05 December 2018
Members of the Lords, including a board director of financial services think-tank New City Agenda Ltd and a non-executive director of the London Stock Exchange, discussed the key principles and purpose of the Financial Services (Implementation of Legislation) Bill during second reading, on Tuesday 4 December.
Members discussed a range of issues raised by the bill, including restrictions within the EU (Withdrawal) Act 2018 on the use of delegated legislation, the accurate number of ‘in flight’ pieces of EU legislation and shortening the bill’s regulatory period following a ‘no deal’ scenario down from the current twelve-month proposal.
Lord Bates (Conservative), minister of state in the Department for International Development, responded on behalf of the government.
Committee stage, the first chance for line-by-line scrutiny, is yet to be scheduled.
Financial Services (Implementation of Legislation) Bill summary
This bill will aim to provide the government with powers to implement and make changes to ‘in flight’ files of EU financial services legislation. The powers will last for two years after UK withdrawal from the EU, in the event of a ‘no-deal’ scenario.
‘In flight’ refers to pieces of EU legislation that:
- have been adopted by the EU but not yet enacted, and so would not apply under the European Union (Withdrawal) Act 2018
- are currently in negotiation and may be adopted up to two years following EU withdrawal
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