Seventeenth Report of Session 2012-13 - Statutory Instruments Joint Committee Contents


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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