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

(a) regulation 41(1)(a)(i) or (ii) to extend the period during which regulation 28 or 34 is to apply, or

(b) regulation 67(a)(i) or (ii) to extend the period during which regulation 47 is to apply,

if the Treasury consider 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 28, 34 or 47 applies,

(b) the UK financial system (within the meaning of section 1I of the 2000 Act), and

(c) the ability of the Financial Conduct Authority and Prudential Regulation Authority to discharge their functions in a way that advances their objectives under Part 1A of the 2000 Act.