Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.

My Lords, these two instruments make updates to financial services regulation to ensure that it remains effective following the passage of the Financial Services and Markets Act 2023, which I will refer to as FSMA 2023.

The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 make...

My Lords, these two instruments make updates to financial services regulation to ensure that it remains effective following the passage of the Financial Services and Markets Act 2023, which I will refer to as FSMA 2023.

The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 make...

My Lords, we have no comment to make on the second statutory instrument in this group, except to say that we agree with what the Minister said during the debate in the Commons that for the entirely consequential changes brought about by this instrument “consequential” means “necessarily following on from”...

My Lords, we have no comment to make on the second statutory instrument in this group, except to say that we agree with what the Minister said during the debate in the Commons that for the entirely consequential changes brought about by this instrument “consequential” means “necessarily following on from”...

My Lords, overall, we agree with these regulations. When the first of these two grouped SIs was debated in the House of Commons, my honourable friend Tulip Siddiq, the shadow Economic Secretary, posed two questions to the Minister. Unfortunately, he did not address either of them in his response, so...

My Lords, overall, we agree with these regulations. When the first of these two grouped SIs was debated in the House of Commons, my honourable friend Tulip Siddiq, the shadow Economic Secretary, posed two questions to the Minister. Unfortunately, he did not address either of them in his response, so...

Once again, I am grateful to both noble Lords for their contributions to this short debate. I will write further on what the noble Lord, Lord Sharkey, said about the formula—it is not that complicated; I am an engineer by training, and

it is not beyond the wit of man...

Once again, I am grateful to both noble Lords for their contributions to this short debate. I will write further on what the noble Lord, Lord Sharkey, said about the formula—it is not that complicated; I am an engineer by training, and

it is not beyond the wit of man...

Amendment 44 to clause 1 negatived on division (2 to 10). Clause 1 agreed to. Schedule 1 agreed to. Clauses 3 to 7 agreed to, with clause 5 agreed to as amended. Clause 2 agreed to. Schedule 2 agreed to. Clause 8 under consideration.

Amendment 44 to clause 1 negatived on division (2 to 10). Clause 1 agreed to. Schedule 1 agreed to. Clauses 3 to 7 agreed to, with clause 5 agreed to as amended. Clause 2 agreed to. Schedule 2 agreed to. Clause 8 under consideration.

Letter dated 03/03/2021 from Earl Howe, Deputy Leader of the House of Lords, to Baroness Neville-Rolfe regarding Financial Services Bill committee stage debate: the impacts of Clause 3 of the Bill on EU banks which operate in the UK. 2p.

Letter dated 03/03/2021 from Earl Howe, Deputy Leader of the House of Lords, to Baroness Neville-Rolfe regarding Financial Services Bill committee stage debate: the impacts of Clause 3 of the Bill on EU banks which operate in the UK. 2p.

Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.

My Lords, I thank noble Lords for their questions and for the important points raised in this debate. I will try to answer as many as I can in the time available, and, where I am not able to, I will ensure that we write to noble Lords.

The noble Baroness,...

My Lords, I thank noble Lords for their questions and for the important points raised in this debate. I will try to answer as many as I can in the time available, and, where I am not able to, I will ensure that we write to noble Lords.

The noble Baroness,...

My Lords, the Treasury has been undertaking a programme of legislation to ensure that after the end of the transition period there continues to be a functioning legal and regulatory regime for financial services in the UK. The Treasury is laying SIs under the European Union (Withdrawal) Act 2018 to...

My Lords, the Treasury has been undertaking a programme of legislation to ensure that after the end of the transition period there continues to be a functioning legal and regulatory regime for financial services in the UK. The Treasury is laying SIs under the European Union (Withdrawal) Act 2018 to...

My Lords, I refer to my interest set out in the register as a director of the London Stock Exchange.

I thank the Minister for introducing the regulations, but I admit that I got off to a bad start when looking at them. Helpful though it is to have tables in...

My Lords, I refer to my interest set out in the register as a director of the London Stock Exchange.

I thank the Minister for introducing the regulations, but I admit that I got off to a bad start when looking at them. Helpful though it is to have tables in...

My Lords, I thank my noble friend the Minister for introducing the debate today. It is good news to know that the Government are taking the necessary steps to ensure that a coherent and functioning financial services equivalence framework continues in the UK after the end of the transition period.

The...

My Lords, I thank my noble friend the Minister for introducing the debate today. It is good news to know that the Government are taking the necessary steps to ensure that a coherent and functioning financial services equivalence framework continues in the UK after the end of the transition period.

The...

My Lords, I refer to my role as a director of a financial services company, as listed in the register.

We all know the importance of financial services to our economy: it is the highest exporting sector that we have. However, as this legislation indicates, we risk jeopardising its success. There...

My Lords, I refer to my role as a director of a financial services company, as listed in the register.

We all know the importance of financial services to our economy: it is the highest exporting sector that we have. However, as this legislation indicates, we risk jeopardising its success. There...

My Lords, I thank my noble friend for moving this necessary SI and I support the measures it contains. However, I have a number of questions—I will try to be brief, as requested.

Clearly, there is an assumption that a 12-month transition period is sufficient to reach the agreement necessary, but...

My Lords, I thank my noble friend for moving this necessary SI and I support the measures it contains. However, I have a number of questions—I will try to be brief, as requested.

Clearly, there is an assumption that a 12-month transition period is sufficient to reach the agreement necessary, but...

My Lords, this instrument raises many more questions than it answers, as is increasingly the case with government business.

First, what does paragraph 7.2 of the Explanatory Memorandum mean when it states:

“The UK has now left the EU with a deal”?

Is that not at best disingenuous, if not downright deceitful? We...

My Lords, this instrument raises many more questions than it answers, as is increasingly the case with government business.

First, what does paragraph 7.2 of the Explanatory Memorandum mean when it states:

“The UK has now left the EU with a deal”?

Is that not at best disingenuous, if not downright deceitful? We...

My Lords, I am grateful to my noble friend the Minister for setting out so clearly the ramifications of these technical regulations, as he describes them. I have just a couple

of questions, which are not dissimilar to those raised by other noble Lords. On page 1 of the Explanatory...

My Lords, I am grateful to my noble friend the Minister for setting out so clearly the ramifications of these technical regulations, as he describes them. I have just a couple

of questions, which are not dissimilar to those raised by other noble Lords. On page 1 of the Explanatory...

My Lords, this statutory instrument is clearly necessary to enable an equivalence regime for financial services to be in place following the transition period.

We all know that financial services are critical to this country’s GDP and tax base. Historically, the sector has provided more than 2 million jobs in the...

My Lords, this statutory instrument is clearly necessary to enable an equivalence regime for financial services to be in place following the transition period.

We all know that financial services are critical to this country’s GDP and tax base. Historically, the sector has provided more than 2 million jobs in the...

My Lords, I thank the Minister for presenting this SI. As he knows, the Opposition will not oppose it as it would create a

constitutional crisis. Nevertheless, it is the duty of Her Majesty’s loyal Opposition to scrutinise the instrument.

As we have discussed on previous occasions, the volume of and...

My Lords, I thank the Minister for presenting this SI. As he knows, the Opposition will not oppose it as it would create a

constitutional crisis. Nevertheless, it is the duty of Her Majesty’s loyal Opposition to scrutinise the instrument.

As we have discussed on previous occasions, the volume of and...