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1185985

registered interest
date	17/03/2020
answering body	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, or the Financial Conduct Authority, monitor whether trade receivables included in securitised bonds (1) reflect transactions completed, or (2) can also include transactions yet to be completed or documented by the two sides to the expected transaction; and whether they have discussed this with the Federal Financial Supervisory Authority in Germany.
tabling member printed	Lord Myners
uin	HL2702
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are responsible for monitoring risks in the UK securitisation market, in line with their statutory objectives.</p><p> </p><p>In January 2019, the EU Securitisation Regulation (Regulation 2017/2407) became applicable in the United Kingdom. Consistent with this Regulation, the Government and the FCA expects that underlying exposures transferred to a securitisation vehicle, including trade receivables, contain obligations which are contractually binding and enforceable.</p><p> </p><p>In trade receivable transactions, goods or services to which the credit claims refer may be delivered later and be deficient. Such a risk is often quantified as a matter of routine in securitisation transactions. The Government expects relevant market participants to conduct due diligence where required.</p><p> </p><p>The FCA and the PRA apply a risk-based supervision of the securitisation market and can choose to undertake a thematic analysis of the market, including on trade receivables financing.</p><p> </p><p>The FCA maintains bilateral relationships and collaborates effectively with the regulatory and supervisory authorities of other countries, including Germany.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 26/03/2020 16:42:59 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1185138

registered interest
date	16/03/2020
answering body	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 issued any guidance (1) to fund managers on statements related to restricting redemptions of investments of open-ended funds, and (2) on whether fund managers may issue statements that fund investors will never be gated.
tabling member printed	Lord Myners
uin	HL2640
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The government is committed to ensuring that the UK has a robust framework for regulating financial services and that consumers are treated fairly. There are a range of existing rules in this area and there is work underway to address ‘liquidity mismatch’ in open-ended funds and to protect consumers.</p><p> </p><p>Financial services firms are required to treat customers fairly under rules set by the Financial Conduct Authority (FCA), and the FCA is responsible for overseeing the conduct standards of financial services firms. There are already a number of rules on eligible assets, which aim to protect consumers. Such rules apply to both types of fund that can be sold to retail investors – UCITS and non-UCITS retail schemes. Additionally, in September, the FCA published a policy response to their consultation on illiquid assets and open-ended funds. This outlined new rules for certain structures that invest in illiquid assets, which will come into effect in September 2020. The new rules will include a requirement that non-UCITS retail schemes investing in inherently illiquid assets must suspend dealing where the independent valuer determines there is material uncertainty regarding the value of more than 20% of the fund’s assets. The FCA is also currently working with the Bank of England’s Financial Policy Committee to assess how funds’ redemption terms might be better aligned with the liquidity of their assets.</p><p> </p><p>Fund suspensions can be a necessary safety feature which ensures that a fund is not forced to sell assets at a distressed market price, which would lead to further losses for end investors in the fund. FCA rules permit suspensions, which may last for as long as is necessary to protect the interests of the remaining investors in the fund.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2585 question first answered 26/03/2020 15:41:22 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1184996

registered interest
date	13/03/2020
answering body	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 what plans they have to issue guidance to (1) unit trust, and (2) open-ended investment company, managers to limit fund redemptions instead of obliging fund managers to be forced sellers of shares and bonds.
tabling member printed	Lord Myners
uin	HL2585
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The government is committed to ensuring that the UK has a robust framework for regulating financial services and that consumers are treated fairly. There are a range of existing rules in this area and there is work underway to address ‘liquidity mismatch’ in open-ended funds and to protect consumers.</p><p> </p><p>Financial services firms are required to treat customers fairly under rules set by the Financial Conduct Authority (FCA), and the FCA is responsible for overseeing the conduct standards of financial services firms. There are already a number of rules on eligible assets, which aim to protect consumers. Such rules apply to both types of fund that can be sold to retail investors – UCITS and non-UCITS retail schemes. Additionally, in September, the FCA published a policy response to their consultation on illiquid assets and open-ended funds. This outlined new rules for certain structures that invest in illiquid assets, which will come into effect in September 2020. The new rules will include a requirement that non-UCITS retail schemes investing in inherently illiquid assets must suspend dealing where the independent valuer determines there is material uncertainty regarding the value of more than 20% of the fund’s assets. The FCA is also currently working with the Bank of England’s Financial Policy Committee to assess how funds’ redemption terms might be better aligned with the liquidity of their assets.</p><p> </p><p>Fund suspensions can be a necessary safety feature which ensures that a fund is not forced to sell assets at a distressed market price, which would lead to further losses for end investors in the fund. FCA rules permit suspensions, which may last for as long as is necessary to protect the interests of the remaining investors in the fund.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2640 question first answered 26/03/2020 15:41:22 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1182486

registered interest
date	03/03/2020
answering body	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 what assessment they have made of (1) any risk to the stability of the financial system from the potential failure of large portfolio risk management systems, and (2) the level of competition between providers of such systems to banks, insurers and fund managers.
tabling member printed	Lord Myners
uin	HL2188
answer	answer is ministerial correction date of answer 16/03/2020 answer text <p>HM Treasury works closely with the Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively the ‘Financial Authorities’) to ensure that the financial system is robust to a wide range of operational risks.</p><p> </p><p>Responsibility for the UK finance sector’s networks and systems is primarily for the firms themselves, and we expect firms to assess and manage the risks arising from the use of systems provided by a third party.</p><p> </p><p>We continue to work closely with the other Financial Authorities and industry to assess third-party risks in the sector. In December 2019, the Bank of England published a Consultation Paper which outlined updated policy proposals regarding outsourcing and third-party risk management.</p><p> </p><p><strong> </strong></p> answering member printed Lord Agnew of Oulton question first answered 16/03/2020 14:49:26 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1176212

registered interest
date	04/02/2020
answering body	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 (1) whether they, or the Financial Conduct Authority, are monitoring the use by fund managers of forward equity subscription commitments to leverage the gearing of open-end fund portfolios, and what assessment they have made as to whether such fund managers are correctly reporting the existence of such commitments to potential and actual investors in relevant funds; and (2) whether they have reviewed the arrangements made and signed by Woodford Investments as a principal or agent for funds.
tabling member printed	Lord Myners
uin	HL1332
answer	answer is ministerial correction date of answer 19/02/2020 answer text <p>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 the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton question first answered 19/02/2020 10:57:32 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1175335

registered interest
date	27/01/2020
answering body	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	Her Majesty's Government what plans they have to review the effectiveness of authorised corporate directors of open-ended investment funds in providing investor protection.
tabling member printed	Lord Myners
uin	HL803
answer	answer is ministerial correction date of answer 10/02/2020 answer text <p>The government is committed to ensuring that the UK has a robust framework for financial regulation and that consumers are treated fairly. The FCA is responsible for overseeing the conduct standards of financial services firms. <br> <br> ‘Host’ Authorised Corporate Directors (ACDs) are Authorised Fund Managers which are not within the group structure of the delegate investment manager. The FCA is currently reviewing how effectively ‘host’ ACDs undertake their responsibilities. The FCA expects to complete this work in the first half of 2020.</p><p> </p> answering member printed The Earl of Courtown question first answered 10/02/2020 15:40:57 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1156326

registered interest
date	24/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will (1) establish an independent review into the Financial Conduct Authority's supervision of Woodford Investment Management and Link Financial Solutions, and (2) review the protections in place for investors in open-ended funds in circumstances similar to those managed by Woodford.
tabling member printed	Lord Myners
uin	HL410
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>The government takes the suspension and winding up of the Woodford Equity Income Fund (WEIF) very seriously and is monitoring the response. The Financial Conduct Authority (FCA) is continuing its investigation into the activities that led to the suspension of the WEIF. At this stage, the government has not seen evidence that would justify establishing an independent review into the FCA’s supervision of the fund.</p><p> </p><p>As part of its investigation, the FCA is considering what FCA rule changes may be necessary to protect investors and to prevent similar issues in future. The FCA is also working with the Bank of England’s Financial Policy Committee to assess how funds’ redemption terms might be better aligned with the liquidity of their assets. Once the FCA publishes its findings, we will be able to assess whether there is any further role for the government.</p><p> </p> answering member printed The Earl of Courtown question first answered 04/11/2019 13:59:30 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1144187

registered interest
date	03/09/2019
answering body	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 what plans they have to increase minimum capital requirements for fund managers managing Undertakings for the Collective Investment in Transferable Securities funds and other open-ended funds.
tabling member printed	Lord Myners
uin	HL17675
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The FCA Handbook outlines the rules on the capital requirements for UCITS management firms, which are derived from the EU UCITS Directive. These requirements can be found in Chapter 11 of the Interim Prudential Sourcebook for Investment Business. If there was to be any policy decision by the FCA to change these rules in the future, that would be subject to the FCA’s relevant governance process, including a public consultation.</p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:41:08 answering member 3359 label Biography information for The Earl of Courtown
tabling member	3869 label Biography information for Lord Myners

1141933

registered interest
date	24/07/2019
answering body	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 what assessment, if any, they have made of the case for specifying a higher liquidity test for UK-managed Undertakings for Collective Investment in Transferable Securities than is required by EU Directive 2009/65/EC; and what discussions they have had with the Financial Conduct Authority about that test.
tabling member printed	Lord Myners
uin	HL17477
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>Following the suspension of the Woodford Equity Income Fund (WEIF), HM Treasury has discussed the liquidity rules for UK UCITS funds with the Financial Conduct Authority (FCA), which is responsible for the ongoing supervision and regulation of the UK’s financial services sector, including investment funds.</p><p> </p><p>The FCA have launched an investigation into the events leading up to the suspension of the WEIF. The investigation will determine the facts of the case, including whether any rules have been broken, and inform any future decision on whether rule changes are required.</p> answering member printed Lord Young of Cookham question first answered 06/08/2019 13:37:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1140491

registered interest
date	18/07/2019
answering body	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 ever formally reviewed the case for the UK establishing its own requirements for liquidity standards for Undertakings for the Collective Investment in Transferable Securities at higher levels than specified by EU Directives; or whether the UK is currently bound by EU rules and cannot introduce higher standards.
tabling member printed	Lord Myners
uin	HL17324
answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>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> answering member printed Lord Young of Cookham question first answered 23/07/2019 11:17:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners