I am happy to give the commitment that we will take into account the situation of Wales when carrying out the consultation.

It is true that subsection (5) of new clause 1 allows the Treasury to impose criminal liability through secondary legislation. I have already said that such legislation would be subject to affirmative procedure, and it will be considered in conjunction with the movement and other interested parties. Penalties are already an important part of the legislative framework governing societies and the checks and balances that exist ultimately to protect the interests of societies, their members and those who deal with the sector. If we want an effective asset lock-in regime, we will have to examine criminal liability together with the other details that need to be worked through, but I confirm that the provisions are in line with existing company and society law.

I will be happy to write to the hon. Member for Eddisbury with the precise definition of ''dedicated assets'', and I am sure that we will debate that definition further on Report.