§ Mr. Ronnie CampbellTo ask the President of the Board of Trade when merchant banks became exempt from legislation requiring disclosure of share purchases; and if he will review the procedure.
§ Mr. Jonathan EvansMerchants banks as such are not exempt from the law on disclosure of interests in shares. Certain categories of interests in shares have been exempt from disclosure since a law on disclosure of interests in shares was first introduced in 1967. These categories have been updated subsequently and now include interests in shares held by banks and others by way of security; interests in shares held by market makers for the purposes of their market making business; and interests held by custodians in their capacity as such.
The law on disclosure of interests in shares is now being examined as part of the Department's company law reform programme.