# The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations, other than regulation 3, are made in exercise of the powers conferred by section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies (in particular under paragraphs (a), (c) and (d) of section 8(2)) arising from the withdrawal of the UK from the European Union. Regulation 3 is made under the Local Government Finance Act 1988.
These Regulations make amendments to four statutory instruments in the field of local government finance legislation. Regulation 2 amends the Council Tax (Discount Disregards) Order 1992 (S.I. 1992/548) to ensure that the Order continues to operate effectively. Regulation 3 removes the definition of “prescribed investment” from the Local Authorities (Funds) (England) Regulations 1992 (S.I. 1992/2428) and replaces it with a requirement to have regard to “Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes” (2017 Edition) published by CIPFA. The document is available online or in hard copy from https://www.cipfa.org/policy-and-guidance/publications/t/treasury-management-in-the-public-services-code-of-practice-and-crosssectoral-guidance-notes-2017-edition-online or from the Publications Department, CIPFA, 77 Mansell Street, London E1 8AN.
Regulation 4 amends the Local Authorities (Contracting Out of Investment Functions) Order 1996 (S.I. 1996/1883) to remove references to EU qualifications. Regulation 5 amends the definition of “money market fund” in the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146).
An impact assessment has not been produced for this instrument as no, or no significant, impact on the private or voluntary sector is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2018/1386/note (the official version)
Page: https://openlegislation.uk/local-government-miscellaneous-amendments-eu-exit-regulations-2018/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.