Clause 27 - Powers in relation to recognised investment exchanges and clearing houses

Part of Financial Services Bill – in a Public Bill Committee at 3:15 pm on 8 March 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 3:15, 8 March 2012

On the hon. Lady’s first point, she is right. If she thinks this is difficult and challenging to put together, just wait until the Finance Bill comes. This year’s Finance Bill will amend a host of previous legislation and will be more mind-boggling than this, and she will enjoy getting to grips with it.

It is because we are putting together FSMA and this Bill that we have produced the consolidated Bill. That will enable people, when the Bill is enacted, to see a single version so they can find their way through it quite easily. The hon. Lady asked who is going to regulate central clearing services. Central counterparty clearing services will be regulated by the Bank of England. If it is a service that facilitates clearing it goes back to our previous debate.

On the MOUs, work is underway by the authorities, they will be published by regulators and they will be laid in Parliament.