§ Mr. Tim SmithTo ask the Secretary of State for Trade and Industry how many applications by investment businesses for authorisation under the Financial Services Act have been rejected to date; and how many of those applications were made to each of the self-regulatory organisations and to the Securities and Investments Board, respectively.
§ Mr. RedwoodThis is a matter for the Securities and Investments Board and the self-regulatory organisations, but I understand that the figures are not available because of difficulties of definition.
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§ Mr. Tim SmithTo ask the Secretary of State for Trade and Industry how many investment businesses are trading with interim authorisation under the Financial Services Act at the latest available date; and if he will provide an analysis of these showing(a) those subject to the appeals procedure, (b) those awaiting a memorandum of understanding with an overseas country and (c) any others; and a further analysis showing how many of these applications were made to each of the self-regulatory organisations and to the Securities and Investments Board, respectively.
§ Mr. RedwoodAt 21 March, a total of 98 businesses held interim authorisation:
Interim authorisations AFBD 7 FIMBRA 48 IMRO 7 TSA 34 SIB 2 The number subject to appeal is not available. Of the total, 10 applications to FIMBRA and 22 applicants to TSA are businesses incorporated abroad on which a decision is postponed awaiting entry into satisfactory arrangements with the regulatory authorities in the country of incorporation.