Company Accounts

(asked on 11th December 2018) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans he has for parliamentary scrutiny of the responsibilities of the European Commission that will be transferred to the Secretary of State for Business, Energy and Industrial Strategy in relation to the Accounts and Reports (Amendment) (EU Exit) Regulations 2018, which were laid before the House on 31 October 2018.


Answered by
Kelly Tolhurst Portrait
Kelly Tolhurst
This question was answered on 18th December 2018

The Accounts and Reports (Amendment) (EU Exit) Regulations 2018 (the “Regulations”) transfer functions and legislation from the EU to the UK to ensure that the UK legislative framework remains coherent. It does not aim to create new policy.

The Commission has the power to grant equivalence to third countries for their system of reporting payments to governments regarding the logging and mining activities of undertakings. There is no Parliamentary process built into the Commission’s decision. However there are specific criteria that the Commission must consider when exercising those powers.

These Regulations transfer the power to the Secretary of State, to be exercised using the same criteria. The detailed criteria for forming the basis for granting equivalence are set out in paragraph 37 of Schedule 3 to the Regulations.

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