HC Deb 31 January 1990 vol 166 cc223-4W
Mr. Austin Mitchell

To ask the Secretary of State for Trade and Industry whether he has any plans to develop new proposals for dealing with insider trading; and if he will make a statement.

Mr. Redwood

The Government will continue to pursue all insider dealing cases where prosecution is justified under the code of conduct for Crown prosecutors. Convictions have been obtained in 10 out of 19 cases brought under the legislation. Inspections are being carried out in a further 16 potential cases.

In the latest two cases the outcome turned on factors which have nothing to do with the law on insider dealing, namely the law on public interest immunity, and procedural matters relating to the conduct of criminal trials.

As I told the House on 8 December (OR column 407) the Government that day published a consultative document on proposals for changes to the insider dealing law, and a copy is in the Library. The proposals reflect the requirements of the EEC insider dealing directive and experience of the present law. The Government will consider carefully any constructive proposals that may emerge from the consultation.

Mr. Tim Smith

To ask the Secretary of State for Trade and Industry how many cases of insider dealing have been brought since the introduction of the legislation; how many cases are outstanding; and if he will make a statement.

Mr. Redwood

Insider dealing became a criminal offence since July 1980. Since then there have been 19 prosecutions for insider dealing offences, involving 26 defendants. Ten cases produced convictions. At present there are three cases where prosecutions have begun but not concluded. The Government will continue to pursue all insider dealing cases where prosecution is justified under the code of conduct for Crown prosecutors.

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