Financial Services and Markets Bill: New Clause 17 - Reporting requirements
I beg to move, That the clause be read a Second time.

Clause text:

New Clause 17 - Reporting requirements
‘(1) FSMA 2000 is amended as follows.
(2) After paragraph 11 of Schedule 1ZA insert—
“Other reports
11A (1) The Treasury may (subject to this paragraph) at any time by direction require the FCA to publish a report containing information about—
(a) any of the matters mentioned in paragraphs (a) to (ia) of paragraph 11(1);
(b) such other matters that the direction may specify.
(2) The Treasury may give a direction under this paragraph requiring information to be published only if the Treasury consider that—
(a) the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the FCA’s functions, and
(b) other available information is not sufficient to meet that purpose.
(3) Subject to sub-paragraph (4), the FCA must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.
(4) Nothing in this paragraph requires the inclusion in the report of any information whose publication would be against the public interest.
(5) A direction under this paragraph may not—
(a) require a report to be published more than once in each quarter;
(b) require the publication of information that is confidential information for the purposes of Part 23 (see section 348(2)).
(6) The Treasury must consult the FCA before giving a direction under this paragraph.
(7) In exercising the power under this paragraph, the Treasury must have regard to the desirability of minimising any adverse effect that the preparation of the report required in accordance with the direction may have on the exercise by the FCA of any of its other functions.
(8) The Treasury must—
(a) lay before Parliament a copy of a direction given under this paragraph, and
(b) publish the direction in such manner as the Treasury think fit.
(9) A direction under this paragraph may be varied or revoked by the giving of a further direction.”
(3) After paragraph 21 of Schedule 1ZB insert—
“Other reports
21A (1) The Treasury may (subject to this paragraph) at any time by direction require the PRA to publish a report containing information about—
(a) any of the matters mentioned in paragraphs (a) to (f) of paragraph 19(1);
(b) such other matters that the direction may specify.
(2) The Treasury may give a direction under this paragraph requiring information to be published only if the Treasury consider that—
(a) the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the PRA’s functions, and
(b) other available information is not sufficient to meet that purpose.
(3) Subject to sub-paragraph (4), the PRA must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.
(4) Nothing in this paragraph requires the inclusion in the report of any information whose publication would be against the public interest.
(5) A direction under this paragraph may not—
(a) require a report to be published more than once in each quarter;
(b) require the publication of information that is confidential information for the purposes of Part 23 (see section 348(2)).
(6) The Treasury must consult the PRA before giving a direction under this paragraph.
(7) In exercising the power under this paragraph, the Treasury must have regard to the desirability of minimising any adverse effect that the preparation of the report required in accordance with the direction may have on the exercise by the PRA of any of its other functions.
(8) The Treasury must—
(a) lay before Parliament a copy of a direction given under this paragraph, and
(b) publish the direction in such manner as the Treasury think fit.
(9) A direction under this paragraph may be varied or revoked by the giving of a further direction.”’—(Andrew Griffith.)