---

Company Law Reform Bill [HL]

moved Amendment No. 334B:"Page 244, line 10, leave out ““and”” and insert ““or””" The noble Baroness said: This amendment is also sourced from the Institute of Chartered Accountants. Under Clause 510, the accounting authorities are described as the Secretary of State and the body he has authorised—which, I understand, will be the Financial Reporting Review Panel—and it seems that the paperwork generated by the clause will have to go to both of them. I cannot believe that the DTI wants to be the recipient of all of this paperwork because that is why the FRRP exists. If the DTI does want to handle all of the paperwork, I hope that the Treasury will read the Hansard report of this debate and put a stop to this unnecessary cost—because handling paper involves costs. I invite the Minister to say how he envisages the procedure will work and what the DTI expects to do with the paperwork, given that it will not be handling any substantive matters in relation to it. The amendment simply seeks to replace ““and”” with ““or”” on a probing basis, but, if we are to stop this useless bureaucracy, the clause may need a little restructuring, which I will consider in the light of the Minister’s reply. I beg to move.