Recommittal is necessary in respect of the amendments in the name of the Minister.
Finance (Miscellaneous Provisions) Bill 2015: Report and Final Stages
I move amendment No. 1:
In page 5, to delete lines 19 to 23 and substitute the following:
"(3) Subject to subsections (4) and (5), this Act shall come into operation on the date of its passing.
(4) Part 3 shall come into operation on 20 November 2015.
(5) Part 4 shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.".
This technical amendment varies the commencement dates as appropriate across different Parts of the Bill. I felt it necessary to move the commencement of Part 2 of the Bill, which deals with the intergovernmental agreement, to the date of signature, as this agreement is crucial to the Single Resolution Mechanism and must be ratified by the end of the month. Consequently, I did not want any unnecessary delays in the making of commencement orders. As Part 5 of the Bill involves a technical amendment to remove an ambiguity in the legislation, I believe it should take effect immediately when this legislation is signed into law. That is the basis of this technical amendment.
Amendment No. 2 is out of order.
I move amendment No. 3:
In page 17, to delete lines 8 to 11 and substitute the following:
“(2) A regulatory act taken by the Bank under the relevant regulations in respect of a Solvency II undertaking on or before the commencement of this section continues to have effect according to its terms.
(3) The Bank may enforce a regulatory act referred to in subsection (1) or (2).
(4) The repeal of the repealed instruments does not preclude the taking of any legal proceedings, or the undertaking of any investigation, or disciplinary or enforcement action by the Bank or any other person, in respect of any contravention by a Solvency II undertaking of a provision of the relevant regulations or any misconduct which may have been committed by a Solvency II undertaking before the repeal of the repealed instruments.
(5) In this section—
"regulatory act" includes any direction, order, requirement, sanction, condition, appointment or request (however described) of a regulatory nature made, given or imposed by the Bank;
"Solvency II undertaking" means an undertaking to which Titles I, II and III of the [No. 89a of 2015] [10 November, 2015] Solvency II Directive applies.".
This amendment ensures that actions taken by the Central Bank in respect of undertakings which will fall within the scope of the Solvency II directive but are currently within the scope of the Solvency I directive shall continue in force. The Central Bank can take actions against such undertakings for non-compliance with the Solvency I regime.
Amendment No. 4 is out of order.