Contributions
1,763 recent contributions in Hansard
HANSARDFinancial Services Bill (Seventh sitting)Thanks.26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I thank the hon. Lady and the right hon. Member for Wolverhampton South East for their questions, and I will do my best to address them. On legacy use, this is broadly where a…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)The clause inserts a new article into the benchmarks regulation that, in essence, provides the FCA with the power to designate a critical benchmark as an article 23A benchmark, if…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I thank the hon. Lady for her point. These matters are administered by the FCA. I have set out the framework under which it operates. Its resourcing is a matter for it, and I…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)At this point I cannot give her chapter and verse on the exact attribution of resources to this measure, but I can look into that and come back to her.26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)That procedure would depend on the particular breakdown of the fund and the scale of the problem. It would be for the regulator to work with the individual fund to demonstrate…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)We were treated to more of a Second Reading response there from the shadow Minister, with all that he said about the frustrations of the last three years. Having been Minister for…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)The clause introduces the new overseas funds regime, which delivers on the Government’s commitment to introduce a simpler way for large numbers of investment funds from other…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I thank the hon. Lady for that relevant question about how we intend to apply these powers to smaller regimes that are of increasing significance to consumers and potentially to…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)The new regime introduced by clause 22 revolves around activities covered by the so-called Gibraltar order, which provides Gibraltar-based firms accessing UK markets and UK-based…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)New schedule 2A to the Financial Services and Markets Act 2000 sets out in detail the operation of the new market access arrangements for Gibraltar-based firms into the UK. Part 1…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)These very simple and limited amendments are necessary to ensure that the measure functions as intended. As the explanatory note states, amendment 4 expands the definition of…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I beg to move amendment 4, in schedule 6, page 100, line 31, at end insert— “(i) an order under section 143S, or”. This amendment extends the definition of “prohibition order” in…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I wish to examine that matter carefully on the basis of the FATF report. I totally understand the clear point the hon. Lady is making about the retrospective nature of this and…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I counted several questions in those four contributions and I will do my best to address them. First, I will reiterate what we are trying to do: to create the market access regime…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I allowed myself a moment of light-heartedness, but I can see that that was not appropriate. In financial services, the Financial Services and Markets Act 2000 allows for several…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)Clause 22 delivers the Government’s commitment to enable Gibraltar-based firms to have continued access to the UK’s financial markets. We move on, finally, from benchmarks and…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)Clause 8 is the first of 14 clauses that amend the benchmarks regulation in order to provide the FCA with the powers it needs to oversee the orderly wind-down of critical…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)This clause inserts schedule 5, which sets out minor and consequential amendments to the benchmarks regulation to provide for the effective operation of that regulation in the…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I am grateful to the hon. Lady for her question. In terms of the benchmark’s being classed as critical and the appropriateness of substitutes, certain contracts face barriers to…26 Nov 2020