Fifth Delegated Legislation Committee
13 October 2026
Contents updated on 13 Oct 2026
Legend
Transcript markers
- text Sentence being played
- text Search result
- text Intervention cited by the link you opened
Click a sentence to play the video from that moment. Select text to quote it with the speaker, timestamp and link.
More options
Official source
Offset
Transcript offset
0s
Text size
Export
Replay
Versions of this video
Transcripts may differ slightly from one version to another.
Committee House of Commons
00:11 - 00:41
Speaker 6
The draft Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026. The draft Over the Counter Derivatives (Intragroup Transactions) Regulations 2026. The draft Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026. Is it the wish of the Committee that the instruments be debated together? Take that as a yes.
I will now call the Minister to move the first motion and speak to all three of the instruments. At the end of the debate, I will put the question on the first motion and then ask the Minister to move the remaining motions formally. Minister.
00:41 - 02:25
Speaker 3
Thank you very much, Chair. I beg to move that the Committee considers the three statutory instruments before us today. Although the instruments concern distinct parts of the financial services regulatory system, they share a common purpose, which is to ensure that the UK regulatory framework remains clear, proportionate, and able to support growth whilst maintaining appropriate safeguards and financial stability. So I'll address each instrument in turn, beginning with the Overseas Prudential Requirements Regime Regulations. Following EU exit, the UK retained a body of EU-derived financial services legislation, including the UK Capital Requirements Regulation, which sets prudential requirements for banks, building societies, and larger investment firms.
The first instrument supports the government's program of replacing that assimilated law with a framework tailored to the UK. It brings the existing UK Capital Requirements Regulation equivalence regimes together in a single Overseas Prudential Requirements Regime. And the instrument also makes targeted changes so that the treatment of exposures to overseas exchanges better reflects the underlying risk, updates the definition of overseas investment firms without changing the overall scope of existing treatments, and enables eligible overseas covered bonds to be recognized in future, subject to a further statutory instrument. The second SI makes a targeted and important reform to the UK's framework for regulating OTC derivatives, those traded directly between buyer and seller, by addressing intragroup transactions. It replaces the temporary intragroup exemption regime, which everyone present will know as TIGER, with a permanent framework.
The rest of the transcript is for Pro customers
Unlock the full transcript, chat, and every analysis feature with Polyfact Pro.