Article 50 Treasury RegulationsF1F2

Any power to make regulations conferred on the Treasury by this Regulation is exercisable by statutory instrument.

Such regulations may—

Unless paragraph 5 applies, a statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.

No regulations to which paragraph 5 applies may be made unless—

This paragraph applies to any regulations made for the purposes set out in paragraphs 2 and 3 of Schedule 3 which contain a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed regulations would be that an activity which is not a regulated activity for the purposes of FSMA would become a regulated activity.

This paragraph applies if regulations to which paragraph 5 applies also contain a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the regulations without a draft being so laid and approved.

If paragraph 6 applies, the regulations—

The “relevant period” is a period of 28 days beginning with the day on which the regulations are made.

In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.