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1011457

registered interest
date	21/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Brexit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the level of financial liabilities that would arise pursuant to the provisions of Article 143 of the draft Withdrawal Agreement with the EU.
tabling member constituency	Clwyd West
tabling member printed	Mr David Jones
uin	194063
answer	answer is ministerial correction date of answer 26/11/2018 answer text <p>Under Article 143 of the draft Withdrawal Agreement, the UK will continue to stand behind a share of the EU’s contingent liabilities related to financial operations up to the date of withdrawal. These contingent liabilities are reported to Parliament in the Consolidated Fund accounts as having a remote probability of crystallising. The UK will also get a share of the associated pre-paid guarantee funds and reflows from the financial operations and, in the event of a contingent liability being triggered, the UK will receive its share of any subsequent amounts recovered by the EU.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/11/2018 14:49:47 answering member 4051 label Biography information for John Glen
tabling member	1502 label Biography information for Mr David Jones

1011560

registered interest
date	21/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the November 2018 Outline Political Declaration on the Future Relationship, whether EU equivalence decisions on UK financial services will be revocable with 30 days' notice; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	194018
answer	answer is ministerial correction date of answer 26/11/2018 answer text <p>The financial services section of the Political Declaration on the Future Relationship outlines that as part of the close and structured cooperation between the UK and EU on regulatory and supervisory matters that there should be initial decisions on equivalence by June 2020 and clear processes around the suspension and withdrawal of equivalence decisions in future. As of today, there are 43 equivalence provisions in EU legislation across a range of financial services sectors, of which only three<sup><sup>[1]</sup></sup> state that jurisdictional equivalence can be withdrawn with 30 days’ notice. The agreement reached with the EU will establish new processes to give further confidence to firms and consumers that the equivalence relationship between the EU and UK will be a durable one.</p><p> </p><p><sup><sup>[1]</sup></sup> MiFIR Article 33, STFR Article 21 and EMIR Article 13</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/11/2018 14:53:05 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

1011613

registered interest
date	21/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Budget: Contributions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Draft agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Union and the European Atomic Energy Community, what estimate he has made of the maximum amount of financial claims that the EU could make against the UK under the provisions in Article 136 and Article 140.
tabling member constituency	Witham
tabling member printed	Priti Patel
uin	194212
answer	answer is ministerial correction date of answer 26/11/2018 answer text <p>Under Article 143 (formerly Article 136) of the draft Withdrawal Agreement, the UK will stand behind a share of EU contingent liabilities related to financial operations up to withdrawal. These are reported in the Consolidated Fund accounts as having a remote probability of crystallising. The UK will receive a share of the pre-paid guarantee funds and reflows from these operations and, in the event of crystallisation, the UK will receive its share of any amounts recovered by the EU.</p><p> </p><p>Under Article 147 (formerly Article 140), the UK will stand behind a share of EU contingent liabilities arising from legal cases related to the budget and linked policies and programmes up to the end of 2020. These are reported in the EU’s consolidated annual accounts of the European Union.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/11/2018 14:48:28 answering member 4051 label Biography information for John Glen
tabling member	4066 label Biography information for Priti Patel