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Investment Exchanges and Clearing Houses Bill

I will seek to do that. If we had a situation where, by one means or another, the SEC sought to impose on the London Stock Exchange a regulatory provision, the provisions of the Bill would kick in. The Bill would require the recognised exchange to notify the FSA, assuming that it fell within its rules of notification, as, if the issue were important, it doubtless would. The FSA would then have to consult on that with key stakeholders and make a judgment on whether it thought that excessive regulation was involved. If so, it would veto that provision. That issue would be conducted in the UK courts. I think that that is right and as it should be. If the exchange wishes to challenge the FSA, it could seek to do so through judicial review—again, a process in the UK courts. If it was successful, the issue would either go back to the FSA or the FSA’s judgment would be abrogated. If the courts supported the FSA, the veto would remain. That is how the provisions of the Bill are meant to operate.