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| New Amendments handed in are marked thus  |
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| Amendments which will comply with the required notice period at their next appearance
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| | The Amendments have been arranged in accordance with the Order of the |
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| | Committee [21 February 2012]. |
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| Clause 16, page 68, line 37, at end insert— |
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| | ‘(9) | The Treasury must lay before Parliament a copy of any statement published under |
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| Clause 17, page 74, line 15, at end insert— |
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| | ‘(9) | The Treasury must lay before Parliament a copy of any statement published under |
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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 82, line 10, at end insert— |
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| | ‘(c) | provide for a legal sanction based approach introducing a strict liability |
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| | for executives and Board members.’. |
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| Clause 22, page 82, line 10, at end insert— |
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| | ‘(c) | provide for a requirement that an employee representative should be a |
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| | member of the remuneration committee of a relevant body corporate; and |
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| | (d) | provide for a requirement that the remuneration consultants advising on |
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| | remuneration policy shall be appointed by the shareholders of a relevant |
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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 22, page 89, line 34, at end insert— |
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| | ‘137QA | Advisory fees in respect of mergers and acquisitions |
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| | (1) | Either regulator may make rules (“fee structures in respect of mergers and |
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| | acquisitions”) about the advisory or consultancy fee arrangements where an |
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| | authorised person contracts a third party to give advice on the possibility of a |
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| | merger or acquisition of control of any other body corporate.’. |
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| Clause 22, page 93, line 43, after ‘1B(1)’, insert ‘and 1B(5)(a),’. |
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| Clause 22, page 95, line 10, after ‘2D(3)’, insert ‘and 2G’. |
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| Clause 22, page 100, line 13, at end insert— |
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| | ‘(1) | The FCA and the Office of Fair Trading (OFT) must co-ordinate in the exercise |
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| | of their functions to promote competition in financial services. The FCA and the |
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| | OFT must prepare and maintain a memorandum of understanding which |
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| | describes the role of each regulator in relation to promoting competition in |
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| | financial services markets. The memorandum of understanding should make |
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| | clear the OFT will only conduct a market study into a financial services market |
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| | within the regulatory remit of the FCA in exceptional circumstances.’. |
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| Clause 22, page 102, line 10, at end insert— |
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| | ‘(1A) | Before the end of 2013, a regulator may, in consultation with the Treasury, ask |
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| | the Competition Commission to provide a report giving section 140B advice with |
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| | reference to the Independent Commission on Banking recommendations on |
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| Clause 25, page 108, leave out lines 29 and 30. |
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| Clause 25, page 108, leave out lines 34 to 39. |
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| Clause 25, page 111, line 38, at end insert— |
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| | ‘(8) | The Treasury must lay before Parliament a copy of any statement published under |
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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 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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