{
  "url": "https://openlegislation.uk/financial-transparency-ec-directive-regulations-2009/regulation-3",
  "json_url": "https://openlegislation.uk/financial-transparency-ec-directive-regulations-2009/regulation-3.json",
  "legislation": "uksi/2009/2331",
  "legislation_title": "The Financial Transparency (EC Directive) Regulations 2009",
  "legislation_url": "https://openlegislation.uk/financial-transparency-ec-directive-regulations-2009",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Maintenance of records",
  "text": "(1) A public undertaking shall maintain records of any public funds made available to it—\n(a) directly by a public authority, or\n(b) by a public authority through another public undertaking or financial institution.\n(2) For the purposes of paragraph (1) the activities regarded as making public funds available to a public undertaking shall include—\n(a) the setting-off of operating losses;\n(b) the provision of capital;\n(c) the provision of non-refundable grants or loans on privileged terms;\n(d) the granting of financial advantages by forgoing profits or recovery of sums due;\n(e) the forgoing of a normal return on public funds; or\n(f) the provision of compensation for financial burdens imposed by a public authority.\n(3) Nothing in paragraph (2) shall be construed as affecting the generality of paragraph (1).\n(4) A public undertaking which receives public funds in relation to which it is required to maintain records under paragraph (1) shall maintain a record of the use to which those public funds are put.\n(5) The obligations in paragraphs (1) and (4) shall not apply—\n(a) where a public authority makes public funds available to another public authority;\n(b) in relation to any public funds which—\n(i) were received by a public undertaking prior to IP completion day in relation to services supplied by a public undertaking which were not liable to affect trade between Member States (within the meaning of the Treaty as it applied to the United Kingdom prior to IP completion day) to an appreciable extent; or\n(ii) are received by a public undertaking on or after IP completion day in relation to activities carried out by a public undertaking which are not liable to affect that trade between Northern Ireland and the European Union which is subject to the Northern Ireland Protocol (within the meaning of Article 10 of the Northern Ireland Protocol) to an appreciable extent.\n(c) to the Bank of England;\n(d) to deposits of public funds placed with a public credit institution by a public authority on normal commercial terms;\n(e) to a public undertaking, other than a public credit institution, whose total annual net turnover—\n(i) in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are made available, in relation to the obligation in paragraph (1), or\n(ii) in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are used, in relation to the obligations in paragraph (4),\nis less than 40 million euros; or\n(f) to a public credit institution whose balance sheet total—\n(i) in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are made available, in relation to the obligation in paragraph (1), or\n(ii) in each of the two financial years preceding any financial year in which the funds referred to in paragraph (1) are used, in relation to the obligation in paragraph (4),\nis less than 800 million euros.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 3(5)(b) substituted (31.12.2020) by The State Aid (Revocations and Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1470), reg. 1(2), Sch. 1 para. 11(5) (with Sch. 3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/2331/regulation/3",
    "retrieved_at": "2026-10-29T03:06:20.579443+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}