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6th December 2017, 21:21

Parliament passes three finance related bills

Parliament has passed three Bills this afternoon. The Bill to appropriate further sums of money to the service of the year ended 31st March 2016 was passed by Government majority with Opposition members voting against. A Bill to amend the Public Finance (Statutory Benefits Fund) Act 2008 and A Bill to amend the Financial Services (Investment and Fiduciary Services) Act were also passed unanimously.

Three amounts were approved under the Bill to appropriate further sums of money to the service of the year ended 31st March 2016 totalling over £25 million pounds. Roy Clinton critised the delay in bringing the Bill before the House which the Chief Minister replied was due to the exigencies of the Brexit process. Roy Clinton also raised concerns about the lack of information provided on some of the amounts and said he could therefore not support the Bill. The Bill was passed with Government voting unanimously in favour, along with both Independent MP’s, with the Opposition voting against.

The Bill to amend the Public Finance (Statutory Benefits Fund) Act 2008, which included a minor technical change, was passed unanimously.

And the final Bill to amend the Financial Services (Investment and Fiduciary Services) Act, brought to the House by Minister for Finance Albert Isola, was also passed unanimously.

While Roy Clinton welcomed Government’s initiatives in the area of Distributed Ledger Technology he expressed concerns about what protection would be given to customers and licencees, particularly in the area of ICO’s.

Minister Isola explained that ICO’s should not be confused with Distributed Ledger Technology, but confirmed that Government was moving quickly to also provide a level of regulation in this area. Leader of the Oppostion Elliot Philips used the Opportunity to praise Government for the they have done in this area

The Bill was passed unanimously, and after wishing eachother and the community a Merry Christmas and a Happy Hanukkah, Parliament was adjourned sine die.