§ Mr. CousinsTo ask the Secretary of State for Trade and Industry which areas have been granted designated territory status under the Financial Services Act 1986; on what dates and after satisfying which criteria; how many firms from each designated territory have now become members of self-regulatory organisations; how many members of each self-regulatory organisations are drawn from areas with designated territory status; and whether self-regulatory organisations have refused membership to any firms from designated territories.
§ Mr. Redwood[holding answer 3 May 1990]: The countries and territories designated by order under section 87 of the Financial Services Act in respect of specified classes of collective investment schemes are: the Isle of Man (12 December 1988); the Bailiwick of Guernsey (30 December 1988); the Bailiwick of Jersey (30 December 1988); Bermuda (19 January 1989). The criteria applied are those set down in section 87(2) of the Act.
The countries and territories designated by order under section 130 of the Act in respect of certain insurance business are: the Bailiwick of Guernsey (5 April 1988); the Isle of Man (5 April 1988); the Commonwealth of Pennsylvania (1 February 1990). The criteria applied are those set down in section 130(4) of the Act.
Questions concerning membership of the self-regulatory organisations are matters for the particular bodies concerned.