Source: British Parliament News
07 January 2019
The Financial Services (Implementation of Legislation) Bill will have its committee stage, the first chance for line-by-line scrutiny, in the Lords on Tuesday 8 January.
Members are expected to discuss a range of subjects, including:
limiting the new regulations to ensure there are no changes in government policy other than to reflect the UK’s status as a non-EU member
ensuring the competitiveness of UK financial markets is not affected by EU withdrawal
requiring HM Treasury to begin reporting on the use of its powers by October 2019 and every six months thereafter.
Baroness McDonagh (Labour) has laid a motion against the debate, recommending that committee stage of the bill be postponed until after the scheduled date for the Lords committee stage of the Trade Bill has been published in the House of Lords Business Paper.
Lords second reading: 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.
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