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The Enterprise Act 2016 (Commencement No. 5) Regulations 2017

S.I. 2017/842 · Made 17 August 2017

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Enterprise

Made 17th August 2017

These Regulations are made in exercise of the powers conferred by section 44(5) of the Enterprise Act 2016f1.

In accordance with section 38(1) of the Enterprise Act 2016, the Secretary of State has—

(a)

decided to make a disposal of shares held by the Crown in a UK Green Investment Bank company, and

(b)

laid before Parliament a report on the proposed disposal which states—

(i)

the kind of disposal intended,

(ii)

the expected time-scale for disposal,

(iii)

the Secretary of State’s objectives for the disposal.

Accordingly, the Secretary of State makes the following Regulations:

Annotations to the whole text

Footnotes

f1

2016 c.12.

Contents

  1. 1Citation and interpretation
  2. 2Provision coming into force on the day after the day on which these Regulations are made
  3. Signature
  4. Explanatory note

1Citation and interpretation

These Regulations may be cited as the Enterprise Act 2016 (Commencement No. 5) Regulations 2017.

2Provision coming into force on the day after the day on which these Regulations are made

Section 37 of the Enterprise Act 2016 (Disposal of Crown’s shares in UK Green Investment Bank company) comes into force on the day after the day on which these Regulations are made.

Signature

Joseph Johnson

Minister of State for Universities, Science, Research and Innovation

Department for Business, Energy and Industrial Strategy

17th August 2017

Explanatory note

(This note is not part of the Regulations)

These are the fifth commencement regulations made under the Enterprise Act 2016 (c.12). Certain provisions came into force on the passing of the Act.

Regulation 2 commences section 37 of the Enterprise Act 2016 on the day after the day on which these Regulations are made. Section 37 amends Part 1 of the Enterprise and Regulatory Reform Act 2013. In particular, section 37 removes elements of Government control over the corporate policy of the UK Green Investment Bank (“GIB”). The purpose of the amendments is to enable the GIB to be reclassified to the private sector following a disposal of the Crown’s shares in the GIB.

In accordance with section 38(1) of the Enterprise Act 2016, on 3rd March 2016 the Secretary of State laid before Parliament a report on the proposed disposal which states: the kind of disposal intended, the expected time-scale for the disposal, and the Secretary of State’s objectives for the disposal.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.