[(1) A standards instrument may be made only if it has been approved by the Treasury.
(2) The Treasury may refuse to approve a standards instrument if subsection (3) or (5) applies.
(3) This subsection applies if it appears to the Treasury that the instrument would—
(a) have implications for public funds (within the meaning of section 78(2) of the Banking Act 2009); or
(b) prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions.
(4) For the purposes of subsection (3), “international organisations” includes the European Union.
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