Contributions
1,280 recent contributions in Hansard
HANSARDFinancial Services and Markets Bill (Third sitting)That is not the position in the Bill, which does not contain that date. Whether or not the Government’s intention at the time was different, nothing in the Bill says that that…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)If I may, I will come back to that point later.25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)The Committee will indulge me if this sounds repetitive, but the thrust of the questions is the same: there is no change in the fundamental approach to UK financial services…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)Clauses 3, 4 and 5 create the necessary powers to replace retained EU law, which we have just been talking about, when it is repealed through clause 1. While the Government will…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)I welcome the contributions from the hon. Members for Kingston upon Hull West and Hessle and for Wallasey, and my hon. Friend the Member for West Bromwich West. Both sides of the…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)I will not give way at the moment. The issue is therefore about docking that corpus into an established framework of operationally independent regulators, with Parliament…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)I have previously given the assurance to the Treasury Committee that they will be tabled during the course of the Committee stage of the Bill. That remains the intention. I have…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)I am afraid that the hon. Lady will have to accept my previous commitment to the Committee. I also observe that mixed messages have come from the Opposition side of the House,…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)Clause 6 supports the efficient transfer of financial services regulation from retained EU law to the regulators’ rulebooks. As retained EU law is revoked, the regulators will…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)To the question asked by the hon. Lady, my understanding is that the terms will have the common law usage. It would be inappropriate for me to try to insert my own definition.…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)We have already discussed the provisions the Bill delivers to allow us to replace the entirety of financial services retained EU law with domestic legislation that is in line with…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)I am happy to stand corrected by the hon. Member for Glenrothes, but I am not happy to relitigate matters that the British people settled, given the chance in a referendum. I hope…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)The amendment seeks to make it clear that offers of non-equity securities to retail investors—for example, as cited, retail bonds—can be brought into regulation through the…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)We will refer to that in more detail when we return to the DAR this afternoon. The DAR is the important establishment of the perimeter. I hear the hon. Gentleman on how we set the…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I beg to move amendment 22, in clause 8, page 7, line 7, at end insert— “(7) The financial instruments, financial products and financial investments mentioned in subsection (3)(b)…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)It is a pleasure to serve under your chairmanship, Dame Maria. Cryptoassets and blockchain could have a profound impact across all forms of the financial services sector. We are…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)If the hon. Gentleman will let me continue, I can offer some clarification. It is vital that the Government have the flexibility to develop a world-leading regime for cryptoassets…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I am cautious of time; this issue would be apt for a debate in itself rather than being discussed as part of the Bill’s technical clauses. Aspects of Bitcoin are already within…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I give way again, but I do not want to turn this into a debate about the underlying societal challenges of an emerging technology; I want us to confine ourselves as much as…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)It is certainly not the Government’s intention to create anything other than opportunities for different participants to emerge and bring forward products in the sector. Those…25 Oct 2022