Member

The intent of this drafting is to give the regulator a framework by which to make its decisions, should both proposals be consistent with the regulator’s objectives. Without this qualification, the regulator would be less clear on how to decide between proposals, which could lead to uncertain decision-making. When combined with Amendment 303, which appears to give preference to the distributing league in statute—preference that would introduce a type of bias to the backstop process, making the outcome somewhat predetermined—it is evident what the noble Baroness is seeking to achieve. These amendments attempt to address a perceived lack of regard for the inherent difference between the distributing and receiving parties in the backstop process.