Part of the debate – in the House of Lords at 5:22 pm on 27 November 2013.
There I was with my notes saying how inadequate the noble Lord’s answer was going to be. I am delighted that the Government have recognised the power of this argument and I look forward to discussions with them and to the moving of amendments at Third Reading.
Amendment 172 withdrawn.
Clause 117: Fees to meet Treasury expenditure relating to international organisations
Amendment 173
Moved by Lord Newby
173: Clause 117, page 92, line 14, at end insert—
“(2) In section 3A of FSMA 2000 (meaning of “regulator”), in subsection (3)—
(a) omit the “or” at the end of paragraph (a), and
(b) after paragraph (b) insert “or
(c) the meaning of “regulator” in sections 410A and 410B (fees to meet certain expenses of Treasury).””
Amendment 173 agreed.
Clause 118: Amendments of section 429 of FSMA 2000
Amendment 174
Moved by Lord Newby
174: Clause 118, page 92, line 21, leave out from “(e)”,” to end of line 22
Amendment 174 agreed.
Amendment 175
Moved by The Archbishop of Canterbury
175: Before Clause 119, insert the following new Clause—
“Leverage ratio
(1) The Treasury must make an order under section 9L of the Bank of England Act 1998 (macro-prudential measures) enabling the Financial Policy Committee to give a direction under section 9H in respect of a leverage ratio for relevant authorised persons.
(2) The direction above may specify the leverage ratio to be used.
(3) For the purposes of this section “leverage ratio” has the meaning which the Financial Policy Committee considers that it has in European Union Law or procedure from time to time.
(4) The order under subsection (1) must be made within the period of 6 months beginning with the day on which this Act is passed.
(5) In this section, “relevant authorised person” has the meaning given in section 71A of FSMA 2000.”