Thank you, Llywydd. The Member raises two particular points, which were the reporting points of the Constitutional and Legislative Affairs Committee, the first being the point about unusual or unexpected use of powers by Welsh Ministers. Fundamentally, the powers conferred on the Welsh Ministers by section 36(8) are to deem that a scheme of the descriptions specified in those regulations is not to be eligible for the treatment ordinarily given to those schemes by that section. Consequently, regulations made under this power will always have the effect of reversing the proposition set out in the primary legislation in so far as the scheme meets the description in those regulations. The circumstances giving rise to the use of the powers—so, namely the preparation for the UK's exit from the EU in a 'no deal' scenario—are exceptional and unusual. Given the circumstances, the Government considers the use of the powers to be appropriate and necessary.

And on the second point regarding the redundant definition of 'collective investment scheme', we're very grateful to the committee for identifying this and, as Dai Lloyd has said, the Government will repeal this definition at the next appropriate opportunity.