(1) The Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226) as originally made, and all amendments made to them, have effect, and are to be treated as having had effect, despite any lack of power to make the regulations and amendments.

(2) Accordingly, the validity of anything done under or in reliance on those regulations (whether as originally made or as amended) is to be treated as unaffected by any such lack of power.

(3) The Banking Act 2009 is amended in accordance with subsections (4) to (6).

(4) In section 255 (regulations about financial collateral arrangements) -

(a) in subsection (3)(b) omit "or purported to be done",

(b) omit subsection (5), and

(c) after that subsection insert -

"(6) Regulations under this section are to be made by statutory instrument.

(7) A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.