HL Deb 27 March 1980 vol 407 cc1143-4

219 After Clause 45, insert the following news Clause: Contravention of ss. (Prohibition on stock exchange deals by insiders, etc.) anti (Prohibition on abuse of information obtained in official capacity).

.—(1) An individual who contravenes the provisions of section (Prohibition on stock exchange deals by insiders, etc.) or (Prohibition on abuse of information obtained in official capacity) above shall be liable—

  1. (a) on conviction on indictment to imprisonment for a term not exceeding two years or a fine, or both; and
  2. (b) on summary conviction to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both.

(2) Proceedings for an offence under this section shall not be instituted in England and Wales except by the Secretary of State or by, or with the consent of, the Director of Public Prosecutions.

(3) No transaction shall be void or voidable by reason only that it was entered into in contravention of section (Prohibition on stock exchange deals by insiders, etc.) or (Prohibition on abuse of information obtained in official capacity) above".

10.7 p.m.

Viscount TRENCHARD

My Lords, I beg to move that this House doth agree with the commons in their Amendment No. 219.

Moved, That this House doth agree with the Commons in the said amendment.—(Viscount Trenchard.)

Lord LLOYD of KILGERRAN had given notice of his intention to move an amendment to Commons amendment No. 219:

219A After subsection (1)(b) insert ("; and (c) The Court by or before which the individual is convicted of a contravention under this clause shall on application or otherwise make an order requiring payment by way of compensation, restitution or otherwise in respect of any gain, loss or damage resulting from the contravention.").

The noble Lord said

My Lords, in view of the answer given by the Government to Amendment No. 200A, which was in somewhat similar terms to this one and intended to be an increase in the deterrent effect on insider dealers, I do not propose to move this amendment.

On Question, Motion agreed to.