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Investment Exchanges and Clearing Houses Bill

I am grateful to the Economic Secretary for his response, both to the amendment and to the contribution by my hon. Friend the Member for South-West Hertfordshire (Mr. Gauke). Two points need to be made about the wording of the provision. First, the use of the word, ““excessive””, and the way in which UK and European legislation are carved out, means that if, for example, someone proposed to impose excessive US-style regulation on the UK, the fact that it originated from outside the UK and the EU should give the FSA an opportunity to rule it out or veto it. That is the thrust of the Bill, and it is an important consideration. Secondly, I was not entirely persuaded by the Economic Secretary’s arguments about the wording of my amendment, but I will not press it to a vote. His explanation, however, should reassure people that the Bill aims to protect the global competitiveness of the UK capital markets. I am not sure that I agree with his remarks about market share, which is a red herring. The wording of the amendment is sufficiently broad to suggest both the attractiveness of the UK as a place in which to do business and its strengths in comparison with other jurisdictions. However, the hon. Gentleman has provided assurances on Second Reading and elsewhere, so I beg to ask leave to withdraw the amendment. Amendment, by leave, withdrawn. Question proposed, That the clause stand part of the Bill.