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Investment Exchanges and Clearing Houses Bill

I have read the wording and I have a concern about its context. It says:"““In considering whether a requirement is excessive the Authority must have regard to all the relevant circumstances, including…the global character of financial services and markets and the international mobility of activity””." That could be read as meaning that we should take into account regulations that apply in other jurisdictions. Given that we must take account of the global character of financial services, and global regulations such as those in the US, it could be argued that subsection (4)(b) is in favour of Sarbanes-Oxley, because it tells us to consider ““global character””, and what the US is doing. In those circumstances, the provision might be said not to argue in favour of a difference, but to encourage us to conform to the regulations in other jurisdictions. The wording proposed by my hon. Friend the Member for Fareham (Mr. Hoban) would therefore provide greater clarity.