The Enterprise Act 2016 (Commencement No. 5) Regulations 2017

Made: 17th August 2017

Accordingly, the Secretary of State makes the following Regulations:

Citation and interpretation

1

These Regulations may be cited as the Enterprise Act 2016 (Commencement No. 5) Regulations 2017.

Provision coming into force on the day after the day on which these Regulations are made

2

Section 37 of the Enterprise Act 2016 (Disposal of Crown’s shares in UK Green Investment Bank company) comes into force on the day after the day on which these Regulations are made.

Signed

Joseph Johnson — Minister of State for Universities, Science, Research and Innovation — Department for Business, Energy and Industrial Strategy — 17th August 2017

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These are the fifth commencement regulations made under the Enterprise Act 2016 (c.12). Certain provisions came into force on the passing of the Act.

Regulation 2 commences section 37 of the Enterprise Act 2016 on the day after the day on which these Regulations are made. Section 37 amends Part 1 of the Enterprise and Regulatory Reform Act 2013. In particular, section 37 removes elements of Government control over the corporate policy of the UK Green Investment Bank (“GIB”). The purpose of the amendments is to enable the GIB to be reclassified to the private sector following a disposal of the Crown’s shares in the GIB.

In accordance with section 38(1) of the Enterprise Act 2016, on 3rd March 2016 the Secretary of State laid before Parliament a report on the proposed disposal which states: the kind of disposal intended, the expected time-scale for the disposal, and the Secretary of State’s objectives for the disposal.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

Footnotes

[^f00001]: 2016 c.12.