NOTIFICATION REQUIREMENTS (Hansard, 12 June 1986)

§ Mr. Howard
I beg to move Government amendment No. 39, in page 10, leave out lines 13 to 45 and insert— '14—(l) The Secretary of State may make regulations requiring a recognised organisation to give him forthwith notice of the occurrence of such events relating to the organisation or its members as are specified in the regulations and such information in respect of those events as is so specified. (2)The Secretary of State may make regulations requiring a recognised organisation to furnish him at such times or in respect of such periods as are specified in the regulations with such information relating to the organisation or its members as is so specified. (3)The notices and information required to be given or furnished under the foregoing provisions of this section shall be such as the Secretary of State may reasonably require for the exercise of his functions under this Act. (4)Regulations under the foregoing provisions of this section may require information to be given in a specified form and to be verified in a specified manner.'.

Mr. Deputy Speaker
With this it will be convenient also to consider Government amendments Nos. 40, 41, 61, 62, 126, 160, 191 and 192.

§ Mr. Howard
These are largely technical amendments. Self-regulating organisations will need to provide a wide variety of information to the Secretary of State or designated agency. Clause 14 and other provisions specify some of this information in great detail by leaving other elements to be prescribed in regulations.
On reflection, we feel that it would be preferable to have a genuine regulation-making power under the Bill so that the requirements can be more easily adapted to changing circumstances. We have also concluded that the Secretary of State or designated agency might need recognised investment exchanges and clearing houses to notify information other than that specified in subsections (1) and (2) of clause 39. Amendment No. 61 therefore gives a similar regulation-making power to that given in the case of self-regulating organisations.