Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 - Motion to Approve

Part of the debate – in the House of Lords at 8:30 pm on 18th February 2019.

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Photo of Baroness Altmann Baroness Altmann Conservative 8:30 pm, 18th February 2019

My Lords, I rise briefly to express my concern from these Benches that we may set some dangerous precedents in the processes that we are adopting in discussing and passing these SIs. I understand the difference between consultation and engagement on these issues but I have significant concerns. If the SI was indeed ready on 21 November, there has been time for a proper consultation, which does not seem to have occurred. It would be helpful to the House if we had more information on what engagement has taken place.

I fully accept that, as my noble friend Lord Leigh has said, industry is in favour of adopting these regulations, should we enter a no-deal scenario. However, there are reasons for us to be concerned across the House at the procedures taking place. We are being asked to approve legislation based on evidence that we perhaps feel is incomplete. I will not vote against the Government but I would like to express my concerns.