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1078979

registered interest
date	27/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Budget: Contributions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the UK’s budget rebate would apply if the UK's notifiction to withdraw from the EU under Article 50 was withdrawn.
tabling member printed	Lord Jones of Cheltenham
uin	HL14100
answer	answer is ministerial correction date of answer 13/03/2019 answer text <p>We want to leave with a deal on March 29. We reached a fair financial settlement with the EU, honouring commitments we made during our period of membership, as set out in the draft Withdrawal Agreement in November 2018. As an EU Member State, we will continue to have rights and obligations until exit.</p> answering member printed Lord Bates question first answered 13/03/2019 12:19:53 answering member 1091 label Biography information for Lord Bates
tabling member	248 label Biography information for Lord Jones of Cheltenham

1079000

registered interest
date	27/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Markets: EU Action
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of (1) the political agreement reached by the European Parliament and member states on 26 February on the Capital Markets Union, and (2) whether UK investment firms' access to EU markets could be restricted if the UK leaves the EU without a deal.
tabling member printed	Lord Taylor of Warwick
uin	HL14118
answer	answer is ministerial correction date of answer 13/03/2019 answer text <p>On Tuesday 26<sup>th</sup> February, European policy-makers reached a political agreement on the Investment Firms Review (IFR) which is part of the Capital Markets Union.</p><p> </p><p>The Government welcomes the agreement as it supports a more proportionate regulatory regime, upholding market integrity and financial stability, and which will also benefit the industry and ultimately the wider economy.</p><p> </p><p>After the UK’s departure from the EU, EU market access for UK investment firms will be dependent on a positive equivalence determination from the EU. The European Commission has said that in a no deal scenario, it will prioritise financial stability and the EU’s own interests. However, as the Economic Secretary said on 12 February<sup><sup>[1]</sup></sup>,we can see no reason why the UK and the EU would not be able to find each other equivalent in any scenario. We leave with the same rulebook and both have third country equivalence frameworks to support cross-border activity.</p><p> </p><p>[1] https://hansard.parliament.uk/commons/2019-02-12/debates/0689c6cb-2bc5-4e53-a4f7-e2b3ecb2fa8f/DraftEquivalenceDeterminationsForFinancialServicesAndMiscellaneousProvisions(AmendmentEtc)(EUExit)Regulations2019</p><p> </p> answering member printed Lord Bates question first answered 13/03/2019 12:18:20 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1079003

registered interest
date	27/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the assessment of the Chief Executive of the Financial Conduct Authority in evidence to the EU Financial Affairs Sub-Committee on 27 February that there may be market disruption in the event of a no-deal Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL14121
answer	answer is ministerial correction date of answer 13/03/2019 answer text <p>Leaving the EU with a deal remains the Government’s top priority. An Implementation Period is the most effective approach to ensuring a smooth and orderly exit from the EU. That is why it is so important that we are redoubling our efforts to reach a negotiated deal that Parliament can support.</p><p>The Government has taken action to minimise disruption for UK households and businesses regardless of the outcome, including by introducing temporary regimes for EEA firms operating in the UK.</p><p>As the FPC set out in its latest Financial Policy Summary, the core of the UK’s financial system is resilient to, and prepared for, the wide range of risks it could face, including a disorderly worst case Brexit. And while the FPC has noted that significant market volatility is to be expected in a disorderly Brexit, it has also noted that markets have proved able to function effectively through volatile periods.</p><p> </p> answering member printed Lord Bates question first answered 13/03/2019 12:19:14 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick