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| Clause 5, page 29, line 23, at end insert ‘, including but not limited to, the UK |
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| Corporate Governance Code’. |
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| Clause 5, page 29, line 42, at end insert— |
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| | ‘(d) | that the regulators coordinate in such a manner as to minimise |
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| | unnecessary additional expenses that might be incurred by virtue of the |
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| | separate administration of the FCA and the PRA, and to maximise any |
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| | common administrative savings achievable through close coordination.’. |
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| Clause 5, page 29, line 42, at end insert— |
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| | ‘(d) | that each regulator engages with the other where they identify any gaps |
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| | in or between their regulatory remits, or the exercise of these, that may |
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| | become apparent in relation to any product, provider, institution, market |
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| | practice, responsible shareholder interest or consumer concern; |
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| | (e) | that as appropriate both regulators can identify areas where they can |
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| | share services and information, acting to minimise burdens on firms |
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| | supervised by both regulators and/or to maximise the understanding of |
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| | consumers and facilitate the exercise of their responsible interests.’. |
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| Clause 5, page 30, line 4, at end insert— |
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| | ‘(c) | the FCA and PRA shall publish guidance explaining those circumstances |
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| | covered by paragraphs (a) and (b) where the duty to co-ordinate shall not |
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| Clause 5, page 31, line 24, at end insert— |
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| | ‘(8A) | The memorandum shall contain an estimate of the additional annual costs |
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| | involved in the administration of the FCA and PRA when compared with the |
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| | estimated costs of the administration of the Financial Services Authority.’. |
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| Clause 5, page 32, line 5, at end insert ‘(by reason of its consumer protection or |
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| competition objectives)’. |
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| Clause 5, page 32, line 11, at end insert— |
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| | ‘(9) | In exercising its functions under this section, the PRA must make and maintain |
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| | effective arrangements for consulting the panel established under section 1Q, |
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| | consumers, or where appropriate, persons appearing to represent the interests of |
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| Clause 5, page 34, line 20, after ‘PRA’, insert ‘and the Treasury’. |
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| Clause 5, page 37, line 34, after ‘supply’, insert ‘and consumption’. |
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| Clause 5, page 37, line 42, at end insert ‘particularly to those member of the public |
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| Clause 5, page 38, line 12, leave out ‘Part 1 of’. |
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| Clause 5, page 38, line 13, leave out subsection (3). |
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| Schedule 3, page 174, line 44, leave out from ‘expenses’ to end of line 46 and insert |
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| ‘to the Bank of England in respect of the services of the Bank’s Deputy Governor for |
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| prudential regulation as a member.’. |
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| Schedule 3, page 175, line 39, leave out ‘312J or 345D, or’ and insert ‘or 312J |
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| | ( ) | section 345D (whether as a result of section 345(2) or section |
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| Schedule 3, page 175, leave out lines 16 to 21. |
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| Schedule 3, page 176, line 6, at end insert— |
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| | Publication of minutes and agendas |
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| | 10 (1) | The FCA shall make arrangements to publish, unless publication would be |
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| | inappropriate, the agendas and minutes of the meetings of its committees and |
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| | (2) | When a meeting of any committee or sub-committee of the FCA makes a |
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| | decision upon any matter of public policy, the minutes of the meeting or |
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| | meetings that result in that decision shall summarise the considerations which |
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| | were taken into account, both for and against the decision.’. |
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| Schedule 3, page 177, line 26, at end insert ‘on the FCA website’. |
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| Schedule 3, page 182, leave out lines 33 to 37. |
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| Schedule 3, page 183, line 10, at end insert ‘merit, fairness, openness and’. |
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| Schedule 3, page 183, line 45, at end insert ‘with the approval of the Treasury’. |
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| Schedule 3, page 184, line 18, leave out ‘,318 or 328’ and insert ‘or 318’. |
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| Clause 6, page 39, line 5, at end insert— |
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| | ‘(4A) | After paragraph 23B insert— |
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| | “Contracts for debt management services |
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| | 23C(1) | Rights under a contract for debt adjustment or debt management |
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| | (2) | Debt-adjusting is, in relation to debts due under regulated credit |
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| | agreements or contracts for the hire of goods, negotiating with the |
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| | creditor or owner, on behalf of the debtor or hirer, terms for the |
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| | discharge of a debt, or taking over, in return for payments by the |
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| | debtor or hirer, his obligation to discharge a debt, or any similar |
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| | activity concerned with the liquidation of a debt. |
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| | (3) | Debt management is the giving of advice to debtors or hirers about the |
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| | liquidation of debts including those due under regulated credit |
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| | agreements or contracts for the hire of goods.”.’. |
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| Clause 6, page 39, line 5, at end insert— |
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| | ‘Claims management companies |
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| | 23C | Provision of services consisting of advice or services in respect of claims for |
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| | compensation, restitution, repayment or any other remedy for loss or damage, |
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| | or in respect of some other obligation.’. |
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| Clause 6, page 39, line 29, at end insert— |
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| | ‘(6) | The Consumer Credit Act 1974 shall be amended as follows— |
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| | “In section 32(7) after “revocation” delete to the end of that section and replace |
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| | with “under this section shall not take effect before the end of the appeal period. |
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| | A suspension under this section may take effect before the end of the appeal |
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| | period until such time as the commencement of section 6(3) of the Financial |
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| | Services Act 2012 and responsibility for consumer credit regulation rests with the |
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| | Financial Conduct Authority, after which time a suspension shall not take effect |
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| | before the end of an appeal period.”.’. |
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| Clause 14, page 63, line 38, after ‘authority”’ insert ‘or “the Authority”’. |
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| Clause 14, page 64, line 6, at end insert— |
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| Clause 21, page 77, line 29, at end insert— |
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| | ‘( ) | a decision to take action under section 249;’. |
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| Clause 22, page 80, line 2, at end insert— |
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| | ‘(2A) | The FCA may make rules or apply a sanction to authorised persons who offer |
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| | credit on terms that the FCA judge to cause consumer detriment. This may |
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| | include rules that determine a maximum total cost for consumers of a product and |
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| | determine the maximum duration of a supply of a product or service to an |
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| Clause 22, page 85, leave out lines 40 to 47 and insert ‘in accordance with section |
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| Clause 22, page 86, leave out lines 4 to 6. |
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| Clause 30, page 117, line 37, at end insert— |
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| | ‘(2) | If a statement is published and further investigation does not result in a penalty |
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| | the regulator must publish this outcome in a manner the regulator believes is most |
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| | suitable to bring this to the attention of the public.’. |
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| Schedule 8, page 218, line 31, leave out paragraph 3 and insert— |
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| | ‘3 (1) | Section 287 (application by an investment exchange) is amended as follows. |
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| | (2) | In subsections (1) and (2) for “the Authority”, in each place, substitute “the |
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| | (a) | in paragraph (a), after “provision” insert “by another person”, |
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| | (b) | in paragraph (b), for “clearing services” substitute “services falling |
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| | within section 285(2)(b)”, and |
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| | (c) | in paragraphs (d) and (e), for “the Authority” substitute “the FCA”.’. |
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| Schedule 8, page 218, line 38, at end insert— |
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| | ‘(4) | In subsection (3)(b), after “clearing services” insert “or services falling within |
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| Schedule 8, page 219, line 17, leave out ‘and’. |
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| Schedule 8, page 219, line 18, at end insert— |
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| | ‘(c) | omit the “or” following paragraph (a), and |
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| | (d) | at the end of paragraph (b) insert “or |
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| | (c) | the provision by the applicant of services falling within |
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| | section 285(2)(b) or (3)(b),”’. |
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| Schedule 8, page 219, line 29, leave out sub-paragraphs (3) and (4) and insert— |
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| | (a) | in paragraph (a), after “provision” insert “by another person”, |
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| | (b) | in paragraph (b), for “clearing services” substitute “services falling |
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| | within section 285(2)(b)”, and |
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| | (c) | for “the Authority” substitute “the FCA and the Bank of England”. |
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| | (a) | in paragraph (a), after “clearing services” insert “or services falling |
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| | within section 285(3)(b)”, |
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| | (b) | in paragraph (b), after “clearing services” insert “or services falling |
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| | within section 285(3)(b)”, and |
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| | (c) | for “the Authority” substitute “the Bank of England and the FCA”.’. |
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| Schedule 8, page 221, line 11, after ‘provision)’ insert— |
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| | ‘(a) | in subsection (1), for the words from “with” to the end substitute “with— |
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| | (a) | its business as an investment exchange, |
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| | (b) | the provision by it of clearing services, or |
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| | (c) | the provision by it of services falling within section |
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| | 285(2)(b) or (3)(b).”, and |
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| Schedule 8, page 222, line 30, at end insert— |
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| | ‘35A | In section 313 (interpretation), in subsection (4), after “clearing services” |
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| | insert “or services falling within section 285(3)(b)”.’. |
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| Schedule 9, page 231, line 17, after ‘345B’ insert ‘(whether as a result of section |
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| 345(2) or 345A(3) or section 249(1))’. |
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| Schedule 9, page 233, line 15, at end insert ‘and the Regulatory Decisions |
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| Clause 37, page 122, line 49, leave out ‘PRA-authorised persons’ and insert ‘the |
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| Society, and the members of the Society, taken together’. |
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| Schedule 12, page 244, line 40, at end insert—
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| ‘In section 165A after subsection (10) at end insert— |
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| | (a) | The PRA should require the submission of reports from any PRA- |
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| | authorised person for the purpose of assessing the extent to which a |
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| | financial activity or financial market in which the PRA-authorised person |
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| | participates may pose a threat to financial stability in accordance with the |
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| | PRA’s general objective. The PRA shall collect, in a manner determined |
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| | by the PRA and in consultation with the FPC, financial transaction data |
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| | and position data from PRA-authorised person companies. |
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| | (b) | For the purposes of (a)— |
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| | (i) | financial transaction data shall mean data pertaining to the |
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| | structure and legal description of a financial contract, with |
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| | sufficient detail to describe the rights and obligations between |
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| | counterparties and make possible an independent valuation; and |
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| | (ii) | position data shall mean data pertaining to data on financial |
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| | assets or liabilities held on the balance sheet of a financial |
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| | company, where positions are created or changed by the |
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| | execution of a financial transaction and which includes |
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| | information that identifies counterparties, the valuation by the |
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