HISTORIC PRESS RELEASE : Government Publishes Further Clauses of Draft Financial Services and Markets Bill [April 1999]

The press release issued by HM Treasury on 14 April 1999.

Further Clauses of the draft Financial Services and Markets Bill were sent to the Joint Committee of the Houses of Lords and Commons by the Treasury today. This will enable the Committee to complete their deliberations on the basis of a more complete draft than was available when the Bill was published last Summer. The draft clauses relate to proposals in last July’s consultation document on the Bill but were not available for consultation at the time.

Commenting on the publication of the clauses, Economic Secretary Patricia Hewitt said,

“This is a further very important stage in getting into place comprehensive legislation to achieve our objectives in reforming financial regulation”.

The additional Parts of the Bill sent to the Joint Committee are:

• official listing
• collective investment schemes
• disclosure of information
• insolvency.

The Joint Committee is due to report on the Bill by the end of April, after which the Government intends that it will be introduced into Parliament as soon as possible.