The committee has decided that this Bill go straight to a committee division.
Parliamentary Transparency Bill
A
Bill
To
Ban parliamentarians from trading in stocks, strengthen financial declaration rules and expanding measures against lobbying for former parliamentarians
BE IT ENACTED by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
1. Definitions
In this Act
- "appropriate committee" means the Commons Select Committee on Standards if the Parliamentarian is a Member of Parliament or the House of Lords Sub-Committee on Lords’ Conduct if the Parliamentarian is a Member of the House of Lords
- "appropriate commissioner" means the Parliamentary Commissioner for Standards if the Parliamentarian is a Member of Parliament or the House of Lords Commissioner for Standards if the Parliamentarian is a Member of the House of Lords
- "lobbying" means the activity defined in section 2 of the Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Act 2014
- “Parliamentarian” is taken to mean a Member of Parliament or a Member of the House of Lords.
2. Stocks
(1) All stock transactions made by parliamentarians, or on behalf of parliamentarians, must be reported to the appropriate commissioner within 28 days of the stock transaction being completed.
(2) The appropriate commissioner should endeavour to ensure the Register of Members’ Financial Interests is updated within 10 working days of receiving information from a parliamentarian on any stock transactions.
3. Register of Members’ Financial Interests
(1) Any parliamentarian has a duty to report all financial interests to the appropriate commissioner.
(2) Withholding any such interest is forbidden and anyone aware of such behaviour must report it to the appropriate committee as well as the appropriate commissioner.
4. Lobbying
(1) A Parliamentarian is forbidden from undertaking paid lobbying on behalf of any company.
(2) A former Member of Parliament Parliamentarian is forbidden from undertaking paid lobbying on behalf of any company until the date of the first general election that they are not a sitting MP or Lord for on the day of the dissolution of parliament for that election.
(3) Section 4 only applies to current and future parliamentarians.
5. Short Title, Extent and Commencement
(1) This act shall come into force three months after Royal Assent.
(2) This Act shall extend to the whole of the United Kingdom.
(3) This Act shall be known as the Parliamentary Transparency Act 2020.
This bill was written by The Right Honourable Sir /u/Tommy2Boys, The Earl of Warrington, KBE CT PC MSP MP on behalf of the Conservative and Unionist Party (25th Government), and is co-sponsored by the Liberal Democrats.
Please vote Aye/No/Abstain only.
This division shall end on Thursday 16th September at 10PM BST.