activity, within the meaning of the Financial Services and Markets Act 20003, will become a regulated activity.

In the opinion of the Treasury, one of the effects of these Regulations is that an activity will become a PRA-regulated activity within the meaning of the Financial Services and Markets Act 20004.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with paragraph 2 of Schedule 2 to the European Communities Act 19725 and sections 22B and 429(1) and (2) of, and paragraph 26(2) of Schedule 2 to, the Financial Services and Markets Act 20006.

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 19727 and sections 22(1) and (5), 22A, 55C, 284A, 426 and 428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 20008, make the following Regulations: