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1122050

registered interest
date	18/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Government's ministerial equivalents and exemption directions in financial services for the (a) EU and (b) EEA, made on 11 April 2019 are a result of discussions with the EU on the EU's forthcoming equivalents and exemption directions.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	245571
answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The Equivalence Directions made with respect to EU-adopted International Financial Reporting Standards (EU IFRS) deliver a commitment made by HM Treasury in November 2018. In the explanatory information for the Draft Official Listing of Securities, Prospectus and Transparency (Amendment) (EU Exit) Regulations 2019, published in November 2018, HM Treasury signalled its intention, in a no-deal scenario, to issue an equivalence decision with respect to EU IFRS in time for Exit day. This will ensure that issuers of securities in European Economic Area (EEA) states can continue to use EU IFRS to prepare financial statements for Transparency Directive requirements, and for the purposes of preparing a prospectus under the Prospectus Directive.</p><p> </p><p>HM Treasury and the EU have decided to provide exemptions for central banks and certain public bodies under specific financial services regulations in the event that the UK withdraws from the EU without an agreement. This decision, in the Exemption Directions made with respect to EU bodies, was taken as a result of an exchange of letters between HM Treasury and the EU Commission specifically on this matter in January 2019.</p><p> </p><p>HM Treasury and the EEA European Free Trade Association (EEA EFTA) countries of Norway, Iceland and Liechtenstein have decided to provide exemptions for central banks and certain public bodies under specific financial services regulations in the event that the UK withdraws from the EU without an agreement. This decision, in the Exemption Directions made with respect to EEA bodies, was taken as a result of an exchange of letters between HM Treasury and the EEA EFTA countries specifically on this matter in April 2019.</p><p> </p><p>Both sets of exemptions are important for avoiding disruption to the financial services sector, and the businesses and individuals relying on it, in the event that the United Kingdom withdraws from the European Union without an agreement.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 245572 245573 question first answered 25/04/2019 13:05:36 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell

1122055

registered interest
date	18/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions the Government has had with European Commission officials on the ministerial equivalents and exemption directions in financial services for the (a) EU and (b) EEA made on 11 April 2019.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	245572
answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The Equivalence Directions made with respect to EU-adopted International Financial Reporting Standards (EU IFRS) deliver a commitment made by HM Treasury in November 2018. In the explanatory information for the Draft Official Listing of Securities, Prospectus and Transparency (Amendment) (EU Exit) Regulations 2019, published in November 2018, HM Treasury signalled its intention, in a no-deal scenario, to issue an equivalence decision with respect to EU IFRS in time for Exit day. This will ensure that issuers of securities in European Economic Area (EEA) states can continue to use EU IFRS to prepare financial statements for Transparency Directive requirements, and for the purposes of preparing a prospectus under the Prospectus Directive.</p><p> </p><p>HM Treasury and the EU have decided to provide exemptions for central banks and certain public bodies under specific financial services regulations in the event that the UK withdraws from the EU without an agreement. This decision, in the Exemption Directions made with respect to EU bodies, was taken as a result of an exchange of letters between HM Treasury and the EU Commission specifically on this matter in January 2019.</p><p> </p><p>HM Treasury and the EEA European Free Trade Association (EEA EFTA) countries of Norway, Iceland and Liechtenstein have decided to provide exemptions for central banks and certain public bodies under specific financial services regulations in the event that the UK withdraws from the EU without an agreement. This decision, in the Exemption Directions made with respect to EEA bodies, was taken as a result of an exchange of letters between HM Treasury and the EEA EFTA countries specifically on this matter in April 2019.</p><p> </p><p>Both sets of exemptions are important for avoiding disruption to the financial services sector, and the businesses and individuals relying on it, in the event that the United Kingdom withdraws from the European Union without an agreement.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 245571 245573 question first answered 25/04/2019 13:05:36 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell

1122057

registered interest
date	18/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the Government received representations from the European Commission on the Government's ministerial equivalents and exemption directions in financial services for the EU and EEA, made on 11 April 2019.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	245573
answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The Equivalence Directions made with respect to EU-adopted International Financial Reporting Standards (EU IFRS) deliver a commitment made by HM Treasury in November 2018. In the explanatory information for the Draft Official Listing of Securities, Prospectus and Transparency (Amendment) (EU Exit) Regulations 2019, published in November 2018, HM Treasury signalled its intention, in a no-deal scenario, to issue an equivalence decision with respect to EU IFRS in time for Exit day. This will ensure that issuers of securities in European Economic Area (EEA) states can continue to use EU IFRS to prepare financial statements for Transparency Directive requirements, and for the purposes of preparing a prospectus under the Prospectus Directive.</p><p> </p><p>HM Treasury and the EU have decided to provide exemptions for central banks and certain public bodies under specific financial services regulations in the event that the UK withdraws from the EU without an agreement. This decision, in the Exemption Directions made with respect to EU bodies, was taken as a result of an exchange of letters between HM Treasury and the EU Commission specifically on this matter in January 2019.</p><p> </p><p>HM Treasury and the EEA European Free Trade Association (EEA EFTA) countries of Norway, Iceland and Liechtenstein have decided to provide exemptions for central banks and certain public bodies under specific financial services regulations in the event that the UK withdraws from the EU without an agreement. This decision, in the Exemption Directions made with respect to EEA bodies, was taken as a result of an exchange of letters between HM Treasury and the EEA EFTA countries specifically on this matter in April 2019.</p><p> </p><p>Both sets of exemptions are important for avoiding disruption to the financial services sector, and the businesses and individuals relying on it, in the event that the United Kingdom withdraws from the European Union without an agreement.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 245571 245572 question first answered 25/04/2019 13:05:36 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell

1015201

registered interest
date	26/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to his oral contribution of 22 November 2018, Official Report column 1097, on the terms of the agreement that he has reached with the EU and EU equivalence on financial services not being withdrawn on a whim, what assurances he has received on the future notice period for withdrawal of such equivalence by the EU.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	195459
answer	answer is ministerial correction date of answer 29/11/2018 answer text <p>The political declaration states at Paragraph 39 on page 9, that both parties are committed to developing ‘…close and structured cooperation on regulatory and supervisory matters’. It goes on to note that this cooperation should ‘…include transparency and appropriate consultation in the process of adoption, suspension and withdrawal of equivalence decisions’. This means that the UK and EU have instructed negotiators to deliver a legal agreement by the end of 2020 which incorporates these principles in relation to equivalence in financial services, keeping in mind a joint commitment to preserve financial stability and market integrity.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/11/2018 15:48:30 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

1005780

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 6 November 2018 to Question 187143 on EU Internal Trade, how his Department plans to transpose provisions from EU law into UK law involving thresholds measuring the proportion of the entire market or a specified number of grouping of member states, in the Markets in Financial Instruments Regulations Article (a) 5(1)(a) and 1(b), subparagraphs (3) to (6) and subparagraph (9), (b) Article 9(5), (c) Article 14(5) and (d) Article 36(5) in the event that the UK leaves the EU without a deal.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	190537
answer	answer is ministerial correction date of answer 15/11/2018 answer text <p>Article 5(1)(a) and 1(b), subparagraphs (3) to (6) and subparagraph (9) in the Markets in Financial Instruments Regulations will become deficient after the UK’s exit from the EU. In the event of the UK leaving the EU without a deal, it will be amended in accordance with Regulation 27(2) of the draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.</p><p> </p><p>Article 9(5) will become deficient after the UK’s exit from the EU. In the event of the UK leaving the EU without a deal it will be amended in accordance with Regulation 27(4) of the draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.</p><p> </p><p>Article 36 specifies a threshold which is expressed as an absolute number, so this will not be deficient after exit and is therefore not being amended.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/11/2018 15:48:31 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

1005783

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 6 November 2018 to Question 187143 on EU Internal Trade, how his Department plans to transpose provisions from EU law into UK law involving thresholds measuring the proportion of the entire market or a specified number of grouping of member states, in Articles 12 to 16 of the Commission Delegated Regulation amending MiFID 565/2017 in the event that the UK leaves the EU without a deal.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	190540
answer	answer is ministerial correction date of answer 15/11/2018 answer text <p>Articles 12 to 16 of the Commission Delegated Regulation amending MiFID 565/2017 will become deficient after the UK’s exit from the EU. In the event of the UK leaving the EU without a deal, it will be amended in accordance with Regulation 40 of the draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/11/2018 15:52:12 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

1005784

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of his Department's written answer to parliamentary question 187143, how his Department plans to transpose provisions from EU law into UK law involving thresholds measuring the proportion of the entire market or a specified number of grouping of member states, in Article 5(1)(a) and (b)) of the Commission Delegated Regulation 2017/567 in the event that the UK leaves the EU without a deal.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	190541
answer	answer is ministerial correction date of answer 15/11/2018 answer text <p>Article 5(1)(a) and (b)) of the Commission Delegated Regulation 2017/567 will become deficient after the UK’s exit from the EU. In the event of the UK leaving the EU without a deal, it will be amended in accordance with Regulation 59(2) of the draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/11/2018 15:54:33 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

999500

registered interest
date	01/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many provisions in financial and related regulations which require transposition into UK law in the event of the UK leaving the EU without a deal include thresholds measuring the proportion of (a) the entire EU market or (b) a specified number or grouping of member states.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	187143
answer	answer is ministerial correction date of answer 06/11/2018 answer text <p>The European Union (Withdrawal) Act 2018 (EUWA) repeals the European Communities Act 1972 on the day the UK leaves the EU and incorporates into UK domestic law the existing body of directly applicable EU law. The purpose of the EUWA is to provide a functioning statute book on the day we leave the EU.</p><p>In some instances, the retained EU law relating to financial services includes provisions that relate to thresholds measuring the proportion of the entire EU market or a specified number or grouping of member states. We are aware of four provisions in the Markets in Financial Instruments Regulations (MiFIR) (Article 5(1)(a) and 1(b), and subparagraphs (3)-(6) and subparagraph (9), Article 9(5), Article 14(5), Article 36(5)), five provisions in the Commission Delegated Regulation amending MiFID 565/2017 (Article 12 to 16) and one provision in the Commission Delegated Regulation 2017/567 (Article 5(1)(a) and (b)).</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/11/2018 17:13:40 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

794485

registered interest
date	23/11/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the extent to which the UK will be able to influence detailed regulation being developed from the Markets in Financial Instruments Directive; and if he will make a statement.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	115458
answer	answer is ministerial correction date of answer 28/11/2017 answer text <p>The Markets in Financial Instruments Directive (MiFID) II implements commitments made by the G20 in 2009 in light of the financial crisis. The UK achieved its key objectives in negotiations for MiFID II, which introduces changes that are necessary to support the effective functioning of financial markets.</p><p> </p><p>The detailed regulations under MiFID II, which take the form of delegated acts and regulatory technical standards, are largely complete ahead of their application on 3 January 2018. The UK authorities have been fully engaged in their development. The Chancellor has no plans to make a specific statement at this time.</p><p> </p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 28/11/2017 17:23:49 answering member 4095 label Biography information for Steve Barclay
tabling member	163 label Biography information for Sir Stephen Timms

459328

registered interest
date	10/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to UK firms of implementing Capital Requirement Directive IV.
tabling member constituency	St Albans
tabling member printed	Mrs Anne Main
uin	30666
answer	answer is ministerial correction date of answer 18/03/2016 answer text <p>The Capital Requirements Directive IV (CRD IV) implements, in the EU, the prudential banking standards agreed by the international Basel Committee. The Government supports these global standards to ensure that we do not again face severe economic impacts as a result of inadequate banking regulation and would have implemented these with or without EU legislation.</p><p> </p><p>It is difficult to isolate the costs and benefits from other prudential banking measures introduced since the global financial crisis. And the benefits in particular are hard to capture as they take time to materialize. However, the Prudential Regulation Authority (PRA) stated in its cost-benefit analysis carried out 2013 that ‘the CRDIV package is net beneficial to the UK economy.’</p><p> </p><p>Taking all of the prudential measures together, the PRA has estimated that the net economic benefit is £8.25bn per annum.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 18/03/2016 12:01:18 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	1568 label Biography information for Mrs Anne Main