§ Mr. Nelsonasked the Secretary of State for Trade and Industry what progress has been made towards the transfer of powers under the Financial Services Act 1986 to a designated agency.
§ Mr. HowardMy right hon. Friend has today received a letter from the chairman of The Securities and Investments Board Limited, together with a statement of the regulatory arrangements the board would propose to operate if powers are transferred to it. This statement includes a copy of the rules and regulations the board proposes to make and the guidance it proposes to issue. The board will be publishing this statement later this week. In accordance with the procedures laid down in the Financial Services Act 1986, my right hon. Friend has asked the Director General of Fair Trading to report to him whether the board's proposed rules, regulations and guidance are likely to have a significantly anti-competitive effect. My right hon. Friend will naturally take into account any representations that he received by 28 February from interested parties on that or any other aspect of the board's proposals. Following this, he will be considering whether the requirements for designation set out in the Act are satisfied in the case of the board. If they are, he hopes to lay a delegation order before the House in draft in the spring.