Joint Committee on Financial Services and Markets Second Report


  PROCEEDINGS OF THE COMMITTEE RELATING TO THE REPORT

DIE MARTIS, 2° MARTII 1999

Present:
Lord Burns
Lord Eatwell
Lord Fraser of Carmyllie
Lord Montague of Oxford
Lord Poole
Lord Taverne
Mr Nigel Beard
Mrs Liz Blackman
Mr David Heathcoat-Amory
Mr David Kidney
Mr Tim Loughton
Mr James Plaskitt
Mr Barry Sheerman
The Orders of Reference are read.

The declarations of relevant interests are made:

Lord Burns (Non-executive Director, Legal & General Group plc)

Lord Eatwell (Director and independent board member, Securities and Futures Authority; adviser, EM Warburg Pincus & Co International Ltd)

Lord Fraser of Carmyllie (Chairman, International Petroleum Exchange; Director, Nova Technology Management Ltd; invited Director, London Metal Exchange)

Mr David Kidney MP (Equity partner in solicitors' practice, Jewels & Kidney, Stafford)

Mr Timothy Loughton MP (Director, Fleming Private Asset Management)

Lord Poole (Chief Executive, Ockham Holdings plc, a holding company with interests in financial services in general and insurance in particular, and director of group of companies; Member of the Stock Exchange; registered insurance broker; formerly Chief Executive of a UK regulated bank and a UK firm of stockbrokers)

Lord Taverne (Non-executive Chairman, OLIM Convertible Trust plc; non-executive Deputy Chairman, Central European Growth Fund plc; non-executive Director, Axa Equity & Law plc; Chairman, Axa Equity & Law Life Assurance Society plc)

Viscount Trenchard (Director, Robert Fleming International Ltd).

It is moved that Lord Burns do take the Chair.—(Mr Barry Sheerman).

The same is agreed to.

(For remaining Minutes of Proceedings relating to the First Report see HL Paper 50-I, HC 328-I, pages 99-109).

DIE MARTIS, 18° MAII 1999

Present:
Lord Eatwell
Lord Fraser of Carmyllie
Lord Haskel
Lord Montague of Oxford
Lord Taverne
Viscount Trenchard
Mr Nigel Beard
Mrs Liz Blackman
Mr David Heathcoat-Amory
Mr David Kidney
Mr Tim Loughton
Mr James Plaskitt
  Lord Burns, in the Chair

The Orders of Reference are read.

The Joint Committee deliberate.

Ordered, That the Joint Committee be adjourned to Wednesday 19th May at 3.30 pm.

DIE MERCURII, 19° MAII 1999

Present:
Lord Fraser of Carmyllie
Lord Haskel
Lord Montague of Oxford
Lord Poole
Viscount Trenchard
Mr Nigel Beard
Mrs Liz Blackman
Mr David Heathcoat-Amory
Mr David Kidney
Mr Tim Loughton
Mr Barry Sheerman

  Lord Burns, in the Chair

The Order of Adjournment is read.

The proceedings of Tuesday 18th May are read.

The Joint Committee deliberate.

The following witnesses are examined:

Mr Sydney Kentridge, QC

Mr James Eadie

The following witness is further examined:

Ms Patricia Hewitt MP, a Member of the House of Commons, Economic Secretary to the Treasury

Ordered, That the Joint Committee be adjourned to Monday 24th May at 3.30 pm.

DIE LUNAE, 24° MAII 1999

Present:

Lord Haskel
Lord Montague of Oxford
Lord Poole
Mr Nigel Beard
Mrs Liz Blackman
Mr David Heathcoat-Amory
Mr David Kidney
Mr Tim Loughton
Mr James Plaskitt
Mr Barry Sheerman

Lord Burns, in the Chair

The Order of Adjournment is read.

The proceedings of Thursday 19th May are read.

The Joint Committee deliberate.

Ordered, That the Joint Committee be adjourned to Thursday 27th May at 10.30 am.

DIE JOVIS, 27° MAII 1999

Present:

Lord Fraser of Carmyllie
Lord Haskel
Lord Poole

Mr Nigel Beard
Mrs Liz Blackman
Dr Vincent Cable
Mr David Heathcoat-Amory
Mr David Kidney
Mr Tim Loughton
Mr Barry Sheerman

Lord Burns, in the Chair

The Order of Adjournment is read.

The proceedings of Monday 24th May are read.

The Joint Committee deliberate.

A draft Report is proposed by the Chairman, brought up and read.

Ordered, That the draft Report be read a second time, paragraph by paragraph.

Paragraph 1 is read and agreed to.

Paragraph 2 is read, amended and agreed to.

Paragraph 3 is read and agreed to.

Paragraphs 4 and 5 are read, amended and agreed to.

Paragraphs 6 to 17 are read and agreed to.

Paragraph 18 is read, amended and agreed to.

Paragraphs 19 to 23 are read and agreed to.

Paragraph 24 is read, amended and agreed to.

Paragraphs 25 to 28 are read and agreed to.

Paragraph 29 is read, amended and agreed to.

Resolved, That the Report, as amended, be agreed to.

Ordered, That revised versions of Tables I-III from the First Report be annexed to the Report.

Ordered, That memoranda received by the Committee be appended to the Minutes of Evidence.

Ordered, That the Chairman do make the Report to the House of Lords and Mr Barry Sheerman do make the Report to the House of Commons.

Ordered, That the Joint Committee be adjourned.


 
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