Appendix 2
S.I. 2012/2977: memorandum from
HM Treasury
Regulated Covered Bonds (Amendment) Regulations
2012 (S.I. 2012/2977)
1. The Committee has requested a memorandum on
the following point:
Given that it would have been possible to amend
S.I. 2011/2859 before it had effect to amend S.I. 2008/346, thus
establishing a single amending text at the moment it became effective,
why was that course not taken?
2. The purpose of the amendment made by S.I.
2012/2977 is to ensure that the principal instrument, S.I. 2008/346,
as amended by S.I. 2011/2859 and as further amended in relevant
respects by S.I. 2012/2977 has effect for the future for all purposes.
HM Treasury became aware that the 2011 amending instrument required
further amendment to address certain points that emerged after
the 2011 instrument was made. Accordingly S.I. 2012/2977 was
made and entered into force together with S.I. 2011/2859 on 1st
January 2013.
3. We accept that it would have been possible
to provide that S.I. 2012/2977 entered into force earlier than
1st January 2013. However we would submit that the
commencement date chosen does not in fact affect the interpretation
and effect of the amending instruments, which is clear from their
wording. We consider that this is further supported by the fact
that consequent on section 4(a) of the Interpretation Act, both
S.I. 2011/2859 and S.I. 2012/2977 commenced at the beginning of
1st January 2013.
Her Majesty's Treasury
21 January 2013
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