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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 230, line 39, leave out from ‘(c)’ to ‘the’ in line 40. |
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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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| Schedule 10, page 239, line 36, at end insert— |
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| | ‘(14) | The regulators shall bring forward recommendations within six months of Royal |
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| | Assent of this Act applying the Financial Services Compensation Scheme by |
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| Schedule 11, page 243, line 2, at end insert—
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| ‘19A In paragraph 8 (guidance), at end insert “The scheme operator must consult publicly |
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| on any information, advice or guidance produced prior to publication.”.’. |
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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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| | financial company of the position, and information that makes |
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| | possible an independent valuation of the position. |
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| | (c) | The FCA shall assist the PRA in accordance with Clause 3D to ensure |
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| | that the PRA is able to exercise its function as described in (a); |
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| | (i) | To facilitate the effective collection of data, the PRA should |
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| | prepare and publish, in a manner that is easily accessible to the |
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| | public and in the form of a summary or collection of information |
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| | so framed that it is not possible to ascertain from it information |
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| | relating to any particular person— |
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| | (1) | a database detailing relevant counterparties; and |
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| | (2) | a financial instrument reference database; and |
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| | (3) | formats and standards for PRA data, including standards |
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| | for reporting financial transaction and position data to |
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| | (ii) | Where possible, the PRA shall co-operate with foreign |
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| | regulators to the extent required to collect relevant information |
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| | on PRA-authorised persons already collected by those foreign |
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| | (e) | The PRA shall develop and maintain sufficient resources to review the |
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| | collection of data referred to in (a) above in order to— |
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| | (i) | develop and maintain metrics and reporting systems for risks to |
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| | the financial stability of the United Kingdom; |
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| | (ii) | evaluate stress tests or other stability-related evaluations of |
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| | financial entities overseen; |
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| | (iii) | investigate disruptions and failures in the financial markets; |
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| | (iv) | conduct studies on the impact of policies relating to systemic |
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| | (v) | promote best practices for financial risk managment to PRA- |
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| | (f) | The PRA shall publish a report which compiles the data collected in |
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| | accordance with (a) on a periodic basis as determined by the PRA, which |
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| | (i) | made available to the public in an easily accessible medium; and |
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| | (ii) | in the form of a summary or collection of information so framed |
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| | that it is not possible to ascertain from it information relating to |
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| | any particular person.”.’. |
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| Clause 40, page 124, line 32, leave out ‘a’ and insert ‘an independent and |
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| Clause 40, page 125, line 6, leave out ‘given in section 1G’ and insert ‘any natural |
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| person who is acting for purposes which are outside his trade, business, craft or |
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| Schedule 15, page 270, line 37, leave out ‘to the Treasury’. |
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| Clause 47, page 130, line 36, at end insert— |
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| | ‘(f) | providing for any function of the FSA in respect of the Registry of |
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| | Friendly Societies to be transferred to a registrar established at the |
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| | Registrar of Companies.’. |
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| Clause 47, page 131, line 1, leave out ‘both the FCA and PRA’ and insert ‘the |
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| Registry of Friendly Societies established at the Registrar of Companies or to any of the |
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| FCA and PRA and the Registry of Friendly Societies at the Registrar of Companies’. |
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| Clause 48, page 132, line 4, leave out ‘to the FCA and the PRA’ and insert ‘the |
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| Registrar of Companies or to the FCA, the PRA and the Registrar of Companies’. |
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| Clause 54, page 134, line 7, after ‘PRA’ insert ‘, the FCA’. |
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| Clause 54, page 134, line 13, after ‘PRA’ insert ‘, the FCA’. |
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| Clause 56, page 135, line 14, after ‘PRA’ insert ‘, the FCA’. |
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| Clause 77, page 146, leave out line 39 to line 25 on page 147 and insert— |
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| | ‘(2) | The Treasury may publish the whole, or any part, of the report and may do so in |
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| | such manner as it considers appropriate. |
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| | (3) | The Treasury must prevent publication of any part of the report which it considers |
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| | (a) | which relates to the affairs of a particular person whose interests would, |
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| | in the opinion of the Treasury, be seriously prejudiced by publication of |
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| | (b) | the disclosure of which would be incompatible with an international |
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| | obligation of the United Kingdom. |
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| | (4) | The Treasury must lay before each House of Parliament a copy of any report or |
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| | part of a report published under subsection (2) subject to the provisions of |
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| Clause 80, page 148, line 37, leave out ‘312J or 345D of FSMA 2000, or’ and |
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| insert ‘or 312J of FSMA 2000, |
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| | ( ) | section 345D of FSMA 2000 (whether as a result of section |
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| | 345(2) or 345A(3) or section 249(1) of that Act), or’. |
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| Schedule 18, page 284, line 7, at end insert— |
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| | ‘8A(1) | Section 249 (disqualification of auditor for breach of trust scheme rules) is |
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| | (2) | In subsection (1) for the words from “it may” to the end substitute “it may do |
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| | one or more of the following— |
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| | (a) | disqualify the auditor from being the auditor of any authorised |
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| | unit trust scheme or authorised open-ended investment |
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| | (b) | publish a statement to the effect that it appears to the FCA that |
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| | the auditor has failed to comply with the duty; |
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| | (c) | impose on the auditor a penalty, payable to the FCA, of such |
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| | amount as the FCA considers appropriate.” |
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| | (3) | For subsection (2) substitute— |
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| | “(2) | Sections 345B to 345E have effect in relation to the taking of action |
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| | under subsection (1) as they have effect in relation to the taking of |
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| | action under section 345(2).” |
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| | (4) | For the heading substitute “Disciplinary measures”’. |
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| Schedule 18, page 284, line 43, at end insert— |
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| | ‘( ) | in the heading, for “Authority’s” substitute “FCA’s”.’. |
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| Schedule 18, page 285, line 18, leave out ‘“section 44 or 45 of a Part IV |
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| permission”’ and insert ‘paragraph (a)’. |
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| Schedule 18, page 285, line 26, leave out from ‘Part IV’ to end of line 27 and insert |
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| Schedule 18, page 285, line 41, leave out from beginning to ‘subsection’ in line 2 |
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| on page 286 and insert ‘In section 409 (Gibraltar), in’. |
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| Schedule 20, page 311, line 22, leave out paragraphs 6 and 7 and insert— |
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| | ‘5A | In relation to the first order under section 9K of the Bank of England Act 1998, |
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| | subsection (2) of that section (which relates to consultation) does not apply. |
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| | 5B (1) | This paragraph applies where a provision of Part 5 or 6 of this Act, or an |
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| | amendment of FSMA 2000 made by any provision of this Act, imposes on the |
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| | FCA, the PRA or the Bank of England, in connection with the making or |
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| | issuing of any rules or other instrument or document— |
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| | (a) | a public consultation requirement, or |
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| | (b) | a requirement (however expressed) to consult particular persons. |
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| | (2) | The requirement may be satisfied— |
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| | (a) | by things done (wholly or in part) before the commencement of the |
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| | provision in question or the passing of this Act, and |
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| | (b) | by things done by the Financial Services Authority or the Bank of |
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| | England or by both of them. |
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| | (3) | “Public consultation requirement” means a requirement (however expressed) |
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| | to publish a draft of the instrument or other document with or without other |
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| | material and to invite representations about it. |
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| | 5C (1) | The first order under section 22A of FSMA 2000 may, if it imposes on the PRA |
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| | a public consultation requirement in relation to any statement of policy |
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| | required by the order to be prepared by the PRA, provide that in relation to the |
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| | first statement of policy the requirement may be satisfied— |
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| | (a) | by things done (wholly or in part) before the commencement of the |
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| | order or the passing of this Act, and |
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| | (b) | by things done by the Financial Services Authority or the Bank of |
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| | England or by both of them. |
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| | (2) | “Public consultation requirement” has the same meaning as in paragraph 5B.’. |
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| To move the following Clause:— |
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| | ‘The FCA shall bring forward recommendations within a year of the |
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| | commencement of this Act to phase out the practice of directly charging |
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| | consumers fees or charges for the provision of debt management plans.’. |
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| | Depositor preference in insolvency |
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| To move the following Clause:— |
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| | ‘The Treasury shall bring forward regulations to ensure FSCS insured deposits |
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| | are moved above other unsecured creditors and above floating charge holders in |
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| | the creditor hierarchy in the event of insolvency or any imposition of losses in |
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| | Building Society Investors Special Provisions: Members or depositors dying |
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| To move the following Clause:— |
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| | ‘(1) | Schedule 7 of the Building Societies Act 1986 is amended as follows: |
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| | “(2) | In paragraph 1(1) for “£5,000” substitute “£15,000” and in paragraph |
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| | 1(4) for “£5,000” substitute “£15,000”.’. |
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