B

Baroness Kramer (LD)

Speaking in the House of Lords on 17 September 2025

Debate

Financial Services (Overseas Recognition Regime Designations) Regulations 2025

Contribution

My Lords, I fully understand that this statutory instrument updates the basis on which the UK grants equivalence to the financial law and market practice of overseas jurisdictions. The Treasury obviously needs the powers to designate, limit or revoke equivalence. I am rather bemused that the Treasury seems to need new powers to get advice and information from the relevant regulators, but so be it, if that has previously been omitted. However, I have some sense of caution around all this. As I read the Treasury’s guidance document, it seemed very weighted to change the decision-making process away from looking at the appropriateness of rules and regulations in overseas jurisdictions through the lens of whether they could contribute to financial instability in the relationship generated in the UK and much more towards whether they are compatible with the Government’s policy outcomes.

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