# The National Savings (Amendment) Regulations 2023, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the National Savings Regulations (No. 2) 2015 (S.I. 2015/624) (“the NS&I Regulations”) which govern the functions of the Director of Savings (“the Director”) in relation to the sale of certain government securities issued under section 12(2) of the National Loans Act 1968 (c. 13). Savings certificates are one such security and these Regulations relate solely to savings certificates.
These Regulations amend regulation 38 (issue, purchase and recording of certificates) of the NS&I Regulations. For savings certificates which are purchased or rolled over after 22nd July 2023 (“new certificates”), the Director must issue a notice (“confirmation notice”) confirming the purchase of the certificate or, in the case of a certificate which is rolled-over, that a subsequent term has begun.
These Regulations also amend regulation 46 (applications for early repayment) of the NS&I Regulations. For new certificates, repayment before maturity will only be possible during a cooling-off period or if the Director considers that it would be unjust to withhold the amount repayable. The cooling-off period is 30 days from the date on which the confirmation notice is issued.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.

---
Source: https://www.legislation.gov.uk/uksi/2023/605/note (the official version)
Page: https://openlegislation.uk/national-savings-amendment-regulations-2023/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.