In the first session of the Grand Committee sitting on the FSM Bill, Clause 1-23 of the Bill were approved (some with amendments), and a number of Government amendments were also agreed.
There was lengthy discussion on the powers of Treasury and regulators, and the potential for EU laws to be repealed with no proper legislative scrutiny, and calls for a sunset clause. The proposed amendments on position limits on commodity derivatives, and the proposed change to bring bills of sale within the designated activities regime were also discussed. However, the relevant amendments were either withdrawn or not called.
The Government amendments to the list of instruments to be repealed or replaced in Schedule 1, and the shortening of the period for which third party CCPs can continue to offer services to UK firms after the temporary recognition regime expires were approved.