Condition for exercise of power to increase limit: analysis of use of separate financial centres

Part of Commonwealth Development Corporation Bill – in the House of Commons at 2:18 pm on 10th January 2017.

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“After section 15 of the Commonwealth Development Corporation Act 1999 (limit on government assistance), insert—

“15A Condition for exercise of power to increase limit: analysis of use of separate financial centres

(1) The Secretary of State may only lay a draft of regulations under section 15(4) before the House of Commons if the Secretary of State has previously laid before Parliament an analysis on the use of separate financial centres.

(2) An analysis under subsection (1) shall consider and report upon—

(a) the countries in which CDC invests which do not have a sufficiently robust regulatory environment for its financial institutions to be used;

(b) the prospects for countries identified in accordance with paragraph (a) to cease to be in that category;

(c) the separate financial centres used for investments intended for countries identified in paragraph (a);

(d) the criteria used for determining the use of the financial centres identified in paragraph (c), and

(e) the Secretary of State’s assessment of the extent to which the financial centres identified in paragraph (c) comply with the standards of transparency and accountability in tax matters with which the United Kingdom complies.””—(Kate Osamor.)

This new clause would require any proposal to increase the limit by secondary legislation to be accompanied by an analysis of the CDC’s use of separate financial centres where countries do not have sufficiently robust regulatory environments, the transparency and accountability of those financial centres and the progress made in precluding the need for the use of separate financial centres.

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