asked the Secretary of State for Trade and Industry when he expects to receive from the Director General of Fair Trading his report on the proposed rules regarding the conduct of investment business submitted by the Securities and Investments Board on 10 February.

I have now received the Director General's report, and have placed a copy in the Library. The Director General concludes that certain of the proposed rules would have a significant anti-competitive effect. The Financial Services Act 1986 precludes transfer of powers under it to a designated agency unless I am satisfied that any significant anti-competitive effect is necessary in the interests of investors. In reaching this decision I will have regard not only to the Director General's reports, but also to other representations made to me, which should be sent to the Department by 10 April.