§ Mr. Don FosterTo ask the Chancellor of the Exchenquer if he will list the licences granted by his Department to firms or solo traders to conduct investment business under the Prevention of Fraud (Investments) Act 1958, since 27 February 1998, with the date in each case; and what was the reason for granting each licence.
§ Mr. Nelson[holding answer 11 January 1993]: Principal's licences were issued to the following on the date shown:
Licensed dealer Date Spencer Thornton Investment Management Services 7 March 1988 York Australia (UK) Ltd. 7 March 1988 Oxford Seedcorn Co. Ltd. 7 March 1988 Securities and Commodities Investments plc 21 March 1988 London and Bishopsgate International Investment Management plc 25 April 1988 Under the Prevention of Fraud (investment)Act 1958 persons wishing to carry on the business of dealing in securities required a licence from the Secretary of State unless they were exempted dealers or members of a recognised stock exchange or recognised association of dealers in securities. The Secretary of State was obliged to issue a licence unless, on the basis of the criteria specified in the Act, they appeared not fit and proper.
§ Mr. Don FosterTo ask the Chancellor of the Exchequer how many applications were made to his Department in each six-month period since 27 August 1987 to obtain a licence for conducting investment business under the provisions of the Prevention of Fraud (Investments) Act 1958; and how many of these applications were granted.
§ Mr. Nelson[holding answer 11 January 1993]: Twenty-one applications for principals' licences under the Act were received between 27 August 1987 and 27 February 1988. One application was received between 27 February 1988 and 29 April 1988 when the Act was repealed. All of these applications were granted.