§ Mr. Matthew BanksTo ask the Chancellor of the Exchequer what changes to the memorandum of understanding between the United Kingdom and United States authorities in financial services have taken place following the transfer of some Government financial services functions from the Department of Trade and Industry to Her Majesty's Treasury.
§ Mr. NelsonThe signatories to the memorandum of understanding between the United States Securities and Exchange Commission and Commodity Futures Trading Commission and the Department of Trade and Industry and Securities and Investments Board considered that a revision to the procedures on communication between the United Kingdom and United States authorities was required. It was not, however, necessary to amend the MoU to accomplish this. Instead, an undertaking was made by all parties to the MoU on 29 April 1994 that the necessary procedural changes would be made and that the parties to the MoU intend to co-operate fully under the MoU.
Copies of the memorandum of understanding have been placed in the Libraries of both Houses.