§ Mr. Nelsonasked the Secretary of State for Trade whether he has any plans for the revision of the Prevention of Fraud (Investments) Act 1958 and of the rules made under that Act.
§ Mr. EyreThere is an undoubted need for updating the Licensed Dealers (Conduct of Business) Rules. I have decided to expedite proposals for amending those rules under the existing law, and my Department is now working on a draft to be made available for public comment as required by section 7(3) of the Act. This will provide an interim solution; but the Act itself is based on a pre-war model, and may well not be best suited to modern conditions. I have therefore decided to commission a review to recommend proposals for a new legislative framework of protection for investors in securities and other forms of property. The review will be carried out by Professor L. C. B. Gower, my Department's research adviser on company law, with the assistance of officials. There will be wide consultation with all interested parties; and Professor Gower's report will be. published.