HC Deb 26 October 1989 vol 158 cc1145-52
Mr. Forth

I beg to move amendment No. 69, in page 248, line 19, leave out 'not unqualified' and insert `qualified persons or, if the body consists of two persons only, that at least one of them is a qualified person'. The amendment takes advantage of an option in the eighth directive to the effect that, in the case of a firm that has a management body of two, member states need not require that a majority of that body be qualified. Obviously, in the case of a two-member body, a majority would mean both members, and it seems right to allow in the primary legislation for the possibility of one of them being unqualified.

Hon. Members who sat on the Committee may recall that an amendment with that intention was made to the Bill then. On consideration, however, we decided that it did not accurately reflect the requirements of the directive. We believe that this amendment will give proper effect to the relevant part of the directive.

Amendment agreed to.

Mr. Forth

I beg to move amendment No. 70, in page 250, line 21, at end insert—

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  1. `Taking account of costs of compliance 3,754 words, 1 division