Member

81: Clause 37, page 45, line 2, at end insert— “(7) If the Treasury are satisfied that regulations under section 408A or 408B of the Financial Services and Markets Act 2000 (as inserted by subsection (3)) would, if made, have substantially the same effect as existing overseas recognition provision—(a) sections 408A to 408C of that Act (as inserted by subsection (3)) apply in relation to the regulations as if—(i) section 408A(2) were omitted,(ii) in section 408B(1), the words from “if the Treasury” to the end were omitted,(iii) section 408B(2), (4) and (5) were omitted, and(iv) section 408C(1) to (4) were omitted, and(b) section 429 of that Act applies in relation to the regulations as if, in subsection (2), “408A” (as inserted by subsection (5)) were omitted.(8) In considering whether regulations would have substantially the same effect as existing overseas recognition provision, the Treasury must—(a) treat the power in section 408B to designate a country or territory for the purposes of the regulations as forming part of the regulations, and(b) disregard any difference between that power and any power to make designations under the existing overseas recognition provision.(9) In subsections (7) and (8), “existing overseas recognition provision” means—(a) provision contained in an instrument containing provision listed in the Schedule to the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (as it has effect from time to time), or(b) a designation made under such an instrument.”Member’s explanatory statement This amendment would allow the Treasury to consolidate existing provision relating to overseas recognition under the umbrella of the new overseas recognition regime, so long as their doing so would not substantially change the effect of the existing law.