§ Mr. Wrigglesworthasked the Secretary of State for Trade (1) if his Department was consulted by the Stock Exchange and the Take-over Panel over the newly announced code of conduct to prevent insider trading;
(2) if he considers it necessary to introduce legislation to seek to prevent insider trading, in the light of the new code of conduct published by the Stock Exchange and the Take-over Panel;
(3) in the light of the new code of conduct issued by the Stock Exchange and the Take-over Panel, what rôle his Department will now play in ensuring insider trading does not take place.
§ Mr. Clinton DavisAs my right hon. Friend announced on 21st October 1976, legislation will be introduced as soon as opportunity permits to bring insider trading within the scope of the law. It is hoped to publish a consultative document in the next few months. Although the Stock Exchange and the Take-over Panel did not formally consult the Department in advance of their recent statement, there is constant informal contact, and we welcome these measures which will complement and reinforce the coming legislation.