Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 20 March 2018 to Question 132483 on En+ Group and with reference to recent information released by the US Treasury, what checks he has made to ensure that major shareholders pass the test of fit and proper persons on national security grounds; and if he will make a statement.

There is no such test of fit and proper persons on national security grounds under applicable legislation. The Financial Services and Markets Act 2000 (FSMA) requires that the appropriate regulator be notified before the acquisition of or increase in control over a UK authorised person. The regulator then assesses whether to approve or object to the acquisition by reference to specified criteria in the Act. There is no role for HM Treasury to consider or supplement the regulator’s assessment.