The Financial Services (Implementation of Legislation) Bill [Lords] passed its Second Reading in the House of Commons on Monday 11 February 2019.
The Financial Secretary to the Treasury, Mel Stride,opened the debate on the Second Reading for the Government. He said;
"The Bill provides a mechanism through which the UK will be able to implement in-flight financial services legislation. They fall into two categories. The first category of files relates to those that have been agreed while we have been a member of the European Union, but will not apply or be in force prior to the UK’s exit from the EU on 29 March. In a no-deal and in the absence of the Bill, there would be no effective way to implement those files in a timely manner, as each would require primary legislation. The Bill allows the Government to domesticate each of these files in whole or in part via an affirmative statutory instrument. It further provides a power to fix deficiencies within them."
Though opposed by the Opposition, with several MPs expressing concern that it affords the Government extra powers with uncertainty around accountability or implementation, the Bill passed its Second Reading following a division.
The Ayes were 293 and the Noes 248.
The Financial Services (Implementation of Legislation) Bill [Lords] now progresses to committee stage.
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What is the Financial Services (Implementation of Legislation) Bill?
This bill would give the Government powers to implement and change 'in flight' files of EU financial services legislation in UK law.
These powers will last for two years after Brexit, in the event of a 'no-deal' scenario.
'In flight' refers to EU legislation that:
- has been adopted by the EU but not yet enacted,
- or is currently in negotiation and may be adopted in the two years following EU withdrawal
Read about the House of Lords stages for this Bill.
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