§ 44. Mr. Maclennan
To ask the Chancellor of the Duchy of Lancaster if he will make a statement on the current operation of the Company Securities (Insider Dealing) Act.
§ Mr. Kenneth Clarke
My Department considers all allegations of possible contraventions of the Company146W Securities (Insider Dealing) Act 1985 which are referred to it. In appropriate cases, if the circumstances suggest there may have been such a contravention, inspectors are appointed under section 177 of the Financial Services Act 1986 to carry out an investigation. There are at present 15 cases where inspectors are investigating possible contraventions, and nine cases are under consideration for investigation. Since January 1987 there have been three convictions and one acquittal on charges of contravening the Act. Criminal proceedings have begun in three more cases. The operation of the Act is kept under review.