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515521

registered interest
date	25/04/2016
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Protection Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will review the financial strength of the Pension Protection Fund.
tabling member printed	Lord Myners
uin	HL7901
answer	answer is ministerial correction date of answer 28/04/2016 answer text <p>The Pension Protection Fund is run by an independent Board and reviews its financial position regularly. It manages over £23 billion of assets and, in the 2014/15 Annual Report, the last published, declared a funding ratio of 115.1 per cent and a surplus of £3.6 billion.</p><p><strong> </strong></p> answering member printed Baroness Altmann question first answered 28/04/2016 11:31:07 answering member 4533 label Biography information for Baroness Altmann
tabling member	3869 label Biography information for Lord Myners

515523

registered interest
date	25/04/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	British Home Stores: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will establish an inquiry into the circumstances surrounding BHS being placed in administration, and in particular in to the implications for employees, pension scheme members and creditors.
tabling member printed	Lord Myners
uin	HL7903
answer	answer is ministerial correction date of answer 03/05/2016 answer text <p>When a company enters administration, the administrators have to report to my right hon. Friend the Secretary of State for Business, Innovation and Skills within three months on the conduct of the directors.</p><p>In the case of BHS the Insolvency Service is making early contact with the administrators to discuss the directors’ conduct and to consider whether further steps, such as a detailed investigation, may be necessary.</p><p>Where misconduct is established it can lead to disqualification of a director for between 2 and 15 years.</p> answering member printed Baroness Neville-Rolfe question first answered 03/05/2016 11:39:50 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

515524

registered interest
date	25/04/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	British Home Stores: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have had any talks with the owners, managers or advisers to BHS; and whether they will take any action to protect employees, creditors and pensioners.
tabling member printed	Lord Myners
uin	HL7904
answer	answer is ministerial correction date of answer 03/05/2016 answer text <p>This is a worrying time for the BHS workforce and their families.</p><p>I understand that there are no plans for immediate store closures and that the administrators are looking to sell BHS as a going concern.</p><p>Clearly if this proves not to be possible, then we stand ready to help those affected, including through Jobcentre Plus’ Rapid Response Service, to help people move into new jobs as quickly as possible.</p><p>The Insolvency Service continues to liaise with the administrators, and stands ready to provide statutory assistance to employees in the event that the commercial situation changes.</p><p>I understand that the BHS schemes are in the early stages of a Pension Protection Fund (PPF) assessment period, during which the PPF will determine the final funding position of the scheme and whether it should assume responsibility for a scheme. We cannot comment on this, or any other individual case directly.</p> answering member printed Baroness Neville-Rolfe question first answered 03/05/2016 11:39:14 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

515525

registered interest
date	25/04/2016
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Pension Protection Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have considered the risk to the solvency of the Pension Protection Fund of owners of companies with funding deficits selling the business for a nominal consideration or to an unsuitable purchaser.
tabling member printed	Lord Myners
uin	HL7905
answer	answer is ministerial correction date of answer 28/04/2016 answer text <p>The independent Pensions Regulator, which oversees worked based pensions, has a statutory objective to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund. It was given a significant range of anti-avoidance powers in the Pensions Act 2004, which can be deployed where it is appropriate and where the legal tests laid down in legislation are met.</p> answering member printed Baroness Altmann question first answered 28/04/2016 11:35:14 answering member 4533 label Biography information for Baroness Altmann
tabling member	3869 label Biography information for Lord Myners

512783

registered interest
date	14/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of whether children of a first marriage are disadvantaged compared with the children of subsequent marriages under current inheritance tax rules.
tabling member printed	Lord Myners
uin	HL7672
answer	answer is ministerial correction date of answer 28/04/2016 answer text <p>Inheritance tax is generally levied on estates rather than on beneficiaries. Although any legacies to a spouse or civil partner will be exempt, the relationship between the deceased and the beneficiaries usually has no effect on the inheritance tax liability of an estate under the current rules. The children of first marriages and of subsequent marriages, and indeed other beneficiaries of the deceased, will generally be treated in the same way.</p><p> </p><p>The Government considered whether children of a first marriage would be disadvantaged compared with children of subsequent marriages when developing legislation for the new residence allowance. This is being phased in from April 2017 for individuals who leave their home to their children, grandchildren or other direct descendants. The definition of direct descendants includes a person who was at any time a step-child of the deceased so it would apply equally to children of first and any subsequent marriages.</p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 28/04/2016 14:48:38 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

511876

registered interest
date	13/04/2016
answering body	Home Office
answering dept id	1
answering dept short name	Home Office
answering dept sort name	Home Office
hansard heading	Sovereign Wealth Funds: Malaysia
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether any enquiries have been launched into the involvement of UK financial institutions in the matter of the Malaysian state fund 1Malaysia Development Berhad.
tabling member printed	Lord Myners
uin	HL7635
answer	answer is ministerial correction date of answer 22/04/2016 answer text <p>The Government is committed to ensuring that the UK has a robust but proportionate anti-money laundering regime. The UK’s first National Risk Assessment of money laundering was published on 15 October 2015. It identified the threats and vulnerabilities faced in this area, and an Action Plan will be published shortly, clearly setting out the steps that will be taken to address them.</p><p>The Prime Minister made clear in his Singapore speech on corruption last year that the Government is determined to make sure the UK does not become a safe haven for corrupt money. The Prime Minister's Anti-Corruption Summit in May will also consider what more the UK and our international partners can do to tackle flows of illicit finance at home and abroad.</p><p>Any investigation is an operational matter for the police and the prosecution authorities. The decision on whether to investigate a case, and then take forward a prosecution, will depend on the evidence available.</p> answering member printed Lord Ahmad of Wimbledon question first answered 22/04/2016 12:57:35 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	3869 label Biography information for Lord Myners

511541

registered interest
date	12/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange: Deutsche Borse
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what actions they will take to ensure that arrangements for post-trade collateral management consequent on the takeover of the London Stock Exchange by Deutsche Börse does not increase risks to financial stability.
tabling member printed	Lord Myners
uin	HL7583
answer	answer is ministerial correction date of answer 26/04/2016 answer text <p>I refer the noble Lord to the investor relations section of the London Stock Exchange Group website, which contains information about the proposed merger, including some information on the combined group’s proposed structure. I also refer the noble Lord to my previous written answer HL7153.</p><p> </p><p>Once formally notified of the proposed merger, the Bank of England and the Financial Conduct Authority (as supervisors of the London Stock Exchange Group’s UK-authorised subsidiaries) must assess the proposal from a regulatory standpoint.</p><p> </p><p>In addition the proposed merger must be approved by competition authorities and is subject to a range of other assessments including those of overseas regulators and shareholders.</p><p> </p><p>European Regulation No 648/2012 (EMIR) sets out detailed standards on the quality of collateral that a central counterparty (CCP) can accept, and includes a general requirement that the CCP can demonstrate to its supervisor that the form of collateral in question does not present unmanageable risk to the CCP. Furthermore, CCPs are permitted under EMIR to invest their collateral “only in cash or in highly liquid financial instruments with minimal market and credit risk.”</p><p> </p><p>Any proposals for inter-CCP links would need to be assessed against relevant parts of EMIR by the Bank of England, as supervisor of LCH. EMIR requires that models used to set CCP margin requirements (and any changes to them) are validated by the CCP’s supervisor. EMIR also requires that a CCP wishing to extend its business to additional products or services must obtain the authorisation of its supervisor.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7584 HL7585 HL7586 question first answered 26/04/2016 16:21:20 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

511542

registered interest
date	12/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange: Deutsche Borse
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what actions they have taken, if any, to ensure that the proposed cross-margining arrangements between Eurex and LCH do not subordinate counter-parties in the latter in the event of a failure of Eurex.
tabling member printed	Lord Myners
uin	HL7584
answer	answer is ministerial correction date of answer 26/04/2016 answer text <p>I refer the noble Lord to the investor relations section of the London Stock Exchange Group website, which contains information about the proposed merger, including some information on the combined group’s proposed structure. I also refer the noble Lord to my previous written answer HL7153.</p><p> </p><p>Once formally notified of the proposed merger, the Bank of England and the Financial Conduct Authority (as supervisors of the London Stock Exchange Group’s UK-authorised subsidiaries) must assess the proposal from a regulatory standpoint.</p><p> </p><p>In addition the proposed merger must be approved by competition authorities and is subject to a range of other assessments including those of overseas regulators and shareholders.</p><p> </p><p>European Regulation No 648/2012 (EMIR) sets out detailed standards on the quality of collateral that a central counterparty (CCP) can accept, and includes a general requirement that the CCP can demonstrate to its supervisor that the form of collateral in question does not present unmanageable risk to the CCP. Furthermore, CCPs are permitted under EMIR to invest their collateral “only in cash or in highly liquid financial instruments with minimal market and credit risk.”</p><p> </p><p>Any proposals for inter-CCP links would need to be assessed against relevant parts of EMIR by the Bank of England, as supervisor of LCH. EMIR requires that models used to set CCP margin requirements (and any changes to them) are validated by the CCP’s supervisor. EMIR also requires that a CCP wishing to extend its business to additional products or services must obtain the authorisation of its supervisor.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7583 HL7585 HL7586 question first answered 26/04/2016 16:21:20 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

511543

registered interest
date	12/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange: Deutsche Borse
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of whether, in the event of the takeover of the London Stock Exchange by Deutsche Börse, LCH and Eurex will have a regulator in common, and if so, whether that regulator will be the Financial Conduct Authority.
tabling member printed	Lord Myners
uin	HL7585
answer	answer is ministerial correction date of answer 26/04/2016 answer text <p>I refer the noble Lord to the investor relations section of the London Stock Exchange Group website, which contains information about the proposed merger, including some information on the combined group’s proposed structure. I also refer the noble Lord to my previous written answer HL7153.</p><p> </p><p>Once formally notified of the proposed merger, the Bank of England and the Financial Conduct Authority (as supervisors of the London Stock Exchange Group’s UK-authorised subsidiaries) must assess the proposal from a regulatory standpoint.</p><p> </p><p>In addition the proposed merger must be approved by competition authorities and is subject to a range of other assessments including those of overseas regulators and shareholders.</p><p> </p><p>European Regulation No 648/2012 (EMIR) sets out detailed standards on the quality of collateral that a central counterparty (CCP) can accept, and includes a general requirement that the CCP can demonstrate to its supervisor that the form of collateral in question does not present unmanageable risk to the CCP. Furthermore, CCPs are permitted under EMIR to invest their collateral “only in cash or in highly liquid financial instruments with minimal market and credit risk.”</p><p> </p><p>Any proposals for inter-CCP links would need to be assessed against relevant parts of EMIR by the Bank of England, as supervisor of LCH. EMIR requires that models used to set CCP margin requirements (and any changes to them) are validated by the CCP’s supervisor. EMIR also requires that a CCP wishing to extend its business to additional products or services must obtain the authorisation of its supervisor.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7583 HL7584 HL7586 question first answered 26/04/2016 16:21:20 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

511544

registered interest
date	12/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange: Deutsche Borse
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of whether the proposed takeover of the London Stock Exchange by Deutsche Börse gives rise to issues of national importance.
tabling member printed	Lord Myners
uin	HL7586
answer	answer is ministerial correction date of answer 26/04/2016 answer text <p>I refer the noble Lord to the investor relations section of the London Stock Exchange Group website, which contains information about the proposed merger, including some information on the combined group’s proposed structure. I also refer the noble Lord to my previous written answer HL7153.</p><p> </p><p>Once formally notified of the proposed merger, the Bank of England and the Financial Conduct Authority (as supervisors of the London Stock Exchange Group’s UK-authorised subsidiaries) must assess the proposal from a regulatory standpoint.</p><p> </p><p>In addition the proposed merger must be approved by competition authorities and is subject to a range of other assessments including those of overseas regulators and shareholders.</p><p> </p><p>European Regulation No 648/2012 (EMIR) sets out detailed standards on the quality of collateral that a central counterparty (CCP) can accept, and includes a general requirement that the CCP can demonstrate to its supervisor that the form of collateral in question does not present unmanageable risk to the CCP. Furthermore, CCPs are permitted under EMIR to invest their collateral “only in cash or in highly liquid financial instruments with minimal market and credit risk.”</p><p> </p><p>Any proposals for inter-CCP links would need to be assessed against relevant parts of EMIR by the Bank of England, as supervisor of LCH. EMIR requires that models used to set CCP margin requirements (and any changes to them) are validated by the CCP’s supervisor. EMIR also requires that a CCP wishing to extend its business to additional products or services must obtain the authorisation of its supervisor.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7583 HL7584 HL7585 question first answered 26/04/2016 16:21:20 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners