- 10/12/2024
- Posted by: Valerie Vaz MP
- Category: News
On Tuesday 10 December 2024 the House voted to approve a number of pieces of delegated legislation:
Draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024, which were introduced to the House on 31 October.
- These Regulations expand the list of “relevant enactments” under sections 13 to 17 of the Financial Services and Markets Act 2023, allowing the Treasury to create an “FMI sandbox,” which can adjust how these enactments apply to test new technologies or practices in financial market infrastructure activities. This change adds new enactments to the list in section 17(3), enabling them to be modified in future FMI sandboxes.
Draft Building Societies Act 1986 (Modifications) Order 2024, which was introduced to the House on 14 October.
- This Order amends the Building Societies Act 1986 to align the rules for building societies with those for companies regarding directors’ retirement and balance sheet signatures. It repeals provisions mandating a normal retirement age of 70 for building society directors, compulsory retirement age rules, and related criminal penalties, bringing building societies in line with companies, where age-related restrictions no longer apply following changes introduced by the Companies Act 2006. Additionally, the Order modifies the balance sheet signature requirements, allowing a building society’s balance sheet to be signed by one director on behalf of the board, instead of by two directors and the chief executive, aligning with company requirements under the 2006 Act.
Draft Double Taxation Relief and International Tax Enforcement (Ecuador) Order 2024, which was introduced to the House on 11 November.
- This Order will provide a clear and fair framework for the taxation and administration of cross-border transactions between the United Kingdom and Ecuador, benefiting businesses and the economies of both countries by removing barriers to cross-border trade and investment.
Draft Home Detention Curfew and Requisite and Minimum Custodial Periods (Amendment) Order 2024, which was introduced to the House on 13 November.
- This Order changes the eligibility for Home Detention Curfew, allowing prisoners serving fixed-term sentences to be released up to 365 days before completing their requisite custodial period, instead of 180 days. The requisite custodial period is adjusted for certain offences, reducing the release threshold to 40% of the sentence instead of 50%, with six additional offences excluded from this reduction. The Order applies to both current and future prisoners who have not reached their release point but excludes those already released under specific provisions unless they are recalled. Balance adjustments are also made to ensure consistent application of these rules.
Results:
Ayes 424 Noes 106