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Disclosure For Facilitating Discharge Of Functions By Other Supervisory Authorities

Volume 115: debated on Thursday 7 May 1987

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Lords amendment: No. 38, in page 63, line 4, column 2, leave out "section 431, 432, 442, 446, 447 or 448" arid insert "Part XIV".

I beg to move, That this House doth agree with the Lords in the said amendment.

With this it will be convenient to take amendments Nos. 39, 40, 41, 42 and 43.

Amendments Nos. 38, 39, 42 and 43 extend the purposes for which the Bank of England can disclose supervisory information to the Secretary of State for the purpose of investigations under the Companies Act 1985. As presently drafted, clause 84(1) allows disclosure by the Bank to the Secretary of State only to assist him with some of his powers under part XIV of the Companies Act, which deals with investigation of companies and their affairs. While it is unlikely that disclosure will be necessary in many of the remaining cases, it is not impossible. The amendments therefore replace the references to specific sections of part XIV of the Companies Act and the equivalent Northern Ireland order, with reference to the whole of part XIV and its Northern Ireland equivalent.

Amendment No. 40 adds to the list of supervisory persons to whom the information may be disclosed a person appointed by the Secretary of State to obtain a company's books or papers under section 44 of the Insurance Companies Act 1982.

Amendment No. 41 arises as a consequence of the approach adopted by the draftsmen in the Building Societies Act 1986.

As a whole, these are a rather miscellaneous list of technical tidyings-up of clause 84 on disclosure to other supervisors, and while I would not try to exaggerate their importance, they tidy up an important clause in the Bill.

Question put and agreed to.

Lords amendments Nos. 39 to 43 agreed to.