UK: the Financial Services (Regulation of Derivatives) Bill

The Financial Services (Regulation of Derivatives) Bill received its first reading in the House of Commons yesterday and is timetabled for second reading on 10 June. The Bill was introduced under Standing Order 23 (about which see here, pdf) and was proposed by Steve Baker MP. Its purpose, to quote from Mr Baker's speech, is to "require certain financial institutions to prepare parallel accounts on the basis of the lower of historic cost and mark to market for their exposure to derivatives; and for connected purposes". A video recording of the Bill's introduction is available here and Hansard, the record of parliamentary debate, is available here. It is unlikely that the Bill will become law without Government support.