The Government does not comment on details of the proposed business models of individual companies. However, this proposal raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.<\/p>
<\/p>
More broadly, the Government established the Cryptoassets Taskforce \u2013 comprised of HM Treasury, the Financial Conduct Authority and the Bank of England - to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce\u2019s response set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.<\/p>
<\/p>
The Taskforce\u2019s final report, found that cryptoassets do not currently pose a material threat to UK or global financial stability, however this could change in the future, and the Bank of England\u2019s Financial Policy Committee will continue to monitor the situation.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-07-15", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-15T14:04:14.17Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-07-01", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Facebook: Cryptocurrencies"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of the implications of Facebook\u2019s proposed Libra cryptocurrency on the management of monetary and financial stability mechanisms and policies.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16841"} , {"_about" : "http://data.parliament.uk/resources/1135749", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1135749/answer", "answerText" : {"_value" : "
There is no requirement for asset management firms to discuss their specific investment strategies with either HM Treasury or the FCA.<\/p>
<\/p>
The overarching regulatory framework for UK UCITS funds comprises EU and UK legislation and Financial Conduct Authority (FCA) rules.<\/p>
<\/p>
The FCA is responsible for the supervision of UK funds including UCITS, and have a broad suite of supervisory and investigative powers. For example, the FCA is required to approve the investment objective and policy of UK domiciled funds, as well as statements in the prospectus about the application of investment limits, and firms are required to treat customers fairly.<\/p>
<\/p>
In circumstances where a UCITS fund is domiciled outside of the UK, the supervision of its compliance with applicable UCITS investment restrictions is a matter for the home state regulator.<\/p>
<\/p>
If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-07-15", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL16843"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-15T14:03:24.2Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-07-01", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "H2O Asset Management"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government whether they intend to conduct, or commission, an investigation into the management of investment portfolios by H2O Asset Management with particular reference to (1) the valuation of unlisted investments, and (2) the accuracy and completeness of statements by that firm\u2019s management of the \"gating\" of future redemptions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16842"} , {"_about" : "http://data.parliament.uk/resources/1135750", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1135750/answer", "answerText" : {"_value" : "
There is no requirement for asset management firms to discuss their specific investment strategies with either HM Treasury or the FCA.<\/p>
<\/p>
The overarching regulatory framework for UK UCITS funds comprises EU and UK legislation and Financial Conduct Authority (FCA) rules.<\/p>
<\/p>
The FCA is responsible for the supervision of UK funds including UCITS, and have a broad suite of supervisory and investigative powers. For example, the FCA is required to approve the investment objective and policy of UK domiciled funds, as well as statements in the prospectus about the application of investment limits, and firms are required to treat customers fairly.<\/p>
<\/p>
In circumstances where a UCITS fund is domiciled outside of the UK, the supervision of its compliance with applicable UCITS investment restrictions is a matter for the home state regulator.<\/p>
<\/p>
If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-07-15", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL16842"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-15T14:03:24.153Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-07-01", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "H2O Asset Management"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government whether H20 Asset Management consulted (1) them, or (2) the Financial Conduct Authority, before that company indicated that it would never \"gate\" redemptions for its funds; what assessment they have made of the accuracy of that statement; and whether H2O Asset Management has been required to back that statement up with a guarantee or credit line.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16843"} , {"_about" : "http://data.parliament.uk/resources/1134695", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1134695/answer", "answerText" : {"_value" : "
The question has been passed to the Bank of England. The Bank of England will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-07-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-08T14:53:59.217Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-25", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of the impact of quantitative easing and bank capital requirements on (1) moving credit risk to open-ended investment funds, and (2) financial stability.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16662"} , {"_about" : "http://data.parliament.uk/resources/1131477", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131477/answer", "answerText" : {"_value" : "
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-24T15:31:06.62Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what discussions they have had with the Financial Conduct Authority about establishing an independent review into the (1) role of corporate directors of open-ended investment funds, (2) limitations placed on unlisted and illiquid investments in such funds, and (3) systemic risks arising from daily dealing in the units of investment funds.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16271"} , {"_about" : "http://data.parliament.uk/resources/1131478", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1131478/answer", "answerText" : {"_value" : "
The question has been passed to the Bank of England. The Bank of England will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-24T15:30:53.887Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government what assessment they have made of any (1) systemic risk arising from open-ended investment funds investing in leveraged sub-investment grade bonds and debt issues by developing world nations denominated in G7 currencies, and (2) risks arising from such maturity transformation.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16272"} , {"_about" : "http://data.parliament.uk/resources/1130844", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1130844/answer", "answerText" : {"_value" : "
The Financial Conduct Authority (FCA) is the conduct regulator for the financial services industry in the UK. The FCA will not normally make public the fact that it is or is not investigating a particular matter, in order to protect the effectiveness of any investigation it carries out. The FCA has been made aware of this Parliamentary Question.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-24T13:56:34.497Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "GAM Greensill Supply Chain Finance Fund"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government whether they are investigating, or intend to investigate, the (1) management of, (2) investment valuations used by, and (3) relationships between managers and businesses invested in, the GAM Greensill Supply Chain Finance Fund.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16211"} , {"_about" : "http://data.parliament.uk/resources/1130845", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1130845/answer", "answerText" : {"_value" : "
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"} } , "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"} , "dateOfAnswer" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-06-24T13:56:52.107Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Lendy"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government whether, when authorising Lendy, the Financial Conduct Authority (FCA) considered the company to be (1) an agent, or (2) a principal, in the relationship between the lender or borrower; or whether the FCA took no view on this matter.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL16212"} , {"_about" : "http://data.parliament.uk/resources/1130250", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1130250/answer", "answerText" : {"_value" : "
The Financial Policy Committee (FPC) of the Bank of England was set up to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system as part of the new financial regulatory framework legislated for under The Financial Services Act 2012. The FPC set out its most recent assessment of financial stability risks, including from the sterling bond market, in its March 2019 Policy Summary, in which it noted that post-crisis reforms have made dealers, on which some markets rely, more resilient, reducing the probability that market-making losses could lead to their distress or failure. In addition, the FPC noted that during the more recent period of volatility at the end of 2018, pension funds and insurers had acted as net buyers of sterling corporate bonds. Notwithstanding this, new business models mean that liquidity conditions in corporate debt markets could change quickly in event of stress.<\/em> However, overall the FPC judged that markets had proved able to function effectively through volatile periods, and the strength of the core financial system, including banks, dealers and insurance companies, would support the functioning of markets on which the economy relied.<\/em><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"}
, "dateOfAnswer" : {"_value" : "2019-06-19", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-06-19T16:43:32.243Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2019-06-05", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Financial Markets"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government whether they have reviewed the market liquidity in the subprime sterling bond market in the context of increased bond issuance.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Myners"}
], "uin" : "HL16111"}
, {"_about" : "http://data.parliament.uk/resources/1130252", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1130252/answer", "answerText" : {"_value" : " There is an ongoing Financial Conduct Authority (FCA) investigation into the circumstances that have led to the administration of Lendy.<\/p> <\/p> It is important that the FCA rules for P2P lending remain relevant for this evolving sector, and the new rules announced by the FCA on 4 June reflect this. These will help to ensure that investors have the information they need to make effective decisions about P2P investments, without imposing additional costs on borrowers.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/57", "label" : {"_value" : "Biography information for Lord Young of Cookham"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Young of Cookham"}
, "dateOfAnswer" : {"_value" : "2019-06-19", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2019-06-19T16:39:39.717Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2019-06-05", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Lendy: Insolvency"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government whether they will establish an independent review into the FCA\u2019s supervision of Lendy and the actions taken by the FCA once it had raised questions about the firm\u2019s compliance with minimum regulatory standards and disclosure to lenders.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"}
}
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], "uin" : "HL16113"}
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