§ 66 Page 24, line 20, leave out 'may' and insert 'shall'.
§ 67 Page 24, line 23, leave out 'subject to annulment in pursuance of a resolution of either' and insert 'and no regulations shall be made under that subsection unless a draft of the regulations has been laid before, and approved by a resolution of, each'.
§ Lord Fraser of CarmyllieMy Lords, I beg to move that the House do agree with the Commons in their Amendments Nos. 66 and 67. In moving these amendments, I should like to speak also to Amendments Nos. 70 to 72 and to Amendment No. 75.
Of these amendments the most important is Amendment No. 71, which is designed to meet the concerns expressed in another place relating to the competence of a recognised financial institution which wishes to offer executry services. The amendment requires such an institution to notify the board that it complies with certain standards relating to the educational qualifications and practical training of its executry staff which will be prescribed in regulations made by the Secretary of State. The provision will ensure that the recognised financial institutions under Clause 18 employ adequately trained staff for the purposes of offering executry services. Amendment No. 75 provides that the regulations under this clause will be subject to affirmative resolution.
Moved, That the House do agree with the Commons in their Amendments Nos. 66 and 67.—(Lord Fraser of Carmyllie.)
§ On Question, Motion agreed to.