Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government further to the Written Answer by Lord Callanan on 8 September (HL7080), whether they informed either House that an agreement would be needed with, and there would be an uncapped unspecified fee payable to, a company registered in Delaware for making instruments of UK law available to the public when the European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 were before Parliament; if not, why not; and whether Ministers were aware of this fact; and if so, when they became aware.

The Government’s proposed agreement with the IFRS Foundation is a minor administrative matter. This is required to enable the UK’s adoption and endorsement of international accounting standards following the end of the Transition Period. All jurisdictions which use international accounting standards, including the EU, require such agreements with the IFRS Foundation.

The proposed fee applicable is in line with HM Treasury guidance.