asked the Secretary of of State for Trade if he will list all the organisations he has consulted in drawing up detailed proposals for amending the Licensed Dealers (Conduct of Business) Rules 1960.
The Take-over Panel, the Law Society, the Law Society of Scotland and the Stock Exchange were invited to put forward suggestions for amending these rules. Detailed proposals were then drawn up by my Department, and discussed with the Stock Exchange and Take-over Panel. As required by section 7(3) of the Prevention of Fraud (Investments) Act 1958, the rules will be published in draft, probably before the middle of this year. My Department will then write to all holders of a principal's licence inviting their observations, and draw up a final text in the light of these and any other comments received.