Textual Amendments
F1Ss. 97A-97D and cross-heading inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 10(4)
(1)A standards instrument may be made only if it has been approved by the Treasury.
(2)The Treasury may refuse to approve a standards instrument if subsection (3) applies.
(3)This subsection applies if it appears to the Treasury that the instrument would—
(a)have implications for public funds (within the meaning of section 78(2) of the Banking Act 2009); or
(b)prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions.
(4)For the purposes of subsection (3), “international organisations” includes the European Union.
(5)The Treasury must notify the Payment Systems Regulator in writing whether or not they approve a standards instrument within four weeks after the day on which that instrument is submitted to the Treasury for approval (“the relevant period”).
(6)Provision of a draft standards instrument to the Treasury for consultation does not amount to submission of the instrument for approval.
(7)If the Treasury do not approve the instrument, they must—
(a)set out in the notice given under subsection (5) the Treasury’s reasons for not approving the instrument;
(b)lay before Parliament—
(i)a copy of that notice;
(ii)a copy of any statement made by the Payment Systems Regulator as to its reasons for wishing to make the instrument.
(8)If the Treasury do not give notice under subsection (5) before the end of the relevant period, the Treasury is deemed to have approved the standards instrument.]