(6 years, 5 months ago)
General CommitteesThe basic point is getting the time. The hon. Gentleman is aware of the restrictions on the legislative timetable. As he rightly recognises, this is a timely addition to the powers of Ofgem that provides safeguards as far as seizure is concerned. As a relatively new Minister in the Department, I welcome the fact that we are able to get on with it. I refer to what the hon. Gentleman said: it is important that action is taken, and is taken swiftly. That is why we are here.
I turn to the comments made by my hon. Friend the Member for Bosworth. I am happy to write to him to give some detail on the definition and how many documents constitute too many documents. To give the Committee an idea, there may be many documents of a similar nature—for example, buy and sell orders—that may appear relevant to an investigation. Rather than going through someone’s social media accounts, if we think about the number of trades that are conducted in any given day or any given period, it might not be possible to sift all of them on site. I am happy to write to Committee members to illuminate in more detail the definition and limits of what counts as far as documentation is concerned.
On electronic media, will the Minister look at whether iPhones and other types of equipment are covered?
I have to say to my hon. Friend that it should. He needs to look at this, because we now have such a wide range of communication systems at our disposal that it is pointless coming forward with an order that does not cover all the possibilities. I think that should be addressed.
As I have said, I will write to my hon. Friend to set out in full detail all the electronic media that are covered. That will be the best way to proceed so that he has a comprehensive answer to his questions.
The order provides Ofgem with the necessary tools to aid its enforcement efforts in this area. That is self-evident. The proposed seize-and-sift power will enable Ofgem to scrutinise information thoroughly and to identify what is relevant. It will do so under the scrutiny of the magistrate’s warrant, which is an important safeguard. It will contribute to Ofgem’s ability to effectively investigate and prosecute market manipulation and insider trading offences. I commend the order to the Committee.
Question put and agreed to.