Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

386909

registered interest
date	01/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what the role of the Office for Budget Responsibility is in verifying claims on regulatory savings.
tabling member printed	Lord Mendelsohn
uin	HL1018
answer	answer is ministerial correction date of answer 15/07/2015 answer text <p>The Office for Budget Responsibility has no role in verifying claims on regulatory savings. Under the provisions of the Small Business, Enterprise and Employment Act, the Government will publish a target in respect of the economic impact on business activities of qualifying regulatory provisions which come into force or cease to be in force during the Parliament.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 15/07/2015 15:13:18 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	4286 label Biography information for Lord Mendelsohn

223407

registered interest
date	24/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have any plans to upgrade the United Kingdom market investigation authorities in the light of the revised European Union Markets Abuse Directive.
tabling member printed	Lord Mendelsohn
uin	HL5160
answer	answer is ministerial correction date of answer 09/03/2015 answer text <p>The Financial Conduct Authority (FCA) is responsible for the investigation of possible misconduct and subsequent enforcement proceedings, including in relation to possible manipulation of benchmarks.</p><p> </p><p> </p><p> </p><p>The FCA is operationally independent from Government and it would therefore not be appropriate to comment on any ongoing investigations.</p><p> </p><p> </p><p> </p><p>The Government supports the update to the European market abuse framework. Strengthening the framework, and its application across Member States, is important to tackle market abuse effectively across the EU and ensure investor confidence.</p><p> </p><p> </p><p> </p><p>The EU Market Abuse Regulation, which was adopted in April 2014, grants competent authorities considerable investigatory powers and will be directly applicable from July 2016.</p><p> </p><p> </p><p> </p><p>The UK will not opt into the new EU Criminal Sanctions Market Abuse Directive (CSMAD) but instead update the domestic regime in order to retain flexibility in how it develops its regime in the future. The domestic regime will go at least as far as CSMAD.</p><p> </p><p> </p><p> </p><p>In June 2014, the Chancellor announced the Fair &amp; Effective Markets Review jointly led by HM Treasury, the Bank of England and the Financial Conduct Authority. The Review is focusing on the wholesale markets where the bulk of concerns about misconduct have arisen. The Government looks forward to the Review’s final recommendations in June 2015.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL5098 HL5099 question first answered 09/03/2015 17:51:10 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

223408

registered interest
date	24/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether, in considering regulators’ recommendations for a seven-year bonus deferral for senior managers in investment banks, they are considering extending such a policy to cover asset managers.
tabling member printed	Lord Mendelsohn
uin	HL5161
answer	answer is ministerial correction date of answer 09/03/2015 answer text <p>The Prudential Regulation Authority and Financial Conduct Authority’s proposals for seven-year deferral periods have been developed in response to the recommendations of the Parliamentary Committee on Banking Standards. These recommendations were specifically developed in the context of the banking industry and the Government took the decision not to extend them to other sectors.</p><p> </p><p> </p><p> </p><p>However, the Financial Conduct Authority already enforces remuneration requirements on asset managers, including deferral, the period of which is designed to align incentives with the activities that the individual is undertaking. Changes to these requirements would be a matter for the independent regulator to decide.</p><p> </p> answering member printed Lord Deighton question first answered 09/03/2015 17:58:20 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

223409

registered interest
date	24/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether, in considering regulators’ recommendations for a seven-year bonus deferral for senior managers in investment banks, they are considering establishing a clawback arrangement for all executive committee members and board members for any bonuses and share options granted.
tabling member printed	Lord Mendelsohn
uin	HL5162
answer	answer is ministerial correction date of answer 09/03/2015 answer text <p>Since January 2015, Prudential Regulation Authority rules require the variable pay of staff covered by the Remuneration Code to be subject to clawback for seven years after any award. As material risk takers, Executive Committee members at banks are subject to the Remuneration Code.</p><p> </p><p> </p><p> </p><p>As regards other board members, the Prudential Regulation Authority and Financial Conduct Authority consulted in 2014 to clarify their rules to state that non-executive directors should not receive variable pay in relation to such roles; final rules are forthcoming.</p><p> </p> answering member printed Lord Deighton question first answered 09/03/2015 18:00:04 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

222753

registered interest
date	23/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what guidance they have given to the Bank of England in bringing forward curbs on leveraged lending.
tabling member printed	Lord Mendelsohn
uin	HL5094
answer	answer is ministerial correction date of answer 04/03/2015 answer text <p>On 26 November 2013, the Chancellor requested that the Financial Policy Committee (FPC) undertake a review of the leverage ratio and its role in the regulatory framework.</p><p> </p><p> </p><p> </p><p>Treasury officials were consulted on the terms of reference for the review. The terms of reference were made publicly available on the Bank of England’s website.</p><p> </p><p> </p><p> </p><p>On 31 October 2014, following almost a year of work and extensive consultation with stakeholders, the FPC published its response, the Review of the leverage ratio. The Review recommended that the FPC be given new powers of direction over the leverage ratio framework for the UK banking sector.</p><p> </p><p> </p><p> </p><p>The Government has brought forward a statutory instrument to grant the FPC these powers.</p><p> </p> answering member printed Lord Deighton question first answered 04/03/2015 14:10:39 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

222754

registered interest
date	23/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government at what level the average leverage ratio becomes of concern to Ministers; and whether they use the 6.2 average in the first quarter of 2007 as a benchmark for risk in the banking sector.
tabling member printed	Lord Mendelsohn
uin	HL5095
answer	answer is ministerial correction date of answer 04/03/2015 answer text <p>The Government is bringing forward secondary legislation to grant the Financial Policy Committee (FPC) of the independent Bank of England new powers of direction with regards to a leverage ratio framework.</p><p> </p><p> </p><p> </p><p>Macro-prudential decisions must be insulated from political concerns, which is why the FPC has responsibility for macro-prudential regulation. It is for the FPC to decide what the appropriate calibration of its leverage ratio framework is.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 04/03/2015 14:20:31 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

222755

registered interest
date	23/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they support the revision to the European Union Markets in Financial Instruments Directive to cut the maximum allowable delay for reporting large equity trades from three days to the end of each trading day; and whether they will also introduce requirements to ensure that brokers and asset managers do not pass on costs for their errors to pension funds.
tabling member printed	Lord Mendelsohn
uin	HL5096
answer	answer is ministerial correction date of answer 09/03/2015 answer text <p>The regulatory technical standards under the Markets in Financial Instruments Directive II will set the details of the post-trade transparency rules, including the allowable length of delay for reporting trades. These technical standards have not yet been adopted and are currently being consulted on by the European Securities and Markets Authority.</p><p> </p><p> </p><p> </p><p>The Financial Conduct Authority has described examples of good practice under conflicts of interest rules covering the allocation of the costs of trading errors between firms and their customers.</p><p> </p> answering member printed Lord Deighton question first answered 09/03/2015 17:21:48 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

222756

registered interest
date	23/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they receive any regular reports about, or have been alerted to increasing problems with, high frequency trading firms using abusive techniques to profit at the expense of others.
tabling member printed	Lord Mendelsohn
uin	HL5097
answer	answer is ministerial correction date of answer 09/03/2015 answer text <p>The Government takes allegations of market abuse very seriously. High frequency trading firms are authorised and supervised by the Financial Conduct Authority (FCA), and it is the responsibility of the FCA to investigate allegations of misconduct.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 09/03/2015 17:44:02 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

222757

registered interest
date	23/02/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether in preparing for the revised European Union Market Abuse Directive and Market Abuse Regulation they have compiled any evidence of increasing reports of insider dealing and market manipulation; and whether Ministers have received any requests from regulatory authorities for extra resources or powers to address such practices.
tabling member printed	Lord Mendelsohn
uin	HL5098
answer	answer is ministerial correction date of answer 09/03/2015 answer text <p>The Financial Conduct Authority (FCA) is responsible for the investigation of possible misconduct and subsequent enforcement proceedings, including in relation to possible manipulation of benchmarks.</p><p> </p><p> </p><p> </p><p>The FCA is operationally independent from Government and it would therefore not be appropriate to comment on any ongoing investigations.</p><p> </p><p> </p><p> </p><p>The Government supports the update to the European market abuse framework. Strengthening the framework, and its application across Member States, is important to tackle market abuse effectively across the EU and ensure investor confidence.</p><p> </p><p> </p><p> </p><p>The EU Market Abuse Regulation, which was adopted in April 2014, grants competent authorities considerable investigatory powers and will be directly applicable from July 2016.</p><p> </p><p> </p><p> </p><p>The UK will not opt into the new EU Criminal Sanctions Market Abuse Directive (CSMAD) but instead update the domestic regime in order to retain flexibility in how it develops its regime in the future. The domestic regime will go at least as far as CSMAD.</p><p> </p><p> </p><p> </p><p>In June 2014, the Chancellor announced the Fair &amp; Effective Markets Review jointly led by HM Treasury, the Bank of England and the Financial Conduct Authority. The Review is focusing on the wholesale markets where the bulk of concerns about misconduct have arisen. The Government looks forward to the Review’s final recommendations in June 2015.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL5099 HL5160 question first answered 09/03/2015 17:51:10 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

222758

registered interest
date	23/02/2015
answering body	HM 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 whether they have received any reports from any regulatory or investigative authorities within the United Kingdom or overseas after the Libor affair suggesting manipulation of other benchmarks; and, if so, how many investigations have been opened.
tabling member printed	Lord Mendelsohn
uin	HL5099
answer	answer is ministerial correction date of answer 09/03/2015 answer text <p>The Financial Conduct Authority (FCA) is responsible for the investigation of possible misconduct and subsequent enforcement proceedings, including in relation to possible manipulation of benchmarks.</p><p> </p><p> </p><p> </p><p>The FCA is operationally independent from Government and it would therefore not be appropriate to comment on any ongoing investigations.</p><p> </p><p> </p><p> </p><p>The Government supports the update to the European market abuse framework. Strengthening the framework, and its application across Member States, is important to tackle market abuse effectively across the EU and ensure investor confidence.</p><p> </p><p> </p><p> </p><p>The EU Market Abuse Regulation, which was adopted in April 2014, grants competent authorities considerable investigatory powers and will be directly applicable from July 2016.</p><p> </p><p> </p><p> </p><p>The UK will not opt into the new EU Criminal Sanctions Market Abuse Directive (CSMAD) but instead update the domestic regime in order to retain flexibility in how it develops its regime in the future. The domestic regime will go at least as far as CSMAD.</p><p> </p><p> </p><p> </p><p>In June 2014, the Chancellor announced the Fair &amp; Effective Markets Review jointly led by HM Treasury, the Bank of England and the Financial Conduct Authority. The Review is focusing on the wholesale markets where the bulk of concerns about misconduct have arisen. The Government looks forward to the Review’s final recommendations in June 2015.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton grouped question UIN HL5098 HL5160 question first answered 09/03/2015 17:51:10 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn