[10536]
December 4, 1998
TO: INTERNATIONAL COMMITTEE No. 36-98
RE: INSTITUTE SUBMITS COMMENTS ON DRAFT UK FINANCIAL SERVICES
AND MARKETS BILL
______________________________________________________________________________
On November 25, 1998 the Institute submitted comments to the UK government on the draft
United Kingdom Financial Services and Markets Bill. The draft bill is intended to provide the
framework to reform the system of financial regulation in the UK for the twenty-first century. A copy of
the Institute’s letter is attached.
The Institute’s comment letter urged the UK to clarify the draft legislation in two respects. First,
the Institute stated that the legislation should make clear the circumstances in which the UK would assert
jurisdiction over Internet communications. Specifically, the Institute urged the UK to provide an
exception to regulation for financial promotion communications that, although available in the UK, are
not directed at the UK.
Second, the Institute requested that the bill provide that interpretive guidance issued by the UK
Financial Services Authority generally be available to all market participants.
Mary S. Podesta
Senior Counsel
Attachment