§ Mr. Matthew BanksTo ask the Chancellor of the Exchequer what action he will take on the Director General of Fair Trading's report on CRESTCo. [32400]
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§ Mrs. Angela KnightMy right hon. and learned Friend and I have now considered the Director General of Fair trading's report and we agree with his conclusion that the rules proposed by CRESTCo do not pose any significant competition problems. Accordingly, I have written to the chairman of the Securities and Investments Board to inform him that the Treasury gives the SIB leave to recognise CRESTCo as a recognised clearing house under the Financial Services Act 1986 and to approve CRESTCo as an operator of a relevant system under the Uncertificated Securities Regulations 1995 (SI 1995 No. 3272.