Part 3: Exemptions Chapter 4: Other miscellaneous exemptions Section 47: Financial stability
This section provides the power for HM Treasury to give financial stability directions for prudential reasons providing that one or more of the subsidy control requirements (such as transparency obligations) do not apply to the giving of a subsidy or subsidy scheme set out in the financial stability direction.
	Subsection (2) establishes that a financial stability direction is a direction given by the Treasury, providing that certain subsidy control requirements set out in the financial stability direction do not apply to the giving of specified subsidies or the making of specified subsidy schemes. A financial stability direction may also disapply subsidy control requirements in relation to types of subsidies or subsidy schemes specified in the financial stability direction.
	Subsection (3) establishes that the Treasury may only give financial stability directions where appropriate for prudential reasons. These prudential reasons can include, for example: (a) the protection of investors, depositors, policyholders or persons to whom a fiduciary duty is owed by a financial services supplier, or (b) ensuring the integrity and stability of the financial system of the UK.
	Subsections (4) and (5) establish that the Treasury must consult the Bank of England before giving a financial stability direction. A financial stability direction in relation to a subsidy given only by the Bank of England or a subsidy scheme made only by the Bank of England may only be given at the request of the Bank of England.
	Subsection (6) establishes that a financial stability direction must be published in whatever manner the Treasury considers appropriate. Financial stability directions must also be laid before Parliament.
	Subsections (7) establishes that the Treasury may delay the publication and laying in Parliament of a financial stability direction where doing so would have the effect of undermining the purpose for which the direction was given until such a time as the Treasury is satisfied that publication and laying in Parliament would not have that effect.
	Subsection (8) sets out the definitions of "financial service supplier" and "specified".