(1) The Treasury may by regulations made by statutory instrument amend regulation 78C(1)(a) to extend the period during which a relevant fund or a UK AIF may be marketed in the United Kingdom under regulation 78A(1) ("the relevant period"), 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 FCA has submitted to the Treasury an assessment as to the effect of extending, and not extending, the relevant period on -
(a) persons entitled to market AIFs pursuant to regulation 78A;
(b) the financial markets; and
(c) the ability of the FCA to discharge its functions in a way that advances the FCA’s objectives under Part 1A of the Act.
(3) Regulations under paragraph (1) may not extend the relevant period by more than 12 months.
(4) A statutory instrument which contains regulations under paragraph (1) is subject to annulment in pursuance of a resolution of
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