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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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| | 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 Clause (1) on a periodic basis as determined by the PRA, |
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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 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 67, page 141, line 32, at end insert— |
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| | ‘(3) | 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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| | (4) | 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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| | (5) | 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 (3) 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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|