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1149427

registered interest
date	15/10/2019
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, what assessment he has made of the potential merits of the recommendations of the Cryptoassets Taskforce's 2018 report in relation to enabling innovators in the financial sector that play by the rules to thrive.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	492
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>In October 2018 HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) released the final report of the Cryptoasset Taskforce.</p><p>The government continues to endorse the approach set out in the report, including its recommendations, as the right way to facilitate innovation while protecting consumers and firms. To date, a number of steps have been taken to implement the report’s recommendations, with others to follow.</p><p>For instance, the FCA has consulted and issued final guidance on the regulatory perimeter in relation to cryptoassets, and HMT has consulted on the transposition of the 5<sup>th</sup> Anti-Money Laundering Directive (5AMLD).</p> answering member constituency Salisbury answering member printed John Glen question first answered 21/10/2019 14:54:05 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149428

registered interest
date	15/10/2019
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, whether issuers of Exchange Traded Notes are required to comply with (a) the EU Prospectus Directive, (b) Listing Rules for the NASDNAQ and (c) Nordic Growth Markets.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	493
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>With a limited number of exemptions, issuers of exchange traded notes (ETNs) in the UK are obliged to produce a prospectus under the Prospectus Regulation – which replaced the Prospectus Directive from 21 July 2019 – when offering ETNs to the public or admitting them to trading on a regulated market in the UK.</p><p>Issuers looking to admit securities, including ETNs, to trading on an exchange in another jurisdiction – including NASDAQ and the Nordic Growth Markets - must also comply with the admission requirements and rules of that jurisdiction.</p><p> </p><p>The Government is committed to ensuring that the UK remains the best place in the world for FinTech.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 495 question first answered 21/10/2019 14:59:32 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149429

registered interest
date	15/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect on the UK’s status as a FinTech hub of the proposals by the Financial Conduct Authority to ban the sale of cryptoasset investment products for retail investors.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	494
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>The Financial Conduct Authority (FCA) made a commitment to consult on the potential prohibition of the sale to retail consumers of derivatives referencing certain types of cryptoassets in the final report of the Cryptoasset Taskforce, comprised of HM Treasury, the Bank of England and the Financial Conduct Authority, in October 2018.</p><p> </p><p>The final decision on this consultation is a matter for the Financial Conduct Authority (FCA), which is operationally independent from government.</p><p> </p><p>The government continues to endorse the approach set out in that the Cryptoasset Taskforce report as the right way to facilitate innovation while protecting consumers and firms.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 491 499 question first answered 21/10/2019 15:19:06 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149430

registered interest
date	15/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Fnancial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect on the UK’s status as a FinTech hub of innovative Exchange Traded Notes issuers (a) remaining and (b) establishing operations in the UK.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	495
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>With a limited number of exemptions, issuers of exchange traded notes (ETNs) in the UK are obliged to produce a prospectus under the Prospectus Regulation – which replaced the Prospectus Directive from 21 July 2019 – when offering ETNs to the public or admitting them to trading on a regulated market in the UK.</p><p>Issuers looking to admit securities, including ETNs, to trading on an exchange in another jurisdiction – including NASDAQ and the Nordic Growth Markets - must also comply with the admission requirements and rules of that jurisdiction.</p><p> </p><p>The Government is committed to ensuring that the UK remains the best place in the world for FinTech.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 493 question first answered 21/10/2019 14:59:32 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies

1149432

registered interest
date	15/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the evidential basis was for the Financial Conduct Authority statement in its consultation that Exchange Traded Notes that reference cryptoassets present risks to investors that are similar to Contract for Difference products which reference cryptoassets.
tabling member constituency	Shipley
tabling member printed	Philip Davies
uin	497
answer	answer is ministerial correction date of answer 21/10/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is independent of government. The question has been passed to the FCA.</p><p>The FCA will reply directly to Philip Davies MP by letter. A copy of the letter will be placed in the Library of the House.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 488 490 496 498 500 948 question first answered 21/10/2019 15:14:18 answering member 4051 label Biography information for John Glen
tabling member	1565 label Biography information for Sir Philip Davies