Rail finance—regulatory considerations
Produced in partnership with Bryan Cave Leighton Paisner LLP
Rail finance—regulatory considerations

The following Banking & Finance practice note produced in partnership with Bryan Cave Leighton Paisner LLP provides comprehensive and up to date legal information covering:

  • Rail finance—regulatory considerations
  • Section 30 of the Railways Act 1993
  • Section 30—the franchising authority
  • Direct Agreements—enabling fulfilment of the section 30 duty
  • Section 54 of the Railways Act 1993
  • Railways—a capital intensive business
  • Section 54—encouraging railway investment
  • Section 54 Undertakings
  • The Railways and Other Guided Transport Systems (Safety) Regulations and the Railways (Interoperability) Regulations
  • European background
  • More...

The UK rail industry is governed by a web of statutory and non-statutory rules and regulations. Due to their importance in the context of rolling stock procurement, leasing and maintenance, this Practice Note focuses on:

  1. section 30 of the Railways Act 1993

  2. section 54 of the Railways Act 1993

  3. the Railways and Other Guided Transport Systems (Safety) Regulations 2006 and the Railways (Interoperability) Regulations 2011, and

  4. rail-specific regulatory requirements for liability insurance

Section 30 of the Railways Act 1993

Section 30—the franchising authority

Section 30 of the Railways Act 1993 relates to the provision of franchised passenger rail services (franchised services) in the UK. Under Section 30:

  1. the relevant franchising authority has a duty to provide, or secure the provision of, services for the carriage of passengers by railway where a franchise agreement is terminated or otherwise comes to an end but no further franchise agreement has been entered into in respect of the franchised services (the franchising authority is the Secretary of State for Transport except for franchises that relate to operations only in Scotland and designated Scotland/England cross-border franchises, for which the Scottish Ministers are the franchising authority or operations only in Wales for which the Welsh Ministers carry out this role), but

  2. this duty does not apply in certain circumstances, including where the relevant franchising authority considers adequate alternative railway passenger services are available

Direct

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