# The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2023

W.S.I. 2023/439 · made 18 April 2023

These Regulations amend the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 (“the 2003 Regulations”).

Made under: Local Government Act 2003 (Section 21, Section 123)

PDFs: Printed copy https://openlegislation.uk/local-authorities-capital-finance-and-accounting-wales-amendment-regulations-2023/pdf/wsi_20230439_mi.pdf

## Introductory text

Local Government, Wales
Made 18 April 2023
Laid before Senedd Cymru 20 April 2023
Coming into force 19 May 2023
The Welsh Ministers, in exercise of the powers conferred by sections 21(1) and 123(1)(a) of the Local Government Act 2003, make the following Regulations.

## 1 Title and coming into force

The title of these Regulations is the Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2023 and they come into force on 19 May 2023.

## 2 Amendment to the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003

In regulation 24K(5) of the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 (fair value gains and losses of pooled investment funds), for “2023” substitute “2025”.

## Signature

Rebecca Evans
Minister for Finance and Local Government, one of the Welsh Ministers
18 April 2023

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 (“the 2003 Regulations”).
Regulation 24K of the 2003 Regulations provides that a local authority must not charge an amount to its revenue account to reflect any fluctuation in the fair value of a local authority’s investment in a pooled investment fund. Instead, such amounts must be recorded in a separate account established and used solely for that purpose. These Regulations extend the application of regulation 24K by an additional two financial years to 31 March 2025.
The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to these Regulations. As a result, it was not considered necessary to carry out a regulatory impact assessment as to the likely costs and benefits of complying with these Regulations.

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Source: https://www.legislation.gov.uk/wsi/2023/439 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-and-accounting-wales-amendment-regulations-2023
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.