Member

47: Clause 17, page 22, line 9, leave out subsection (9) and insert— “(9) In Schedule 1ZA (the FCA)—(a) in paragraph 11 (FCA annual reports), in sub-paragraph (1), after paragraph (db) (inserted by section 16(6)) insert—“(dc) its consideration of the proportionality regulatory principles (see section 3B(1A)),”;(b) in paragraph 28 (FCA engagement with Parliamentary committees), in sub-paragraph (4)(c), for “the regulatory principles in section 3B” substitute “the proportionality regulatory principles (see section 3B(1A))”.”Member's explanatory statement This amendment would: (a) require FCA annual reports to include consideration of the proportionality regulatory principles (as defined in the amendment in the name of Lord Pitt-Watson to clause 17 at page 22, line 3); and (b) require notifications by the FCA to chairs of relevant Parliamentary Committees to specify the parts of the consultation that address the ways in which the FCA has had regard to the proportionality regulatory principles when preparing the proposals.