Moved by
Lord Callanan
45: Clause 47, page 26, line 26, at end insert “, and
(b) be laid before Parliament.”
Member’s explanatory statement
This amendment provides that a financial stability direction is to be laid before Parliament.
46: Clause 47, page 26, line 27, leave out subsection (7) and insert—
“(7) If the Treasury considers that the steps required by subsection (6) would have the effect of undermining the purpose for which the direction is given, the Treasury may delay the carrying out of those steps until such time as it is satisfied that to do so would not have that effect.”
Member’s explanatory statement
This amendment ensures that the exemption from the requirement to publish a financial stability direction and lay it before Parliament is temporary; the exemption may only be relied on for as long as the Treasury considers publication would undermine the purpose for which the direction is given.