Results 101–120 of 1801 for speaker:Peter Grant

Public Bill Committee: Financial Services and Markets Bill: Clause 13 - Testing of FMI technologies or practices (25 Oct 2022)

Peter Grant: Thank you, Dame Maria, for clarifying earlier that we are talking about sandboxes, not sandwich boxes. Some Members seem to have been a bit confused about that. I am intrigued by the use of the term “sandbox”. To me, a sandbox can be a road safety feature: it is literally a gravel or sand pit on a bad bend in the road to allow someone who loses control to get off the road safely....

Public Bill Committee: Financial Services and Markets Bill: Clause 9 - Rules relating to central counterparties and central securities depositories (25 Oct 2022)

Peter Grant: To clarify, if the Bill is enacted as it stands, does the Bank have the option to create a different regulatory regime for overseas parties than it has for those that are based in the UK, or is the intention that the same set of rules will apply regardless of where the organisation is based?

Public Bill Committee: Financial Services and Markets Bill: Clause 9 - Rules relating to central counterparties and central securities depositories (25 Oct 2022)

Peter Grant: Can the Minister give us an indication of whether there are existing institutions that he believes would be regarded as CCPs that are systemically important to this country? Apart from the obvious factor of the amount of business that a body does with the UK, what other factors will be taken into account when deciding whether to designate an institution in that way?

Public Bill Committee: Financial Services and Markets Bill: Clause 9 - Rules relating to central counterparties and central securities depositories (25 Oct 2022)

Peter Grant: Again, I fully understand the intention behind these clauses and I am not minded to move against them, but I am a bit concerned by some of the interplay between the clauses. I asked the Minister what factors he thought might be taken into account in determining that a CCP is actually a systemic third country CCP, rather than an unsystemic one. The Bill, on lines 39 to 42 on page 13, suggests...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated Activities (25 Oct 2022)

Peter Grant: I hope that the record of the sitting will clearly indicate that the Minister was given the chance to reply to the hon. Lady’s question—twice, in fact—but chose not to. It is a fundamental principle of the devolved settlement that the Conservative party insists that it wants to protect that if a decision is made by a devolved Parliament under its devolved powers, nobody should have the...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated Activities (25 Oct 2022)

Peter Grant: My hon. Friend makes a valid point. It is sometimes forgotten that the devolved Parliaments have a number of checks in place to prevent them from attempting to legislate on things that are clearly beyond their powers, and there is a clear example of that happening at the moment, but there is no statutory or constitutional check on this place’s ability to push aside the devolution settlement...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated Activities (25 Oct 2022)

Peter Grant: It does not make a lot of sense to press amendment 37 now that amendment 36 has gone. In fact, arguably, on its own, amendment 37 would weaken the position of the devolved Governments, so I will not press it.

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated Activities (25 Oct 2022)

Peter Grant: I thank Members on both sides of the Committee who have supported the intention behind the amendment. As I said in my opening remarks, I accept that it does not sit particularly comfortably in a financial services Bill under the Treasury, because the Treasury is not usually responsible for the general regulation of businesses. Nor does it sit comfortably in the Economic Crime and Corporate...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated Activities (25 Oct 2022)

Peter Grant: I beg to move amendment 36, in clause 8, page 10, leave out lines 22 to 27. This amendment would remove the Treasury’s proposed power to make regulations which modify legislation of the Welsh Senedd, Scottish Parliament or Northern Ireland Assembly for purposes connected with the regulation of designated activities.

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated Activities (25 Oct 2022)

Peter Grant: The amendment can be summed up in four words: “Hands aff oor Parliament”, whether that Parliament is the national Parliament of Scotland, Senedd Cymru or the Northern Ireland Assembly. Those who claim to respect the devolution settlement cannot do so with any credibility if they continue to give power to Ministers of the reserved Parliament to override decisions of the democratically...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated Activities (25 Oct 2022)

Peter Grant: I beg to move amendment 35, in clause 8, page 9, line 25, at end insert— “(ba) in cases where the regulations make provision for liability, make provision for nominated representatives of organisations against whom liability has been found to be held personally liable for actions undertaken in relation to carrying out a designated activity,”. This amendment would allow for...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated activities (25 Oct 2022)

Peter Grant: If it became clear to the Treasury or the relevant regulator that crowdfunders were using funds for illicit purposes, rather than for genuinely good causes, I would expect the Treasury and the relevant regulator to step in. My amendment is designed to put primary legislation in place to allow the regulators to step in, and to allow the Treasury to take action, if it becomes clear that there...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated activities (25 Oct 2022)

Peter Grant: I am grateful for that assurance, but does the Minister take my point that in the examples of abuses that I mentioned, people did not say that they were offering any kind of securities? They said that they were selling funeral plans. Next time, they will be selling school or university fees plans or Christmas hamper plans; it will not be presented as the selling of equities as he and I would...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated activities (25 Oct 2022)

Peter Grant: I am still not sure that the Minister gets this. I will not push the amendment to a vote, but I sincerely hope that he will see the need for such a measure in financial services legislation or, more appropriately, in the Economic Crime and Corporate Transparency Bill on its way through the House. If the clause as worded had been in place 20 years ago, Blackmore Bond would still have happened,...

Public Bill Committee: Financial Services and Markets Bill: Clause 2 - Transitional amendments (25 Oct 2022)

Peter Grant: If the sun moves much further, I will have to sit on the other side of the room to keep it out of my eyes, so my apologies for having to move seat during the debate, Dame Maria. I thank the Minister for doing what I hoped he would have done in the debate on the revocations in clause 1: outlining in terms understandable to a lay person why some specific items of EU legislation are no longer...

Public Bill Committee: Financial Services and Markets Bill: Clause 8 - Designated activities (25 Oct 2022)

Peter Grant: I beg to move amendment 34, in clause 8, page 7, line 4, after “activity” insert— “(c) the extent to which the activity has the effect of raising finance for any business purpose by means of soliciting financial contributions other than by— (i) an authorised issue of shares, or (ii) borrowing from an authorised financial institution.” This amendment would allow the Treasury...

Public Bill Committee: Financial Services and Markets Bill: Clause 1 - Revocation of retained EU law relating to financial services and markets (25 Oct 2022)

Peter Grant: I am grateful for that intervention. I do not disagree with a word of it. My point is simply that whatever the conventions, traditions and proceedings of this House might tell us, in practice the doctrine of ministerial responsibility does not apply in the way that I just about remember learning about 50 years ago as a schoolchild, in what was then called modern studies. There are numerous...

Public Bill Committee: Financial Services and Markets Bill: Clause 1 - Revocation of retained EU law relating to financial services and markets (25 Oct 2022)

Peter Grant: Thank you, Dame Maria. I hear the Minister’s assurances, but this issue is too important for us to rely on the conventions of the House, which have been broken far too often. The protection of our consumers and the financial services industry is important enough that any changes to regulations that had to be at least initially consented to by this Parliament should be made only with the...

Public Bill Committee: Financial Services and Markets Bill: Clause 3 - Power to make further transitional amendments (25 Oct 2022)

Peter Grant: It is interesting that we have three clauses here, each of which give the Treasury the power to amend legislation in very, very closely defined and restricted ways, and every one of them needs regulations to be approved by Parliament. Most of them require approval by the affirmative procedure. However, two minutes ago we were told we could wipe out 200 different items of legislation in their...


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