Clause 12 - Transfer of eligible client money to reclaim fund

Dormant Assets Bill [Lords] – in a Public Bill Committee am 9:45 am ar 11 Ionawr 2022.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Nusrat Ghani Nusrat Ghani Ceidwadwyr, Wealden 9:45, 11 Ionawr 2022

With this it will be convenient to consider clause 13 stand part.

Photo of Nigel Huddleston Nigel Huddleston The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport

Clauses 12 and 13 define the client money assets and participants in scope of the scheme. Clause 12 provides that an investment institution can transfer dormant client money to an authorised reclaim fund. Client money is only captured by clauses 12 and 13 if it is held by an investment institution and cannot be transferred to the scheme under any other provisions in the Bill.

Clause 13 defines dormancy for client money assets. Again, this clause defines “gone-away” broadly to accommodate a range of industry practices that are expected to evolve over time.

Question put and agreed to.

Clause 12 accordingly ordered to stand part of the Bill.

Clause 13 ordered to stand part of the Bill.