§ Mr. Ian StewartTo ask the Chancellor of the Exchequer how he proposes to effect the transfer of the Competent Authority for listing from the London Stock Exchange to the Financial Services Authority. [112936]
§ Miss Melanie JohnsonGiven the need for planning purposes to have a precise target date for the transfer of the Competent Authority for listing function, we have decided to make the transfer by means of Regulations made under the European Communities Act 1972. These Regulations are being laid in draft today for the approval266W of Parliament with the intention that the transfer should take place on 1 May. The proposed new legislative framework for the Competent Authority would then be brought into effect as soon as possible after the enactment of the Financial Services and Markets Bill.