§ Mr. Tim Smithasked the Secretary of State for Trade and Industry how it is proposed to implement the European Community directives on prospectuses issued when shares are listed on the Stock Exchange, on admission of securities to official Stock Exchange listing and on the continuing disclosure of information concerning securities admitted to listing on the Stock Exchange; who is to be the recognised authority in each case; and if he will make a statement.
Mr. Alexander FletcherThe implementation of these three directives is under discussion between my Department and the Stock Exchange. I aim to introduce legislation in the first quarter of next year which, inter alia, will designate the Council of the Stock Exchange as the "competent authority" prescribed by the directives.