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Clause 32

Part of Banking Bill – in a Public Bill Committee at 11:00 am on 11th November 2008.

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Photo of David Gauke David Gauke Shadow Minister (Treasury) 11:00 am, 11th November 2008

I beg to move amendment No. 136, in clause 32, page 14, line 23, leave out ‘(including legislation of the European Union)’.

The amendment relates to subsection (1)(e), which is one of those pieces of drafting where one suspects that the draftsman and the Government have something in mind. The aim of the amendment is to find out what  that is and whether it is possible for the clause to be more explicit. My amendment would remove some wording, which I am keen to replace with more specific wording, but until we know what the Government have in mind it is not possible to propose an amendment that is more specific.

The subsection refers to a property transfer instrument transferring property rights or liabilities, including rights and liabilities under an enactment

“(including legislation of the European Union)”

—the words that I seek to remove. What EU legislation do the Government have in mind? Do they have in mind passport rights under the markets in financial instruments directive or the banking co-ordination directive? The passport rights in those directives enable a branch of a European economic area institution to locate in the UK. Are those the sort of rights and liabilities that the Government envisage? If not, what do they have in mind? The amendment is intended to press the Government to elaborate on what they are seeking to address, with a view to tightening up the Bill so that we know what sort of enactment under EU legislation they mean.