LegalizeReform history
Export and Investment Guarantees Act 1991
8 versions
· 1991-10-22
2024-12-30
Export and Investment Guarantees Act 1991
2024-12-26
Export and Investment Guarantees Act 1991
2024-12-25
Export and Investment Guarantees Act 1991
2015-05-26
Export and Investment Guarantees Act 1991
Changes on 2015-05-26
@@ -6,9 +6,7 @@
##### 1
- (1) The Secretary of State may make arrangements under this section in connection with supplies by persons carrying on business in the United Kingdom of goods or services to persons carrying on business outside the United Kingdom.
- (1A) Arrangements under subsection (1) may be made in connection with goods or services supplied before the arrangements are made or in connection with goods or services which are to be, or which may be, supplied.
- (1) The Secretary of State may make arrangements under this section which the Secretary of State considers are conducive to supporting or developing (whether directly or indirectly) supplies or potential supplies by persons carrying on business in the United Kingdom of goods, services or intangible assets (including intellectual property) to persons carrying on business outside the United Kingdom.
- (2) The Secretary of State may make arrangements under this section for the purpose of rendering economic assistance to countries outside the United Kingdom.
@@ -20,6 +18,8 @@
- (4) The arrangements that may be made under this section are arrangements for providing financial facilities or assistance for, or for the benefit of, persons carrying on business; and the facilities or assistance may be provided in any form, including guarantees, insurance, grants or loans.
- (5) The arrangements that may be made under this section also include the provision of advice or information.
#### Insurance in connection with overseas investment
##### 2
@@ -102,11 +102,7 @@
##### 6
- (1) The aggregate amount of the Secretary of State’s commitments at any time under arrangements relating to exports and insurance shall not exceed—
- (a) in the case of commitments in sterling, £35,000 million, and
- (b) in the case of commitments in foreign currency, 30, 000 million special drawing rights.
- (1) The aggregate amount of the Secretary of State’s commitments at any time under arrangements relating to exports and insurance shall not exceed 67,700 million special drawing rights
- (2) In subsection (1) above, “*arrangements relating to exports and insurance*” means—
@@ -114,19 +110,19 @@
- (b) arrangements under the old law, other than arrangements for giving grants.
- (3) The aggregate amount of the Secretary of State’s commitments at any time under section 3 of this Act shall not exceed—
- (a) in the case of commitments in sterling, £15,000 million, and
- (b) in the case of commitments in foreign currency, 10,000 million special drawing rights.
- (3) The aggregate amount of the Secretary of State’s commitments at any time under section 3 of this Act shall not exceed 26,200 million special drawing rights
- (4) The Secretary of State may by order increase or further increase—
- (a) either of the limits in subsection (1) above by a sum specified in the order not exceeding £5,000 million or, as the case may be, 5,000 million special drawing rights,
- (b) either of the limits in subsection (3) above by a sum specified in the order not exceeding £3,000 million or, as the case may be, 2,000 million special drawing rights,
but the Secretary of State shall not in respect of any limit exercise the power on more than three occasions.
- (a) the limit in subsection (1) above by a sum specified in the order not exceeding ... 5,000 million special drawing rights,
- (b) the limit in subsection (3) above by a sum specified in the order not exceeding ... 2,000 million special drawing rights.
...
after the commencement of section 12 of the Small Business, Enterprise and Employment Act 2015
- (4A) The Secretary of State must not in respect of either limit mentioned in subsection (4) exercise the power to make an order on more than three occasions.
- (5) For the purposes of this section and section 7 of this Act—
@@ -134,13 +130,13 @@
- (b) the amount of any commitments shall be ascertained in accordance with principles determined from time to time by the Secretary of State with the consent of the Treasury,
- (c) “*foreign currency*” means any currency other than sterling, including special drawing rights and any other units of account defined by reference to more than one currency,
- (d) whether any commitments are in sterling or foreign currency is to be determined by reference to the currency in which the amount of the commitments is measured (rather than the currency of payment) but, if the commitments are expressed to be subject to a sterling or foreign currency limit, the commitments are to be taken to be in sterling or, as the case may be, foreign currency, and
- (e) the equivalent in special drawing rights of the amount of any commitments in foreign currency shall be ascertained at intervals determined from time to time by the Secretary of State with the consent of the Treasury and in accordance with principles so determined.
- (6) A determination under subsection (5)(e) above may provide for leaving out of account for the purposes of the limit in subsection (1)(b) or (3)(b) above any amount by which the limit would otherwise be exceeded to the extent that the amount is attributable to—
- (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (e) the equivalent in special drawing rights of the amount of any commitments ... shall be ascertained at intervals determined from time to time by the Secretary of State with the consent of the Treasury and in accordance with principles so determined.
- (6) A determination under subsection (5)(e) above may provide for leaving out of account for the purposes of the limit in subsection (1) or (3) above any amount by which the limit would otherwise be exceeded to the extent that the amount is attributable to—
- (a) a revaluation of commitments under subsection (5)(e) above, or
@@ -154,7 +150,7 @@
- (1) The Secretary of State shall prepare an annual report on the discharge of his functions under sections 1 to 5 of this Act.
- (2) The Secretary of State shall prepare, as soon as practicable after 31st March in each year, a return showing separately the aggregate amounts of the commitments in sterling and in foreign currency on that date for the purposes of the limits in section 6(1) and (3) of this Act.
- (2) The Secretary of State shall prepare, as soon as practicable after 31st March in each year, a return showing separately the aggregate amounts of the commitments ... on that date for the purposes of the limits in section 6(1) and (3) of this Act.
- (3) Any return under this section may also give such further information as to the amounts of his commitments for the purposes of those limits as the Secretary of State may determine for that return.
@@ -272,7 +268,7 @@
- (3) The function of the Council shall be to give advice to the Secretary of State, at his request, in respect of any matter relating to the exercise of his functions under this Act.
- (4) In exercising his duty under section 11(2) of this Act, the Secretary of State shall consult the Export Guarantees Advisory Council.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expenses
@@ -330,7 +326,7 @@
shall be taken on and after that day to refer to the transferee.
#### Assistance in connection with exports of goods and services.
#### Arrangements for the support and development of supplies, etc
#### Scheme of transfer.
@@ -352,8 +348,6 @@
[^c932925]: S. 6 wholly in force at 23.10.1991 see s. 15(6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430), [art. 2](https://www.legislation.gov.uk/uksi/1991/2430/article/2)
[^c932926]: Words in [s. 6(1)(b)](https://www.legislation.gov.uk/ukpga/1991/67/section/6/1/b) substituted (28.7.2000) by virtue of of [S.I. 2000/2087](https://www.legislation.gov.uk/uksi/2000/2087), [art. 2](https://www.legislation.gov.uk/uksi/2000/2087/article/2)
[^c932927]: S. 7 wholly in force at 23.10.1991 see s. 15(6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430), [art. 2](https://www.legislation.gov.uk/uksi/1991/2430/article/2)
[^c932914]: Part I wholly in force at 23.10.1991 see [s. 15(6)](https://www.legislation.gov.uk/ukpga/1991/67/section/15/6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430), [art. 2](https://www.legislation.gov.uk/uksi/1991/2430/article/2)
@@ -374,7 +368,7 @@
[^c932928]: Part II wholly in force at 23.10.1991 see [s. 15(6)](https://www.legislation.gov.uk/ukpga/1991/67/section/15/6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430) art. 2
[^c932937]: [S. 13](https://www.legislation.gov.uk/ukpga/1991/67/section/13) wholly in force at 23.10.1991 see [s. 15(6)](https://www.legislation.gov.uk/ukpga/1991/67/section/15/6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430), [art. 2](https://www.legislation.gov.uk/uksi/1991/2430/article/2)
[^c932937]: S. 13 wholly in force at 23.10.1991 see s. 15(6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430), [art. 2](https://www.legislation.gov.uk/uksi/1991/2430/article/2)
[^c932938]: [S. 14](https://www.legislation.gov.uk/ukpga/1991/67/section/14) wholly in force at 23.10.1991 see [s. 15(6)](https://www.legislation.gov.uk/ukpga/1991/67/section/15/6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430), [art. 2](https://www.legislation.gov.uk/uksi/1991/2430/article/2)
@@ -392,10 +386,48 @@
[^c932942]: [Sch.](https://www.legislation.gov.uk/ukpga/1991/67/schedule) wholly in force at 23.10.1991 see [s. 15(6)](https://www.legislation.gov.uk/ukpga/1991/67/section/15/6) and [S.I. 1991/2430](https://www.legislation.gov.uk/uksi/1991/2430), [art. 2](https://www.legislation.gov.uk/uksi/1991/2430/article/2)
[^key-11959a63aa27802462d5e9ae5ec542e3]: [S. 7(4)](https://www.legislation.gov.uk/ukpga/1991/67/section/7/4) repealed (22.7.2004) by [Statute Law (Repeals) Act 2004 (c. 14)](https://www.legislation.gov.uk/ukpga/2004/14), [Sch. 1 Pt. 16](https://www.legislation.gov.uk/ukpga/2004/14/schedule/1/part/16) Group 2
[^key-11959a63aa27802462d5e9ae5ec542e3]: S. 7(4) repealed (22.7.2004) by [Statute Law (Repeals) Act 2004 (c. 14)](https://www.legislation.gov.uk/ukpga/2004/14), [Sch. 1 Pt. 16](https://www.legislation.gov.uk/ukpga/2004/14/schedule/1/part/16) Group 2
[^key-dc9382272912344854c783d71640adf2]: [S. 15(6)](https://www.legislation.gov.uk/ukpga/1991/67/section/15/6) repealed (22.7.2004) by [Statute Law (Repeals) Act 2004 (c. 14)](https://www.legislation.gov.uk/ukpga/2004/14), [Sch. 1 Pt. 16](https://www.legislation.gov.uk/ukpga/2004/14/schedule/1/part/16) Group 2
[^key-a734763fe65d1b5e0a3abe3bc55cc435]: Words in [s. 9(1)](https://www.legislation.gov.uk/ukpga/1991/67/section/9/1) substituted (6.4.2006 with application in accordance with reg. 21(1)) by [Transfer of Undertakings (Protection of Employment) Regulations 2006 (S.I. 2006/246)](https://www.legislation.gov.uk/uksi/2006/246), [reg. 1(2)](https://www.legislation.gov.uk/uksi/2006/246/regulation/1/2), [Sch. 2 para. 1(d)](https://www.legislation.gov.uk/uksi/2006/246/schedule/2/paragraph/1/d)
[^key-4adf5733bd5997d75e1dfd5728b07ff8]: S. 1(1) substituted (21.5.2009) for s. 1(1)(1A) by [Industry and Exports (Financial Support) Act 2009 (c. 5)](https://www.legislation.gov.uk/ukpga/2009/5) , [ss. 2(1)](https://www.legislation.gov.uk/ukpga/2009/5/section/2/1) , [3(2)](https://www.legislation.gov.uk/ukpga/2009/5/section/3/2) (with [s. 2(2)](https://www.legislation.gov.uk/ukpga/2009/5/section/2/2) )
[^key-5acf5070295f606e1ef312699ff9968e]: S. 1(1) substituted for s. 1(1) (1A) (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26) , [ss. 11(2)](https://www.legislation.gov.uk/ukpga/2015/26/section/11/2) , [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-5b418ae8b1180f7d44573c528144211b]: S. 1(5) inserted (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26) , [ss. 11(3)](https://www.legislation.gov.uk/ukpga/2015/26/section/11/3) , [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-bccebe55909330eb39e6035605a9c00b]: S. 1 heading substituted (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26) , [ss. 11(4)](https://www.legislation.gov.uk/ukpga/2015/26/section/11/4) , [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-61a8f452908ca71f082b8b56d7baceb3]: [S. 13(4)](https://www.legislation.gov.uk/ukpga/1991/67/section/13/4) omitted (26.5.2015) by virtue of [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(10)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/10), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-43a4858e8b6e162865c9cc26cccc4711]: S. 6(4A) inserted (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(6)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/6), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-48a6b563c6fe3ce6b856fbe6854ed8e1]: Words in s. 6(1) substituted for s. 6(1)(a)(b) (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(2)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/2), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-044eec7678d438a941f769885b057992]: Words in s. 6(3) substituted for s. 6(3)(a)(b) (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(3)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/3), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-52897c239d780687bda9529845d7c2e0]: Words in s. 6(4)(a) substituted (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(4)(a)(i)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/4/a/i), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-8a577a7a6083bfe249be29405658df82]: Words in s. 6(4)(a) omitted (26.5.2015) by virtue of [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(4)(a)(ii)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/4/a/ii), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-568b6b5111e048e868be499a9e17b235]: Words in s. 6(4) omitted (26.5.2015) by virtue of [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(4)(c)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/4/c), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-b20a625ed51071cfe043682c714bc946]: Words in s. 6(4) inserted (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(5)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/5), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-0c4278576e83fdcc6283f41eef981244]: Words in s. 6(4)(b) substituted (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(4)(b)(i)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/4/b/i), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-70dc085f1e5b09518412eab51b086713]: Words in s. 6(4)(b) omitted (26.5.2015) by virtue of [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(4)(b)(ii)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/4/b/ii), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-7e55b7663990aef0f20d599abc296020]: S. 6(5)(c)(d) omitted (26.5.2015) by virtue of [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(7)(a)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/7/a), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-7c5d698809660aece785bd88dd65a3ad]: Words in s. 6(5)(e) omitted (26.5.2015) by virtue of [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(7)(b)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/7/b), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-bf25bc81fb48b7ef01d42ef38caccf98]: Words in s. 6(6) substituted (26.5.2015) by [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(8)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/8), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
[^key-ebac68d6706bbc2ac4afeb3e7f923444]: Words in s. 7(2) omitted (26.5.2015) by virtue of [Small Business, Enterprise and Employment Act 2015 (c. 26)](https://www.legislation.gov.uk/ukpga/2015/26), [ss. 12(9)](https://www.legislation.gov.uk/ukpga/2015/26/section/12/9), [164(3)(a)(iv)](https://www.legislation.gov.uk/ukpga/2015/26/section/164/3/a/iv)
#### Insurance in connection with overseas investment.
#### Scheme of transfer.
#### The Export Credits Guarantee Department and the Export Guarantees Advisory Council.
2009-05-21
Export and Investment Guarantees Act 1991
2006-04-06
Export and Investment Guarantees Act 1991
2004-07-22
Export and Investment Guarantees Act 1991
1991-10-22
Export and Investment Guarantees Act 1991
original version
Text at this date