Lords examines Financial Services (Implementation of Legislation) Bill

Limiting of regulations and financial competitiveness on agenda

Metadata
Provider: 
UK ParliamentUK Parliament
URL: 
http://www.parliament.uk/business/news/2018/december/lords-debates-financial-services-implementation-of-legislation-bill/http://www.parliament.uk/business/news/2018/december/lords-debates-financial-services-implementation-of-legislation-bill/
Retrieved on: 
Tuesday, January 8, 2019
Information
Tags: 
European Union, Brexit, Europe, International relations, Withdrawal from the European Union, Euroscepticism in the United Kingdom, European Union (Withdrawal) Act, Brexit negotiations, Brexit and arrangements for science and technology
Summary
Key Points: 
  • Lord Bates (Conservative), minister of state in the Department for International Development, responded on behalf of the government.
  • This bill will aim to provide the government with powers to implement and make changes to 'in flight' files of EU financial services legislation.
  • The powers will last for two years after UK withdrawal from the EU, in the event of a 'no-deal' scenario.
  • 'In flight' refers to pieces of EU legislation that:
    have been adopted by the EU but not yet enacted, and so would not apply under the European Union (Withdrawal) Act 2018
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