Explanatory note

These Regulations amend paragraph 2 of Schedule 3 to the Public Passenger Vehicles Act 1981. Paragraph 2, as currently worded, prescribes the requirements which an applicant for, or holder of, a PSV operator’s licence must meet in order to be of appropriate financial standing, but does not apply to national operations.

The amendment applies the prescribed minimum amounts for capital and reserves to standard PSV operator’s licences, both national and international.

The amendment is made in implementation of Council Directive 98/76/EC of 1st October 1998 (O.J. L277 14th October 1998, page 17), which amended Council Directive 96/26/EC of 29th April 1996 on the admission to the occupation of road haulage operator and road passenger transport operator in national and international transport operations (O.J. L124 23rd May 1996, page 1).

A Regulatory Impact Assessment of the affect of this instrument, and of the Goods Vehicle Operators (Qualifications) (Amendment) Regulations 2004, on the costs of business has been prepared and is available from the Department for Transport, Buses and Taxis Division, Great Minster House, 76 Marsham Street, London SW1P 4DR.