4 S.I.
2011/2699: Reported for defective drafting
Recognised Auction Platforms Regulations 2011
(S.I. 2011/2699)
4.1 The Committee draws the special attention
of both Houses to these Regulations on the ground that they are
defectively drafted in one respect.
4.2 These Regulations implement European Union law
by regulating financial practices in connection with the auctioning
of emission allowances.
4.3 Regulation 5 requires the Financial Services
Authority to give notice in connection with certain steps under
the Regulations. Regulation 5(6)(a) appears to require the Authority
to give notice of intention to make a decision, but applies only
once the decision has been made. The Committee asked the Treasury
for an explanation. In a memorandum printed at Appendix 4, the
Treasury explains that the intention was to require notice of
the actual decision, accepts that the regulation does not express
this sufficiently clearly, and undertakes to amend the Regulations
at the next available opportunity.
4.4 The Committee accordingly reports regulation
5(6)(a) for defective drafting, acknowledged by the Department.
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