§ Mr. PageTo ask the Chancellor of the Duchy of Lancaster whether he proposes to transfer functions under the Financial Services Act 1986 in respect of collective investment schemes to the Securities and Investments Board.
§ Mr. MaudeMy right hon. and noble Friend the Secretary of State for Trade and Industry considered carefully the draft regulations and other material sent to him by the Securities and Investments Board in the light of the reports he has received from the Director General of Fair Trading and also of the other representations which have been made to him. He is satisfied that the various conditions laid down under the Financial Services Act for a transfer of functions to the board are fulfilled. I accordingly laid before the House on 24 February a draft order under section 114 of the Act transferring certain functions to the board. The functions in question include most of the transferable functions in relation to collective investment schemes in the Act.