Moved by
Lord Blencathra
4: After Clause 1, insert the following new Clause—
“Review and termination
(1) The FCA must carry out a review of whether rules pursuant to section 1 have been effective in achieving their objectives.
(2) The review must be carried out no later than two years after the passing of this Act.
(3) As soon as practicable after conducting the review and no later than 6 months after section 1 has been in force for two years, the FCA must—
(a) produce a report on the outcome of its review, which must include a recommendation as to whether or not the FCA considers the rules should be extended; and
(b) publish the report.
(4) Section 1 and rules pursuant to it will cease to have effect unless a resolution to maintain them has been passed by both Houses of Parliament within 6 months of publication of the FCA report.”