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Company Law Reform Bill [HL]

It is important that we comply with our European obligations and equally important that we ensure the appropriate level of transparency with regard to information important to the market. The noble Lord has identified a specific provision within the directive that has not been given express effect through the clauses in the Bill that implement the transparency directive and confer powers on the FSA to make rules that achieve the detailed implementation. That provision relates to disclosure obligations for information relating to new loan issues, in particular to any guarantee or security on those issues. However, I invite noble Lords to turn their attention to the classes already in the clause that define ““relevant information”” in respect of which rules can be made. There are four relevant classes, the second of which is information relating to the issuer’s capital. New loan issues, and any guarantee or security on those issues, would therefore be captured within this broader class, and accordingly this amendment would be redundant. With this assurance, I hope that the noble Lord will withdraw the amendment.