HC Deb 26 October 1989 vol 158 cc1251-2

'.—(1) The provisions of this Act extend to Northern Ireland so far as they amend, or provide for the amendment of, an enactment which so extends.

(2) So far as any provision of this Act amends the Companies Act 1985 or the Insolvency Act 1986, its application to companies registered or incorporated in Northern Ireland is subject to section 745(1) of the Companies Act 1985 or section 441(2) of the Insolvency Act 1986, as the case may be.

(3) In Part III (investigations and powers to obtain information), sections 78 to 87 (powers exercisable to assist overseas regulatory authorities) extend to Northern Ireland.

(4) Part VI (mergers and related matters) extends to Northern Ireland.

(5) In Part VII (financial markets and insolvency) the following provisions extend to Northern Ireland—

  1. (a) sections 144 and 145 (introductory provisions and definition of "market contract"),
  2. (b) section 146 and Schedule 20 (additional requirements for recognition of investment exchange or clearing house),
  3. (c) sections 147, 150, 152, (Powers of Secretary of State to give directions), (Application to determine whether default proceedings to be taken),157 and 158 (provisions relating to recognised investment exchanges and clearing houses),
  4. (d) sections 159, (Certain money market institutions) and (Settlement arrangements provided by the Bank of England) (power to extend provisions to other financial markets),
  5. (e) section 171 (indemnity for certain acts), and
  6. (f) sections (Power to make further provision by regulations),172, (Construction of references to parties to market contracts) and 173 to 176 (supplementary provisions).

(6) Part VIII (amendments of the Financial Services Act 1986) extends to Northern Ireland.

Part IX (transfer of securities) extends to Northern Ireland. Subject to any Order made after the passing of this Act by virtue of section 3(1)(a) of the Northern Ireland Constitution Act 1973, the transfer of securities shall not be a transferred matter for the purposes of that Act but shall for the purposes of section 3(2) be treated as specified in Schedule 3 to that Act".

(8) In Part X (miscellaneous and general provisions), this section, section (Making of corresponding provision for Northern Ireland), 201 and 202 (general provisions) extend to Northern Ireland.

(9) Except as mentioned above, the provisions of this Act do not extend to Northern Ireland.'.—[Mr. Redwood.]

Brought up, and read the First time.

Mr. Redwood

I beg to move, That the clause be read a Second time.

Mr. Deputy Speaker (Sir Paul Dean:)

With this, it will be convenient to take Government new clause 44—Making of corresponding provision for Northern Ireland—and Government amendment No. 259.

Mr. Redwood

The new clauses are to be inserted in place of the present clause 200, which is removed by amendment No. 259. The new clauses merely set out the arrangements for Northern Ireland. On the face of it, it seems curious that some provisions extend to the Province, whereas others, even in the same part, do not. It may be appropriate for me to take a few moments to explain how that has occurred. Traditionally, and constitutionally, it has been practice for the Northern Ireland authority to cary out most of the executive functions of Government, including in particular most company law functions.

Under the developed powers of the Northern Ireland Act 1974 provisions may be enacted by an Order in Council and this procedure is intended for provisions in the Bill affecting company law and insolvency law. However, some enactments amended in the Bill, notably the Financial Services Act 1986 and the Fair Trading Act 1973, were, in the main, introduced to apply on a United Kingdom basis. We therefore had to follow suit with amendments to those acts.

Inevitably there have been some new provisions in the Bill which do not follow any precedent-part IX on transfer of securities is such an example. In those cases we have taken the advice of the Northern Ireland authorities in deciding which procedure to follow.

I hope that that explains the pattern. The amendments being made simply reflects changes made in the Bill and I hope, set out the provisions a little more clearly than before.

Question put and agreed.

Clause read a Second time, and added to the Bill.

Forward to