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1142125
registered interest false more like this
date less than 2019-07-25more like thismore than 2019-07-25
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Financial Services more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Streatham remove filter
tabling member printed
Chuka Umunna more like this
uin 282348 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-09-03more like thismore than 2019-09-03
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>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2019-09-03T08:14:29.323Zmore like thismore than 2019-09-03T08:14:29.323Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4128
label Biography information for Chuka Umunna more like this
1140616
registered interest false more like this
date less than 2019-07-19more like thisremove minimum value filter
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Financial Services more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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
tabling member constituency Streatham remove filter
tabling member printed
Chuka Umunna more like this
uin 279465 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-07-24more like thismore than 2019-07-24
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>
answering member constituency Salisbury remove filter
answering member printed John Glen more like this
question first answered
less than 2019-07-24T10:57:17.66Zmore like thismore than 2019-07-24T10:57:17.66Z
answering member
4051
label Biography information for John Glen more like this
tabling member
4128
label Biography information for Chuka Umunna more like this