§ Barbara FollettTo ask the Chancellor of the Exchequer what use has been made of the powers in the Uncertificated Securities Regulations 2001 to delegate functions to the Financial Services Authority. [21847]
§ Ruth KellyFollowing Parliament's approval, the Uncertificated Securities Regulations 2001 (SI 2001–3755) have replaced the Uncertificated Securities Regulations 1995. Continuing the approach under the 1995 Regulations, the Treasury has delegated to the Financial Services Authority its powers under part 2 of the Regulations, except—as required—those functions conferred on the Treasury by regulation 11 and regulation 12. This re-confirms the FSA role as supervisor of CREST as operator. The FSA is also supervisor of CREST as a recognised clearing house