Regulation 2

The Financial Transparency (EC Directive) Regulations 2009^f1 are amended as follows.

In regulation 1, delete the definition of “contract” and insert—

• ““contract” shall be construed as any agreement linking a public authority—

  1. (a)

     to a public undertaking in respect of compensation; or

  2. (b)

     to an undertaking which is either—

     1. (i)

        granted a special or an exclusive right, or

     2. (ii)

        entrusted with any service of general economic interest and receives public service compensation, in any form whatsoever, in relation to that service.”

Delete regulation 12 and insert—

“12.

(1)

In the event that a contract does not expressly contain the elements required by Regulation 11, then it is an implied term of that contract that any undertaking that is a party to that contract shall comply with the provisions of—

(a)

Regulations 3, 4 and 5, in respect of public undertakings;

(b)

Regulations 6, 7 and 8, in respect of an undertaking required to maintain separate accounts; and

(c)

Regulation 9 in respect of public undertakings operating in the manufacturing sector.

(2)

Any term of a contract is void to the extent that it purports to exclude the application of paragraph (1).”