We are concerned about delaying the passage of the Bill. There has been the opportunity of a limited debate at Second Reading to discuss some of the broader principles and there has been a full debate in the other place. As I said, the NASDAQ bid is on the table....

We are concerned about delaying the passage of the Bill. There has been the opportunity of a limited debate at Second Reading to discuss some of the broader principles and there has been a full debate in the other place. As I said, the NASDAQ bid is on the table....

I am very grateful to the Minister for his reply. I have to say that I am not convinced on one important matter which I thought I had mentioned, so perhaps I should explain it again. This is the question of extraterritorial jurisdiction. Let us suppose that the SEC, which...

I am very grateful to the Minister for his reply. I have to say that I am not convinced on one important matter which I thought I had mentioned, so perhaps I should explain it again. This is the question of extraterritorial jurisdiction. Let us suppose that the SEC, which...

I sympathise with at least part of the intention behind the amendment, which I think is to put on record our determination to resist extraterritorial encroachments on our ability to regulate UK markets in accordance with UK and EC law. In doing so, I acknowledge the expertise of the noble...

I sympathise with at least part of the intention behind the amendment, which I think is to put on record our determination to resist extraterritorial encroachments on our ability to regulate UK markets in accordance with UK and EC law. In doing so, I acknowledge the expertise of the noble...

Perhaps I may ask the Minister a question. I do not pretend to be an expert in this highly complicated field but I am aware of what I have heard from experts outside the discussions of the House and of what I took from the noble Lord, Lord Bridges, in...

Perhaps I may ask the Minister a question. I do not pretend to be an expert in this highly complicated field but I am aware of what I have heard from experts outside the discussions of the House and of what I took from the noble Lord, Lord Bridges, in...

I will seek to do that. If we had a situation where, by one means or another, the SEC sought to impose on the London Stock Exchange a regulatory provision, the provisions of the Bill would kick in. The Bill would require the recognised exchange to notify the FSA, assuming...

I will seek to do that. If we had a situation where, by one means or another, the SEC sought to impose on the London Stock Exchange a regulatory provision, the provisions of the Bill would kick in. The Bill would require the recognised exchange to notify the FSA, assuming...

I am very grateful to the Minister for his explanation. It does not seem to me, however,to dispose of the problem. I fear that there is, at the end of these arguments, inevitably a conflict of jurisdictions and I fear that this may be one of the consequences of the...

I am very grateful to the Minister for his explanation. It does not seem to me, however,to dispose of the problem. I fear that there is, at the end of these arguments, inevitably a conflict of jurisdictions and I fear that this may be one of the consequences of the...

moved the Amendment: Page 4, line 11, at end insert- ““(4) For the avoidance of doubt, should ownership of the London Stock Exchange or other principal financial exchange pass into the hands of a foreign entity, supervision and control of that exchange shall remain in the hands of the supervisory...

moved the Amendment: Page 4, line 11, at end insert- ““(4) For the avoidance of doubt, should ownership of the London Stock Exchange or other principal financial exchange pass into the hands of a foreign entity, supervision and control of that exchange shall remain in the hands of the supervisory...

My Lords, I beg to move that the House do now resolve itself into Committee on this Bill. Moved accordingly, and, on Question, Motion agreed to. House in Committee accordingly. [The LORD SPEAKER in the Chair.] Clause 1 agreed to. Clause 2 [Procedural and other supplementary provisions]:

My Lords, I beg to move that the House do now resolve itself into Committee on this Bill. Moved accordingly, and, on Question, Motion agreed to. House in Committee accordingly. [The LORD SPEAKER in the Chair.] Clause 1 agreed to. Clause 2 [Procedural and other supplementary provisions]:

Investment Exchanges and Clearing Houses Bill. Lords Committee stage. Clause 1 agreed to. Clause 2 debated and agreed to. Remaining clauses agreed to. Bill reported without amendment.

Investment Exchanges and Clearing Houses Bill. Lords Committee stage. Clause 1 agreed to. Clause 2 debated and agreed to. Remaining clauses agreed to. Bill reported without amendment.

My Lords, I beg to move that this Bill be now read a second time. I start by expressing my gratitude for the close co-operation that we have received in expediting the Bill. Expeditious proceedings demand a good reason and some unusual circumstances. That is the case today. The Bill...

My Lords, I beg to move that this Bill be now read a second time. I start by expressing my gratitude for the close co-operation that we have received in expediting the Bill. Expeditious proceedings demand a good reason and some unusual circumstances. That is the case today. The Bill...

My Lords, this is getting rather boring. For these Benches, I add our support for the Bill, and I thank the Minister and his honourable friend the Economic Secretary for the courtesy of letting me see a draft of the Bill a few weeks ago. As the Minister is aware,...

My Lords, this is getting rather boring. For these Benches, I add our support for the Bill, and I thank the Minister and his honourable friend the Economic Secretary for the courtesy of letting me see a draft of the Bill a few weeks ago. As the Minister is aware,...

My Lords, at Second Reading I always ask myself three questions about a Bill: first, are the aims of the Bill desirable; secondly, do you need a Bill to achieve those aims; and, thirdly, if so, does the Bill set about it in the appropriate way? In this Bill, the...

My Lords, at Second Reading I always ask myself three questions about a Bill: first, are the aims of the Bill desirable; secondly, do you need a Bill to achieve those aims; and, thirdly, if so, does the Bill set about it in the appropriate way? In this Bill, the...

My Lords, I welcome the Bill but am in some difficulty in speaking immediately after the Minister. I did not know whether I would be able to participate in this debate as I thought I would not be here for the duration; it was only very early this morning that...

My Lords, I welcome the Bill but am in some difficulty in speaking immediately after the Minister. I did not know whether I would be able to participate in this debate as I thought I would not be here for the duration; it was only very early this morning that...

My Lords, I start by thanking the Minister for not using the phrase ““light touch”” in relation to the Bill. I have spent some time in the venture capital area. In the context of light touch, it is worth reminding the House that the Financial Services Authority’s handbook has some...

My Lords, I start by thanking the Minister for not using the phrase ““light touch”” in relation to the Bill. I have spent some time in the venture capital area. In the context of light touch, it is worth reminding the House that the Financial Services Authority’s handbook has some...

My Lords, I am grateful for the attention your Lordships have given the Bill today. I thank noble Lords for broad—and, in some instances, enthusiastic—support for this measure. Before responding to some of the detailed points about the Bill, I shall stress some of the most important, emphasising what has...

My Lords, I am grateful for the attention your Lordships have given the Bill today. I thank noble Lords for broad—and, in some instances, enthusiastic—support for this measure. Before responding to some of the detailed points about the Bill, I shall stress some of the most important, emphasising what has...

Investment Exchanges and Clearing Houses Bill. Lords second reading debate. Agreed to on question and committed to a Committee of the Whole House.

Investment Exchanges and Clearing Houses Bill. Lords second reading debate. Agreed to on question and committed to a Committee of the Whole House.

Perhaps I did not make clear what I sought to tease out from the hon. Gentleman. A body might wish to increase consumer protection or shareholder protection by tightening its rules, but that does not come within the framework of the Bill, so that tightening could well be seen as...

Perhaps I did not make clear what I sought to tease out from the hon. Gentleman. A body might wish to increase consumer protection or shareholder protection by tightening its rules, but that does not come within the framework of the Bill, so that tightening could well be seen as...

Surely the important factor is that scandals such as those involving Enron and WorldCom have not taken place in the UK, presumably because of the proportionate regulatory environment. When Parliament passes the legislation, it must provide reassurance that sufficient protection is available to prevent similar scandals.

Surely the important factor is that scandals such as those involving Enron and WorldCom have not taken place in the UK, presumably because of the proportionate regulatory environment. When Parliament passes the legislation, it must provide reassurance that sufficient protection is available to prevent similar scandals.

Proposed new subsection 300D(2)(c), at lines 19 and 20 on page 3 of the Bill, makes it clear that the FSA will specify a period in which representations can be made. No amendment is proposed to the provision, but the Bill does not specify a long-stop period in which the...

Proposed new subsection 300D(2)(c), at lines 19 and 20 on page 3 of the Bill, makes it clear that the FSA will specify a period in which representations can be made. No amendment is proposed to the provision, but the Bill does not specify a long-stop period in which the...

I echo the thanks expressed by the Economic Secretary in his opening remarks. The Bill is important to the future of the City. As the Economic Secretary pointed out, it is not about tackling foreign ownership. Since the big bang the City has thrived as a result of openness and...

I echo the thanks expressed by the Economic Secretary in his opening remarks. The Bill is important to the future of the City. As the Economic Secretary pointed out, it is not about tackling foreign ownership. Since the big bang the City has thrived as a result of openness and...