§ Mr. Wrigglesworthasked the Secretary of State for Trade whether he is yet able to announce the terms of reference and membership of the joint Department of Trade/Bank of England review body.
§ Mr. DellYes. The terms of reference will be as follows
To keep under review the functioning of the securities market and the arrangements for its supervision; to identify any gaps or any deficiencies in the combination of statutory and self-regulatory control; and to make recommendations as appropriate to the Secretary of State and the Governor of the Bank of England.The Joint Committee will be responsible jointly to the Secretary of State and to the Governor of the Bank of England; it will have no executive powers. The new arrangements will not alter the existing powers and responsibilities of my Department and the Bank; but equally they will not pre-empt the work of the Committee on Financial Institutions. The appropriate Deputy Secretary of the Department for the time being and the Deputy Governor will be joint Chairmen, and the membership will consist of two officials from each side, to be nominated from time to time by the joint Chairmen. The Joint Committee may delegate work from time to time, co-opting as necessary representatives from other bodies such as the Stock Exchange and the Panel on Take-overs and Mergers; co-option will not however be extended to the Joint Committee itself.