(1)A statutory instrument containing an order or regulations under this Act is subject to annulment in pursuance of a resolution of either House of Parliament, unless—
(a)the instrument contains only provision made under section 148 (commencement), or
(b)the instrument is required by subsection (3) or any other enactment to be laid in draft before, and approved by a resolution of, each House.
(2)Subsection (3) applies to a statutory instrument that contains (with or without other provisions)—
(a)regulations under section 7 (building societies: power to make provision about ring-fencing);
[F1(aa)regulations under section 41(2C) (meaning of “digital settlement asset”);]
(b)an order under section 41(4) (meaning of “payment system”);
[F2(ba)regulations under section 102B (matters to consider when imposing generally applicable requirements);
(bb)regulations under section 104F (power to require imposition of generally applicable requirements);]
(c)an order under section 145 (power to make further consequential amendments) that amends or repeals primary legislation;
(d)an order under paragraph 6 of Schedule 6 (conduct of FMI administration).
(3)A statutory instrument to which this subsection applies may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, each House of Parliament.
(4)In subsection (2)(c) “primary legislation” means—
(a)an Act of Parliament,
(b)an Act of the Scottish Parliament,
(c)a Measure or Act of the National Assembly for Wales, or
(d)Northern Ireland legislation.
Textual Amendments
F1S. 143(2)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 48
F2S. 143(2)(ba)(bb) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 10; S.I. 2023/779, reg. 4(ccc)(vi)