Joint Committee on Statutory Instruments Twenty-Third Report


APPENDIX 3

Memorandum by HM Treasury

FEDERAL REPUBLIC OF YUGOSLAVIA (FREEZING OF FUNDS AND PROHIBITION ON INVESTMENT)
(AMENDMENT) REGULATIONS 2000 (S.I. 2000/1367)

  1. The Clerk of the Committee's letter to HM Treasury's Parliamentary Clerk of 14 June asked for an explanation of why the FRY (freezing of funds and prohibition on investment) (Amendment) Regulations could not have been made and laid earlier so as to avoid infringing the 21 day rule.

  2. The Treasury Memorandum to the Committee of 19 May explained why the 21 day rule was being breached.

  3. EC Regulation 723/2000 came into effect on 8 April 2000. The Regulation also provided for Annexes to be drawn up listing "white" companies within the FRY who will be exempt from the funds freeze, and "black" companies in Kosovo and Montenegro to whom the sanctions will apply. The Regulation provided for these lists to be effective from 15 May.

  4. This was the first priority. A great deal of time and effort needed to be devoted to the preparation of these annexes in order to meet the 15 May deadline required by EC Regulation 723/2000. Work preparing the compilation of the annexes meant that we could not turn to the preparation of S.I. 2000/1367 until this work was complete. (In the event the deadline for completing the annexes was extended to 30 June, but this was not done until 18 May by EC Regulation 1059/2000).

  5. Given the regulations were not finalised until 18 May, it was more (rather than less) urgent that they come into force without delay ­ hence the need to breach the 21 day rule.

20th June 2000


 
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