§ Mr. Powleyasked the Secretary of State for Trade and Industry whether he proposes to transfer powers under the Financial Services Act 1986 to the Securities and Investments Board.
§ Mr. HowardI have considered carefully the rules and other material sent to me by the Securities and Investments Board Ltd. in the light of the reports I have received from the Director General of Fair Trading and also of the other representations which have been made to me. I am satisfied that the various conditions laid down under the Financial Services Act for a transfer of powers to the board are fulfilled. I have accordingly today laid before the House a draft order under section 114 of the Act transferring certain powers to the Board. The powers in question include most of the transferable powers under part I of the Act (with the exception of chapter VIII, which relates to collective investment schemes) and certain powers of prosecution. Copies of the supporting material have been placed in the Vote Office and the Library of the House.