- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
Prevention And Suppression Of Terrorism
Proceeds Of Crime
Made
10th November 2011
Laid before Parliament
11th November 2011
Coming into force
12th December 2011
1. This Order may be cited as the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) Order 2011 and comes into force on 12th December 2011.
2.—(1) Part 1 of Schedule 3A to the Terrorism Act 2000 (regulated sector)((3)) is amended as follows.
(2) In paragraph 1 (business in the regulated sector)—
(a)after sub-paragraph (1)(r) insert—
“(s)the auctioning by an auction platform of two-day spot or five-day futures, within the meanings given by Article 3 of the Emission Allowance Auctioning Regulation.”;
(b)after sub-paragraph (8), insert—
“(9) For the purposes of sub-paragraph (1)(s) “auction platform” means a platform on which auctions of emissions allowances are held in accordance with the Emission Allowance Auctioning Regulation.”.
(3) In paragraph 3(1) (interpretation), at the appropriate place insert—
““the Emission Allowance Auctioning Regulation” means Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community;”(4).
3.—(1) Part 1 of Schedule 9 to the Proceeds of Crime Act 2002 (business in the regulated sector)(5) is amended as follows.
(2) In paragraph 1 (business in the regulated sector)—
(a)after sub-paragraph (1)(r) insert—
“(s)the auctioning by an auction platform of two-day spot or five-day futures, within the meanings given by Article 3 of the Emission Allowance Auctioning Regulation.”;
(b)after sub-paragraph (8), insert—
“(9) For the purposes of sub-paragraph (1)(s) “auction platform” means a platform on which auctions of emissions allowances are held in accordance with the Emission Allowance Auctioning Regulation.”.
(3) In paragraph 3(1) (interpretation), at the appropriate place insert—
““the Emission Allowance Auctioning Regulation” means Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community;”.
4.—(1) The Treasury must from time to time—
(a)carry out a review of articles 2 and 3,
(b)set out the conclusions of the review in a report, and
(c)publish the report.
(2) In carrying out the review the Treasury must, so far as is reasonable, have regard to how Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community (which is implemented in part by means of articles 2 and 3 of this Order) is implemented in other member States.
(3) The report must in particular—
(a)set out the objectives intended to be achieved by articles 2 and 3,
(b)assess the extent to which those objectives are achieved, and
(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(4) The first report under this article must be published before the end of the period of five years beginning with the day on which this Order comes into force.
(5) Reports under this article are afterwards to be published at intervals not exceeding five years.
Michael Fabricant
Brooks Newmark
Two of the Lords Commissioners of Her Majesty’s Treasury
10th November 2011
(This note is not part of the Order)
This Order amends the definition of a business in the regulated sector for the purposes of Part 3 of the Terrorism Act 2000 (c.11) (terrorist property) and Part 7 of the Proceeds of Crime Act 2002 (c.29) (money laundering) by adding the activity of auctioning certain emission allowances. Those Parts contain provisions relating to the reporting of suspicious activity, including requirements and offences specific to such businesses.
The framework for the auctioning of emissions allowances is set out in Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances (OJ No. L 302, 18.11.10, p.1). The Regulation requires Member States to apply certain of their domestic measures implementing EU measures on money laundering and terrorist financing to the auctioning of emissions allowances.
Article 4 requires the Treasury to review the operation and effect of this Order and publish a report within five years after it comes into force and within every five years after that.
An Impact Assessment of the effect that this Order will have on the costs of business and the voluntary sector is available on HM Treasury’s website (hm-treasury.gov.uk) and is published with the Explanatory Memorandum alongside this Order on the legislation.gov.uk website.
2000 c.11. Schedule 3A was inserted by the Anti-terrorism, Crime and Security Act 2001 (c.24), section 3, Schedule 2, Part 3, paragraphs 5(1) and (6).
Part 1 of Schedule 3A was substituted by S.I. 2007/3288; there are other amending instruments but none is relevant.
OJ No. L 302, 18.11.10, p.1.
Part 1 of Schedule 9 was substituted by S.I. 2007/3287; there are other amending instruments but none is relevant.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: