Dormant Assets Bill [Lords] – in a Public Bill Committee at 9:45 am on 11 January 2022.
Nusrat Ghani
Conservative, Wealden
9:45,
11 January 2022
With this it will be convenient to consider Clause 13 stand part.
Nigel Huddleston
The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport
Clauses 12 and 13 define the client money assets and participants in scope of the scheme. Clause 12 provides that an investment institution can transfer dormant client money to an authorised reclaim fund. Client money is only captured by clauses 12 and 13 if it is held by an investment institution and cannot be transferred to the scheme under any other provisions in the Bill.
Clause 13 defines dormancy for client money assets. Again, this clause defines “gone-away” broadly to accommodate a range of industry practices that are expected to evolve over time.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
