(1) The Treasury may by regulations made by statutory instrument amend -

(a) regulation 6(7)(a) and (b) to extend the period during which an application under section 55V of the 2000 Act must be determined,

(b) regulation 17(1)(a) to extend the period during which regulation 8 or 11 applies, and

(c) regulation 25(2) to extend the period during which an application under regulation 48 of the Solvency 2 Regulations 2015 must be determined,

if the Treasury considers it necessary to do so.

(2) The Treasury may only make regulations under paragraph (1) if, no later than six months before the end of the period to be extended, the Financial Conduct Authority and the Prudential Regulation Authority have submitted to the Treasury a joint assessment as to the effect of extending, and not extending, the period on -

(a) persons (in general) to whom regulation 8 or 11 applies,