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Investment Exchanges and Clearing Houses Bill

I am very grateful to the Minister for his reply. I have to say that I am not convinced on one important matter which I thought I had mentioned, so perhaps I should explain it again. This is the question of extraterritorial jurisdiction. Let us suppose that the SEC, which follows these matters with close attention, decides that the way in which the regulator is managing affairs in this country is not quite to its satisfaction. The SEC contains expert people who have their own ideas about what should be done. They might therefore use their influence to ensure that the owner introduced certain changes that we had difficulty with. There would then be a conflict of jurisdiction. Where would this be settled? Would there be proceedings in the High Court? Would it be at a European court? Do we honestly believe that, in response to a summons from this country, a representative of the Securities and Exchange Commission would come to London? I can see that we have built in, no doubt with the very best of intentions, a situation that I fear could possibly come about, and I think that it ought to be dealt with at this stage. I would be very grateful if the Minister could kindly answer those questions.