§ Mr. Canavanasked the Secretary of State for Trade and Industry why the draft Securities and Investments Board rules published on 12 February did not form the subject of prior consultations with the small independent intermediaries affected by the rules; and if he will make a statement.
§ Mr. HowardThe proposed rules submitted to my right hon. Friend on 10 February by the Securities and Investments Board, as I made clear at the time, reflected the results of consultation on earlier drafts published by the board. As my right hon. Friend made clear, comments made to the Department about the proposed rules will be fully considered in deciding whether to recommend to Parliament the transfer to the board of powers under the Financial Services Act 1986.
§ Mr. Canavanasked the Secretary of State for Trade and Industry what is his assessment of the implications of the implementation of the draft Securities and Investments Board rules as published on 12 February for the ability of small independent intermediaries to carry on trading; and if he will make a statement.
§ Mr. HowardMy right hon. Friend is currently considering the rules and supporting material submitted by the Securities and Investments Board on 10 February. The position of small intermediaries will be one of the matters to which he will have regard in deciding whether to recommend to Parliament the transfer to the board of powers under the Financial Services Act 1986.