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1144187
star this property registered interest false more like this
star this property date less than 2019-09-03more like thismore than 2019-09-03
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Financial Services remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to increase minimum capital requirements for fund managers managing Undertakings for the Collective Investment in Transferable Securities funds and other open-ended funds. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL17675 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-09-09more like thismore than 2019-09-09
star this property answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The FCA Handbook outlines the rules on the capital requirements for UCITS management firms, which are derived from the EU UCITS Directive. These requirements can be found in Chapter 11 of the Interim Prudential Sourcebook for Investment Business. If there was to be any policy decision by the FCA to change these rules in the future, that would be subject to the FCA’s relevant governance process, including a public consultation.</p> more like this
star this property answering member printed The Earl of Courtown more like this
star this property question first answered
less than 2019-09-09T15:41:08.013Zmore like thismore than 2019-09-09T15:41:08.013Z
star this property answering member
3359
star this property label Biography information for The Earl of Courtown more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1142125
star this property registered interest false more like this
star this property date less than 2019-07-25more like thismore than 2019-07-25
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Financial Services remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, whether the EU has agreed to implement (a) temporary equivalence and recognition for UK central counterparties and central securities depositories, (b) the European Securities and Markets Authority’s decision to approve Memoranda of Understanding on allowing cross-border delegation of portfolio management between the UK and the EEA and (c) the European Insurance and Occupational Pensions Authority's recommendations on relevant member state regulators to minimise detriment to insurance policyholders in the in the event the UK leaves the EU without an agreement. more like this
star this property tabling member constituency Streatham more like this
star this property tabling member printed
Chuka Umunna more like this
star this property uin 282348 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-09-03more like thismore than 2019-09-03
star this property answer text <p>I refer the Hon. Member to the answer that I gave on 24 July 2019 under UIN 279465.</p><p> </p><p>We welcome the steps taken by the EU and some individual member states to help mitigate cliff-edge risks to financial services. This includes:</p><ul><li>The EU’s temporary equivalence and recognition for UK central counterparties (CCPs) and central securities depositories (CSDs). This follows similar action from HMT to legislate for a process to facilitate continued access for EU and global CCPs and CSDs to the UK market.</li><li>The European Securities and Markets Authority and the FCA have agreed MoUs that include provisions to allow cross-border delegation of portfolio management between the UK and the EEA. This provides the asset management industry with certainty that portfolio delegation services between themselves and clients in the EEA can continue in any exit scenario.</li><li>Recommendations from the European Insurance and Occupational Pensions Authority which call on relevant Member State regulators to put in place measures which aim to minimise detriment to insurance policyholders. It is a matter for national regulators whether they choose to comply with this guidance.</li></ul>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-09-03T08:14:29.323Zmore like thismore than 2019-09-03T08:14:29.323Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4128
star this property label Biography information for Chuka Umunna more like this
1141933
star this property registered interest false more like this
star this property date less than 2019-07-24more like thismore than 2019-07-24
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Financial Services remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment, if any, they have made of the case for specifying a higher liquidity test for UK-managed Undertakings for Collective Investment in Transferable Securities than is required by EU Directive 2009/65/EC; and what discussions they have had with the Financial Conduct Authority about that test. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL17477 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-08-06more like thismore than 2019-08-06
star this property answer text <p>Following the suspension of the Woodford Equity Income Fund (WEIF), HM Treasury has discussed the liquidity rules for UK UCITS funds with the Financial Conduct Authority (FCA), which is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds.</p><p> </p><p>The FCA have launched an investigation into the events leading up to the suspension of the WEIF. The investigation will determine the facts of the case, including whether any rules have been broken, and inform any future decision on whether rule changes are required.</p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-08-06T13:37:13.733Zmore like thismore than 2019-08-06T13:37:13.733Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1140616
star this property registered interest false more like this
star this property date less than 2019-07-19more like thismore than 2019-07-19
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Financial Services remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, with reference to the Guidance on how to prepare for Brexit if there's no deal, published by the Department for Exiting the European Union, what parts of the plan for banking, insurance and other financial services in the event that the UK leaves the EU without a deal have been implemented. more like this
star this property tabling member constituency Streatham more like this
star this property tabling member printed
Chuka Umunna more like this
star this property uin 279465 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-07-24more like thismore than 2019-07-24
star this property answer text <p>The Government has done the necessary work to make sure that we continue to have a stable and functioning financial services regime at the point of leaving the EU in a no deal scenario.</p><p> </p><p>The Government has delivered a programme of legislation under the EU Withdrawal Act in order to provide continuity for UK citizens and businesses and to ensure the UK regulatory regime can function effectively outside of the EU.</p><p> </p><p>This legislation includes temporary permissions for EEA firms currently passporting into the EU, and temporary permissions to allow UK firms to continue using Central Counterparties (CCPs) and Central Securities Depositories (CSDs) in the EEA. It also includes a transitional power for regulators to phase in post-exit regulatory requirements for firms where they have changed as a result of the UK leaving the EU.</p><p> </p><p>Following the six-month Article 50 extension, new EU financial services legislation will become applicable between now and 31 October 2019 and will therefore form part of UK law on exit day. We are laying further Statutory Instruments under the EU Withdrawal Act to ensure this new legislation is workable in the UK at exit.</p><p> </p><p>However, it should be noted that the UK authorities are not able through unilateral action to fully address all the risks. For example, the risks to EEA customers of UK firms currently providing services into the EEA using the financial services passport also require action from the EU or individual member states.</p><p> </p><p>We therefore welcome the steps taken by the EU and some individual member states to mitigate some of the risks. This includes: the EU’s temporary equivalence and recognition for UK CCPs and CSDs; ESMA’s decision to approve Memoranda of Understanding (MoUs) that include provisions to allow cross-border delegation of portfolio management between the UK and the EEA; and EIOPA recommendations which call on relevant member state regulators to put in place measures which aim to minimise detriment to insurance policyholders.</p><p> </p><p>As a result of all these actions, the Bank of England’s Financial Policy Committee said in its Financial Stability Report (July 2019): ‘Most risks to UK financial stability from disruption to cross-border financial services in a no-deal Brexit have been mitigated.’ But they also note that ‘in the absence of further action by EU authorities, some disruption to cross-border financial services is possible.’</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-07-24T10:57:17.66Zmore like thismore than 2019-07-24T10:57:17.66Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4128
star this property label Biography information for Chuka Umunna more like this
1140491
star this property registered interest false more like this
star this property date less than 2019-07-18more like thismore than 2019-07-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Financial Services remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they have ever formally reviewed the case for the UK establishing its own requirements for liquidity standards for Undertakings for the Collective Investment in Transferable Securities at higher levels than specified by EU Directives; or whether the UK is currently bound by EU rules and cannot introduce higher standards. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL17324 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-07-23more like thismore than 2019-07-23
star this property answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-23T11:17:13.213Zmore like thismore than 2019-07-23T11:17:13.213Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this