Mr Speaker
With the leave of the House, we will take motions 6 and 7 together.
Motion made, and Question put forthwith (Standing Order No. 118(6)),
Postal Services
That the draft Postal Services Act 2011 (Penalties) (Rules for Calculation of Turnover) Order 2012, which was laid before this House on 9 February, be approved.
That the draft Postal Services Act 2011 (Disclosure of Information) Order 2012, which was laid before this House on 27 February, be approved.—(Angela Watkinson.)
Question agreed to.
European Union Documents
Motion made, and Question put forthwith (Standing Order No. 119(11)),
Financial Services Credit Rating Agencies
That this House takes note of European Union Document No. 17308/11 and Addenda 1 and 2, relating to a Draft Regulation amending Regulation (EC) No. 1060/2009 on credit rating agencies (CRAs) and No. 17329/11 and Addenda 1 and 2, relating to a Draft Directive amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings of collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Fund Managers in respect of the excessive reliance on credit ratings; notes that these proposals, known collectively as CRA3, seek to address key reform areas associated with CRA ratings which, according to the Commission are not sufficiently addressed through existing regulation; supports the Government’s view that the financial sector’s overreliance on credit ratings should be reduced, the ratings process and methodologies made more transparent and competition strengthened; and further supports the Government’s view that there should not be a harmonised civil liability regime imposed on CRAs across Europe.—(Angela Watkinson.)
Question agreed to.