§ Mr. Dykes
asked the Secretary of State for Trade and Industry if he will make a statement on the operation of the Restrictive Trade Practices (Stock Exchange) Act 1984 and on the extent to which undertakings given by the Stock Exchange Council prior to the passage of the Act have so far been implemented.
§ Mr. Fletcher
Since the ending of the restrictive practices court proceedings against the Stock Exchange, the Stock Exchange has put in hand a far-reaching programme of reform including the measures agreed with the Government in 1983. There have been major changes in the previous rules on non-member ownership of firms; lay members have been admitted to the council; an appeal body has been established to review refusals of Stock Exchange membership; and a majority of lay persons has been introduced onto the appeal committee on disciplinary matters. New dealing systems have been promulgated and the first steps taken towards dismantling minimum commission scales. The council's policy remains to complete the reforms within the deadline of 31 December 1986 agreed with the Government.