financial services: benchmark

Motion that this House considers that the draft Regulation on indices used as benchmarks in financial instruments and financial contracts (European Union Document No. 13985/13and Addenda 1 and 2) does not comply with the principle of subsidiarity, for the reasons set out in the Annex to Chapter Five of the Twenty-third Report of the European Scrutiny Committee (HC 83-xxi); and, in accordance with Article 6 of Protocol (No. 2) annexed to the EU Treaties on the application of the principle of subsidiarity and proportionality, instructs the Clerk of the House to forward this reasoned opinion to the Presidents of the European Institutions. Agreed to on question.