Part 9: Miscellaneous Section 41: Regulations about financial collateral arrangements
This section relates to the legal basis for the FCARs and also amends the Banking Act 2009.
	Subsections (1) and (2) confirm that the FCARs as originally made, including all amendments, and any financial collateral arrangements entered into which rely on them, are effective regardless of any question about the scope of the powers available to HM Treasury under the ECA, when the FCARs were originally made. This underpins the legal effect of the FCARs, without taking the more disruptive course of revoking and remaking them. The section has retrospective effect.
	Subsection (3) amends the Banking Act 2009 in accordance with subsections (4) to (6), which amend the power to make secondary legislation in relation to financial collateral arrangements, contained in section 256 of the Banking Act 2009. This provision makes such secondary legislation subject to the draft affirmative procedure as opposed to the made affirmative procedure, given that the made affirmative procedure is more appropriate for urgent legislation. Amending this power will still allow HM Treasury to make amendments to the FCARs through appropriate secondary legislation.