§ Mr. Charles Wardleasked the Chancellor of the Duchy of Lancaster if he will make a statement on the adoption of a European Community directive on listing particulars.
§ Mr. MaudeA Council of Ministers adopted on 22 June a directive on the mutual recognition of listing particulars, the information document required to be published when securities are admitted to official stock exchange listing. This directive requires listing particulars which have been approved by a competent authority in one member state to be accepted throughout the Community. During negotiations on the proposal the United Kingdom secured important improvemens to the original proposal which materially reduced the scope for listing particulars of an unacceptable standard to benefit from mutual recognition. There was a real risk that these improvements might have been undermined had the United Kingdom delayed adoption of the proposal beyond 1 July, the date on which the Single European Act came into force. I therefore judged that it was in the United Kingdom's interest not to delay adoption until the House had completed its consideration of the measure. I regret that the normal scrutiny procedures were not followed on this occasion. but I hope the House will understand the special reasons why the Government agreed to the adoption of the directive in these circumstances.