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Investment Exchanges and Clearing Houses Bill

On whether a requirement is excessive, proposed new section 300A(3) includes a test of whether something is"““required under Community law or…law in the United Kingdom”” ," and a second test, which is whether the requirement"““is not justified as pursuing a reasonable regulatory objective””." One ““reasonable regulatory objective”” is the aim of protecting consumers, so I do not take the point made by the hon. Member for Wolverhampton, South-West (Rob Marris), as that aim can be pursued under that heading. As long as the requirement is not"““disproportionate to the end to be achieved””," it would not be excessive.