Message from the Commons
A message was brought from the Commons:
(1) That a Committee of this House be established, to be called the Parliamentary Commission on Banking Standards, to consider and report on—
(a) professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting process;
(b) lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy;
and to make recommendations for legislative and other action.
(2) That Mr Andrew Tyrie be Chair of the Commission.
(3) That Mark Garnier, Mr Andrew Love, Mr Pat McFadden and John Thurso be members of the Commission.
(4) That the Commission have leave to join with any committee appointed by the Lords to consider the said matters.
(5) That the Commission may hold meetings under the provisions of paragraph (4) of this order at any time after the Lords has agreed to appoint a committee.
(6) That the Commission shall, except as provided for in this order, follow the procedure of a select committee of this House.
(7) That the Commission shall have power—
(a) to send for persons, papers and records;
(b) to examine witnesses on oath;
(c) to appoint specialist advisers;
(d) to invite specialist advisers (including Counsel appointed as specialist advisers) to examine witnesses;
(e) to adjourn from place to place;
(f) to sit notwithstanding any adjournment of the House; and
(g) to report from time to time.
(8) That the Commission shall have power to appoint sub-committees to consider matters specified by the Commission within the terms of this order and a sub-committee shall have—
(a) the powers in paragraph (7)(a), (b), (e) and (f); and
(b) the power to invite specialist advisers appointed by the Commission (including Counsel appointed as specialist advisers) to examine witnesses;
and the quorum of a sub-committee shall, subject to paragraph (12)(b), be one member of this House.
(9) That the Chair may report to the House an order, resolution or Special Report as an order, resolution or Special Report of the Commission which has not been agreed at a meeting of the Commission if he is satisfied that he has consulted all members of the Commission about the terms of the order, resolution or Special Report and that it represents a decision of the majority of the Commission.
(10) That the quorum of the Commission shall be two members of this House.
(11) That, whenever this House shall stand adjourned other than to the next day, any report, Special Report, order or resolution agreed to by, or evidence taken or received by, the Commission, including any under paragraph (9) of this order, may be published or printed under the authority of this House, shall be deemed to have been reported and shall be reported when this House next sits.
(12) That, when the Commission operates under the provisions of paragraph (4) of this order, the following provisions shall apply—
(a) the quorum of the Commission shall be two members of this House and two members of the House of Lords;
(b) the quorum of any sub-committee shall be one member from either House; and
(c) the power of the Chair to report under paragraph (9) may also be exercised with the Chair’s agreement by a member of the Commission who is a member of the House of Lords.
(13) That the costs of the Commission shall be assessed by the House of Commons Commission from time to time and shall be paid by Her Majesty’s Government for the credit of the House of Commons (Administration) Estimate.
(14) That the Commission shall report on legislative action no later than 18 December 2012 and on other matters as soon as possible thereafter.
(15) That a message be sent to the House of Lords to desire their concurrence.
House adjourned at 11.27 pm.