HC Deb 12 April 1994 vol 241 c43W
Mr. Austin Mitchell

To ask the Chancellor of the Exchequer if he will list the statutory, professional, self-regulatory, trade associations and other organisations which are recognised as regulatory bodies under the Financial Services Act 1986.

Mr. Nelson

The following are recognised by the Securities and Investments Board under the Financial Services Act 1986.

Self-regulating Organisations (SROs):

  • Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA)
  • Investment Management Regulatory Organisation (IMRO)
  • Life Assurance and Unit Trust Regulatory Organisation (LAUTRO)
  • The Securities and Futures Authority (SFA)

Recognised Professional Bodies:

  • Chartered Association of Certified Accountants (ACCA) Institute of Actuaries
  • Institute of Chartered Accountants in England and Wales (ICAEW)
  • Institute of Chartered Accountants in Ireland
  • Institute of Chartered Accountants in Scotland
  • Insurance Brokers' Registration Council (IBRC)
  • Law Society
  • Law Society of Northern Ireland
  • Law Society of Scotland

Recognised UK Investment Exchanges:

  • International Stock Exchange of the United Kingdom and the Republic of Ireland Ltd
  • London International Financial Futures Exchange (LIFFE)
  • London Metal Exchange (LME)
  • London Commodity Exchange (LCE)
  • International Petroleum Exchange (IPE)
  • OMLX London Securities and Derivatives Exchange (OMLX)

Recognised Clearing Houses:

  • London Clearing House (LCH)

The following recognised overseas investment exchanges are recognised by the Treasury:

  • Chicago Mercantile Exchange (CME)
  • Chicago Board of Trade (CBOT)
  • National Association of Securities Dealers Automated Quotations (NASDAQ)
  • New York Mercantile Exchange (NYMEX)
  • Sydney Futures Exchange (SFE)
  • Mercado de Futuros Financieros Sociedad Rectora de Productos Financieros Derivados de Renta Fija (MEFF RF)
  • Mercados de Futuros Financieros Sociedad Rectora de Productos Financieros Derivados de Renta Variable (MEFF RV)

Mr. Cousins

To ask the Chancellor of the Exchequer to what extent fines imposed by regulatory bodies created by the Financial Services Act 1986 are deductible for tax; and what representations he has received on this point.

Mr. Dorrell

The general rule when calculating trading profits for tax purposes is that revenue expenditure incurred wholly and exclusively for the purposes of the trade is an allowable deduction. Expenditure incurred on a fine imposed as a result of a trader committing an infraction would not be incurred wholly and exclusively for the purposes of the trade.

No representations have been received on this point.