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999500

registered interest
date	01/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many provisions in financial and related regulations which require transposition into UK law in the event of the UK leaving the EU without a deal include thresholds measuring the proportion of (a) the entire EU market or (b) a specified number or grouping of member states.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	187143
answer	answer is ministerial correction date of answer 06/11/2018 answer text <p>The European Union (Withdrawal) Act 2018 (EUWA) repeals the European Communities Act 1972 on the day the UK leaves the EU and incorporates into UK domestic law the existing body of directly applicable EU law. The purpose of the EUWA is to provide a functioning statute book on the day we leave the EU.</p><p>In some instances, the retained EU law relating to financial services includes provisions that relate to thresholds measuring the proportion of the entire EU market or a specified number or grouping of member states. We are aware of four provisions in the Markets in Financial Instruments Regulations (MiFIR) (Article 5(1)(a) and 1(b), and subparagraphs (3)-(6) and subparagraph (9), Article 9(5), Article 14(5), Article 36(5)), five provisions in the Commission Delegated Regulation amending MiFID 565/2017 (Article 12 to 16) and one provision in the Commission Delegated Regulation 2017/567 (Article 5(1)(a) and (b)).</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/11/2018 17:13:40 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

794485

registered interest
date	23/11/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the extent to which the UK will be able to influence detailed regulation being developed from the Markets in Financial Instruments Directive; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	115458
answer	answer is ministerial correction date of answer 28/11/2017 answer text <p>The Markets in Financial Instruments Directive (MiFID) II implements commitments made by the G20 in 2009 in light of the financial crisis. The UK achieved its key objectives in negotiations for MiFID II, which introduces changes that are necessary to support the effective functioning of financial markets.</p><p> </p><p>The detailed regulations under MiFID II, which take the form of delegated acts and regulatory technical standards, are largely complete ahead of their application on 3 January 2018. The UK authorities have been fully engaged in their development. The Chancellor has no plans to make a specific statement at this time.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 28/11/2017 17:23:49 answering member 4095 label Biography information for Steve Barclay
tabling member	163 label Biography information for Sir Stephen Timms

459328

registered interest
date	10/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to UK firms of implementing Capital Requirement Directive IV.
tabling member constituency	St Albans
tabling member printed	Mrs Anne Main
uin	30666
answer	answer is ministerial correction date of answer 18/03/2016 answer text <p>The Capital Requirements Directive IV (CRD IV) implements, in the EU, the prudential banking standards agreed by the international Basel Committee. The Government supports these global standards to ensure that we do not again face severe economic impacts as a result of inadequate banking regulation and would have implemented these with or without EU legislation.</p><p> </p><p>It is difficult to isolate the costs and benefits from other prudential banking measures introduced since the global financial crisis. And the benefits in particular are hard to capture as they take time to materialize. However, the Prudential Regulation Authority (PRA) stated in its cost-benefit analysis carried out 2013 that ‘the CRDIV package is net beneficial to the UK economy.’</p><p> </p><p>Taking all of the prudential measures together, the PRA has estimated that the net economic benefit is £8.25bn per annum.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 18/03/2016 12:01:18 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1568 label Biography information for Mrs Anne Main