§ Lord Lipseyasked Her Majesty's Government:
What statutory orders under the Financial Services and Markets Act 2000 they plan to lay before Parliament this year; when they plan to lay each of these orders; and which of these orders will be subject to the affirmative resolution procedure. [HL3841]
§ Lord McIntosh of HaringeyThe Government propose to lay before Parliament the following statutory instruments:
1. The Financial Services and Markets Act 2000 (Consequential Amendments) (Order) 2002: a negative resolution order which will make some outstanding amendments to other legislation consequent on the coming into force of the Financial Services and Markets Act 2000. Likely to be laid before Parliament during May 2002.
2. The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (Electronic Commerce Directive) Order 2002: an affirmative resolution to implement the e-commerce directive in the field of financial services. Likely to be laid before Parliament during May 2002.
3. The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2002: a negative resolution order to implement the e-commerce directive in the field of financial services. Likely to be laid before Parliament during May 2002.
50WA4. There will also be a set of regulations made under Section 2(2) of the European Communities Act 1972 and Sections 349(1)(b) and 414 of FSMA: a negative resolution instrument to implement the e-commerce directive, to be laid before Parliament during May 2002.
5. The Financial Services and Markets Act 2000 (Communications by Actuaries) Regulations 2002: a negative resolution instrument specifying circumstances in which actuaries of authorised persons must make a report to the FSA. Likely to be laid before Parliament during May 2002.
6. Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2000: a negative resolution order making consequential and transitional arrangements to credit union legislation. Likely to be laid before Parliament in June 2002.
7. The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 3) Order 2002: an affirmative resolution instrument to implement regulation of mortgage advice and arranging. Likely to be laid before Parliament in June 2002.
8. The Financial Services and Markets Act 2000 (Misleading Statements and Practices) Order 2002: an affirmative resolution instrument to implement regulation of mortgage advice and arranging. Likely to be laid before Parliament in June 2002.
9. The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2002: an affirmative resolution instrument to implement regulation of mortgage advice and arranging. Likely to be laid before Parliament in June 2002.
10. An order under the Financial Services and Markets Act, Section 150(3) to extend definition of private persons to allow businesses to sue for breach of FSA rule where insurer breaches a (future) rule obliging them to pay interest on late insurance claim as per under 4th motor directive. Likely to be laid before Parliament before the end of 2002.
To implement a regulatory regime for insurance intermediaries, including long-term care insurance, which will also implement the EU Insurance Mediation Directive, the Government expect to lay orders by the end of 2002. These orders will include at least one affirmative resolution order. This timetable is subject to the directive being adopted during the summer/early autumn. If there are significant delays in Europe—which we do not expect—then there is a possibility that legislation would be delayed. If this delay was significant, the Government would look again at the strategy of dovetailing regulation of LTD with implementation of the directive.