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1

 

House of Commons

 
 

Notices of Amendments

 

given up to and including

 

Thursday 28 February 2019

 

New Amendments handed in are marked thus Parliamentary Star

 

Parliamentary Star - whiteAmendments which will comply with the required notice period at their next appearance

 

Amendments tabled since the last publication: 4 to 13 and NC3 to NC5

 


 

[R] Relevant registered interest declared

 

Consideration of Bill (Report Stage)


 

Financial Services (Implementation of


 

Legislation) Bill [Lords]


 

Note

 

This document includes all amendments tabled to date and includes any

 

withdrawn amendments at the end. The amendments have been arranged in the

 

order in which they relate to the Bill.

 


 

Jonathan Reynolds

 

Jeremy Corbyn

 

Mr Nicholas Brown

 

nc2

 

Parliamentary Star - white    

To move the following Clause—

 

         

“Report on the provisions of regulations under this Act

 

(1)    

Prior to making any regulations under this Act, the Treasury must publish a report

 

on the impact of the provisions of those regulations.

 

(2)    

A report under this section must consider, in respect of the regulations proposed

 

to be made—

 

(a)    

the impact of those provisions on households at different levels of

 

income,


 
 

Notices of Amendments: 28 February 2019                  

2

 

Financial Services (Implementation of Legislation) Bill [Lords], continued

 
 

(b)    

the impact of those provisions on people with protected characteristics

 

(within the meaning of the Equality Act 2010),

 

(c)    

the impact of those provisions on the Treasury’s compliance with the

 

public sector equality duty under section 149 of the Equality Act 2010,

 

and

 

(d)    

the impact of those provisions on equality in different parts of the United

 

Kingdom and different regions of England.”

 

Member’s explanatory statement

 

This new clause would require a report to be made on the impact of any regulations under this Bill

 

before any such regulations are made.

 


 

Mr Andrew Mitchell

 

Dame Margaret Hodge

 

Tom Tugendhat

 

Helen Goodman

 

Mr David Davis

 

Mr Kenneth Clarke

Sir Oliver Letwin

Lady Hermon

Caroline Lucas

Crispin Blunt

Heidi Allen

Mr Edward Vaizey

Nicky Morgan

Tom Brake

Mr Sam Gyimah

Charlie Elphicke

Joseph Johnson

Nick Boles

Nigel Mills

Dame Caroline Spelman

Frank Field

Mr Mark Prisk

Johnny Mercer

George Freeman

Jo Swinson [R]

Anneliese Dodds

Catherine McKinnell

Catherine West

Dr Rupa Huq

Lloyd Russell-Moyle

Edward Miliband

Wes Streeting

Ian Blackford

Dr Sarah Wollaston

Caroline Flint

Wera Hobhouse

Stephen Crabb

Chris Bryant

Rachel Reeves

Margaret Beckett

 

NC3

 

Parliamentary Star    

To move the following Clause—

 

         

“Public registers of beneficial ownership of companies in the British Overseas

 

Territories and Crown Dependencies

 

(1)    

Section 51 of the Sanctions and Anti-Money Laundering Act 2018 (public

 

registers of beneficial ownership of companies registered in British Overseas

 

Territories) is amended in the manner specified in subsection (2).

 

(2)    

For subsection (2) substitute—

 

“(2)    

A draft Order in Council must be prepared requiring the government of

 

any British Overseas Territory that has not introduced a publicly

 

accessible register of the beneficial ownership of companies within its

 

jurisdiction to do so no later than 31 December 2020.”

 

(3)    

For the purpose of the detection, investigation or prevention of money laundering,

 

the Secretary of State must provide all reasonable assistance to the governments

 

of the Crown Dependencies to enable each of those governments to establish a

 

publicly accessible register of the beneficial ownership of companies registered

 

in that government’s jurisdiction.

 

(4)    

An Order in Council must be made requiring the government of any Crown

 

Dependency that has not introduced a publicly accessible register of beneficial

 

ownership of companies within their jurisdiction to do so by 31 December 2020.


 
 

Notices of Amendments: 28 February 2019                  

3

 

Financial Services (Implementation of Legislation) Bill [Lords], continued

 
 

(5)    

An Order in Council under subsection (4) must set out the form that the register

 

must take.

 

(6)    

An Order in Council under subsection (4)—

 

(a)    

must be laid before Parliament and

 

(b)    

shall cease to have effect if either House of Parliament resolves before

 

the end of the 28 days beginning with the day on which the Order is made

 

that it should cease to have effect.

 

(7)    

In calculating a period of 28 days for the purposes of subsection (6)(b), no

 

account is to be taken of any time during which Parliament is dissolved or

 

prorogued or during which both Houses are adjourned for more than four days.

 

(8)    

For the purposes of this section, a “publicly accessible register of the beneficial

 

ownership of companies” means a register which, in the opinion of the Secretary

 

of State, provides information broadly equivalent to that available in accordance

 

with the provisions of Part 21A of the Companies Act 2006 (information about

 

people with significant control).

 

(9)    

For the purposes of this section, “Crown Dependency” means—

 

(a)    

any of the Channel Islands; or

 

(b)    

the Isle of Man.”

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Anneliese Dodds

 

Jonathan Reynolds

 

NC4

 

Parliamentary Star    

To move the following Clause—

 

         

“Extra-territorial application

 

    

Within one month of any regulations being made under section 1(1) of this Act,

 

Her Majesty must by Order in Council provide for equivalent provision to apply

 

under the law of all of the following—

 

(a)    

the Channel Islands;

 

(b)    

the Isle of Man; and

 

(c)    

the British Overseas Territories.”

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Anneliese Dodds

 

Jonathan Reynolds

 

NC5

 

Parliamentary Star    

To move the following Clause—

 

         

“Draft consolidated financial services legislation

 

(1)    

The Treasury may collate in a single document (the “draft consolidated financial

 

services legislation document”), with the guidance of the Chancellor of the


 
 

Notices of Amendments: 28 February 2019                  

4

 

Financial Services (Implementation of Legislation) Bill [Lords], continued

 
 

Exchequer and the support of the Treasury Committee of the House of Commons,

 

measures proposed to be taken by the Treasury to make provision corresponding,

 

or similar, to—

 

(a)    

the provisions, or any of the provisions, of any specified EU financial

 

services legislation, or

 

(b)    

any provision that might be made by a member State for the purpose of

 

implementing any provision of specified EU financial services

 

legislation.

 

(2)    

The measures proposed in the draft consolidated financial services legislation

 

document may include any adjustments the Treasury considers appropriate, and

 

explanations of why those adjustments are necessary.

 

(3)    

The Treasury must, as part of the draft consolidated financial services legislation

 

document, identify what regulatory institution has responsibility for specified EU

 

financial services legislation, why that institution has been identified, and what

 

resourcing is being supplied to support that institution in discharging its

 

functions.

 

(4)    

In preparing the document, the Chancellor of the Exchequer must consult all

 

relevant parties on the draft consolidated financial services legislation, including

 

trade unions, appropriate regulatory institutions, and service users, and any other

 

stakeholders the Chancellor considers appropriate.

 

(5)    

The Chancellor of the Exchequer must lay the document before the House of

 

Commons noting where any specified EU financial services legislation, relating

 

to public registers of beneficial ownership, applies to any British Overseas

 

Territories or Crown Dependencies.

 

(6)    

With 30 days of the document being laid before the House of Commons, the

 

Chancellor of the Exchequer must move a motion in the House of Commons that

 

the House approves the provisions of the draft consolidated financial services

 

document.

 

(7)    

Within 30 days of the motion in subsection (6) being moved, the Chancellor of

 

the Exchequer must make a statement to the House of Commons indicating how

 

Her Majesty’s Government intends to apply the opinion of the House as

 

expressed in the motion being agreed to, amended, or not agreed to.

 

(8)    

“Specified EU financial services legislation” means—

 

(a)    

Articles 6 and 7 of the Central Securities Depositories Regulation,

 

(b)    

the Delegated Cash Penalties Regulation,

 

(c)    

Articles 37 and 38(2) of the Markets in Financial Instruments Regulation,

 

(d)    

the provisions of the Prospectus Regulation that apply from 21 July 2019

 

(see Article 49(2) of that regulation),

 

(e)    

any delegated acts under the Prospectus Regulation, other than technical

 

standards, that are adopted by the European Commission before 21 July

 

2019,

 

(f)    

Article 4(1) of the Securities Financing Transactions Regulation, or

 

(g)    

any EU Directive, or EU Regulation, adopted before, on or after exit day

 

as a result of any of the proposals listed in the Schedule to this Act,

 

    

as that legislation has effect in EU law.

 

(9)    

In this section—

 

“the Central Securities Depositories Regulation” means Regulation (EU)

 

No 909/2014 of the European Parliament and of the Council of 23 July

 

2014 on improving securities settlement in the European Union and on

 

central securities depositories and amending Directives 98/26/EC and

 

2014/65/EU and Regulation (EU) No 236/2012;

 

“the Delegated Cash Penalties Regulation” means Commission Delegated

 

Regulation (EU) 2017/389 of 11 November 2016 supplementing


 
 

Notices of Amendments: 28 February 2019                  

5

 

Financial Services (Implementation of Legislation) Bill [Lords], continued

 
 

Regulation (EU) No 909/2014 of the European Parliament and of the

 

Council as regards the parameters for the calculation of cash penalties for

 

settlement fails and the operations of CSDs in host Member States;

 

“the Markets in Financial Instruments Regulation” means Regulation (EU)

 

No 600/2014 of the European Parliament and of the Council of 15 May

 

2014 on markets in financial instruments and amending Regulation (EU)

 

No 648/2012;

 

“the Prospectus Regulation” means Regulation (EU) 2017/1129 of the

 

European Parliament and of the Council of 14 June 2017 on the

 

prospectus to be published when securities are offered to the public or

 

admitted to trading on a regulated market, and repealing Directive 2003/

 

71/EC;

 

“the Securities Financing Transactions Regulation” means Regulation (EU)

 

2015/2365 of the European Parliament and of the Council of 25

 

November 2015 on transparency of securities financing transactions and

 

of reuse and amending Regulation (EU) No 648/2012.”

 

Member’s explanatory statement

 

This new clause is an alternative to Clause 1. This creates a system by which the Treasury will

 

propose to the House what EU financial services legislation the Treasury intends to make

 

provision for in domestic law, and then to seek the House’s approval for those changes, and to

 

make a statement detailing how the Government will apply the opinion of the House.

 

 


 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Anneliese Dodds

 

Jonathan Reynolds

 

1

 

Parliamentary Star - white    

Page  1,  line  1,  leave out Clause 1

 

Alison Thewliss

 

Angela Crawley

 

5

 

Parliamentary Star    

Clause  1,  page  1,  line  2,  leave out “may” and insert “, in respect of a piece of

 

specified EU financial services legislation, within six months of that legislation being

 

implemented in the European Union, or immediately if more than six months has passed

 

before this section coming into force, must”

 

Member’s explanatory statement

 

This amendment would require regulations to be made to apply specified EU financial services

 

legislation in domestic law within six months of that legislation being implemented in the European

 

Union.

 

Alison Thewliss

 

Angela Crawley

 

6

 

Parliamentary Star    

Clause  1,  page  1,  line  3,  leave out “, or similar, ”

 

Member’s explanatory statement

 

This amendment would only allow for corresponding provision to EU financial services

 

legislation, not similar provision, to be made.


 
 

Notices of Amendments: 28 February 2019                  

6

 

Financial Services (Implementation of Legislation) Bill [Lords], continued

 
 

Alison Thewliss

 

Angela Crawley

 

7

 

Parliamentary Star    

Clause  1,  page  1,  line  9,  leave out “the Treasury consider appropriate” and insert

 

“the Treasury and the House of Commons considers appropriate as defined in sub-

 

paragraphs (i) and (ii)—

 

(i)    

any proposed adjustments must be approved by a motion of the

 

House of Commons prior to regulations being laid in draft in

 

accordance with subsection (8)(a), and

 

(ii)    

if the House of Commons agrees a motion that certain

 

adjustments be made, the Treasury shall consider that to be an

 

expression of agreement by the House that those adjustments are

 

appropriate.”

 

Member’s explanatory statement

 

This amendment would only permit adjustments to be made that have been pre-approved by the

 

House of Commons.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Anneliese Dodds

 

Jonathan Reynolds

 

2

 

Parliamentary Star - white    

Clause  1,  page  1,  line  18,  at end insert—

 

“(2A)    

But “adjustments” may not include any changes that, in the Treasury’s view,

 

lighten or remove the regulatory burden in comparison to the legislation as it

 

would have operated had the United Kingdom not withdrawn from the EU.”

 

Member’s explanatory statement

 

This amendment would prevent adjustments to EU legislation under this Bill from lightening or

 

removing regulatory burdens on financial services.

 

Mr Andrew Mitchell

 

Dame Margaret Hodge

 

Tom Tugendhat

 

Helen Goodman

 

Mr David Davis

 

Mr Kenneth Clarke

Sir Oliver Letwin

Lady Hermon

Caroline Lucas

Crispin Blunt

Heidi Allen

Mr Edward Vaizey

Nicky Morgan

Tom Brake

Mr Sam Gyimah

Charlie Elphicke

Joseph Johnson

Nick Boles

Nigel Mills

Dame Caroline Spelman

Frank Field

Mr Mark Prisk

Johnny Mercer

George Freeman

Jo Swinson [R]

Anneliese Dodds

Catherine McKinnell

Catherine West

Dr Rupa Huq

Lloyd Russell-Moyle

Edward Miliband

Wes Streeting

Ian Blackford

Dr Sarah Wollaston

Caroline Flint

Wera Hobhouse

Stephen Crabb

Chris Bryant

Rachel Reeves

Margaret Beckett

 

4

 

Parliamentary Star    

Clause  1,  page  2,  line  9,  at end insert—

 

“(3A)    

No regulations may be made under subsection (1) to make provision

 

corresponding, or similar, to any proposal under paragraph 17 of the Schedule to

 

amend Directive (EU) 2015/849 on the prevention of the use of the financial

 

system for the purposes of money-laundering or terrorist financing, unless the


 
 

Notices of Amendments: 28 February 2019                  

7

 

Financial Services (Implementation of Legislation) Bill [Lords], continued

 
 

steps specified in section [Public registers of beneficial ownership of companies

 

in the British Overseas Territories and Crown Dependencies] have been taken.”

 

Alison Thewliss

 

Angela Crawley

 

8

 

Parliamentary Star    

Clause  1,  page  2,  line  12,  leave out subsection (4)

 

Member’s explanatory statement

 

This amendment would disapply section 8(5) and 8(7) of then European Union (Withdrawal) Act,

 

which allow regulations to do anything, with some exceptions, that can be done by an Act of

 

Parliament.

 

Jeremy Corbyn

 

John McDonnell

 

Mr Nicholas Brown

 

Anneliese Dodds

 

Jonathan Reynolds

 

3

 

Parliamentary Star - white    

Clause  1,  page  2,  line  37,  at end insert—

 

“(c)    

that draft was laid more than 1 month after the Treasury conducted a

 

public consultation that was promoted to trade unions, regulatory

 

institutions, service users, and any other stakeholders the Chancellor of

 

the Exchequer considers appropriate.”

 

Member’s explanatory statement

 

This amendment obliges HM Treasury to undertake wide-ranging consultation on their proposed

 

implementation of EU legislation, to ensure appropriate public scrutiny on any regulatory

 

divergence.

 

Alison Thewliss

 

Angela Crawley

 

9

 

Parliamentary Star    

Clause  1,  page  2,  line  39,   leave out “4” and insert “8”

 

Alison Thewliss

 

Angela Crawley

 

10

 

Parliamentary Star    

Clause  1,  page  2,  line  40,   leave out “6” and insert “3”

 

Alison Thewliss

 

Angela Crawley

 

11

 

Parliamentary Star    

Clause  1,  page  2,  line  42,   leave out “6” and insert “3”

 

Alison Thewliss

 

Angela Crawley

 

12

 

Parliamentary Star    

Clause  1,  page  2,  line  44,   leave out “1 month” and insert “2 weeks”


 
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Revised 28 February 2019