§ 272 After Clause 152, insert the following new clause—
§ 'Power to make further provisions by regulations.
§ . —(1) The Secretary of State may by regulations make such further provision as appears to him necesssary or expedient for the purposes of this Part.
§ (2) Provision may, in particular, be made —
- (a) for integrating the provisions of this Part with the general law of insolvency, and
- (b) for adapting the provisions of this Part in their application to overseas investment exchanges and clearing houses.
§ (3) Regulations under this section may add to, amend or repeal any of the provisions of this Part or provide that those provisions have effect subject to such additions, exceptions or adaptions as are specified in the regulations.'.
§ Lord TrefgarneMy Lords, I beg to move that the House do agree with the Commons in their Amendment No. 272.
While I am on my feet perhaps I may apologise to the noble Lord because I did not fully explain the purpose of the last amendment. If he examines the words that I used at the outset of my speech —which I edited slightly to take account of the concerns of the noble Lord that I thought I was meeting—he may find that I did so.
On Amendment No. 272, we have debated the principles of regulation-making powers many times in the course of our debates. I dare say that we shall hear about them again. However, while I recognise that these amendments provide the same power, they represent the implementation of the Government's view on this matter.
Moved, That the House do agree with the Commons in the said amendment. —(Lord Trefgarne.)