Financial Services Bill

Session 2010 - 12
Internet Publications
Other Bills before Parliament

Financial Services Bill

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
298

(a)
the Financial Conduct Authority;
(b)
the Prudential Regulation Authority.”
      (3)
In Schedule 24 (provisions relating to the Railways Act 1993), in paragraph
19(7), in the definition of “securities”, for “section 74(5)” substitute “section
102A(2)”.
5
Coal Industry Act 1994 (c. 21)
77
In section 59 of the Coal Industry Act 1994 (information to be kept
confidential), in subsection (3)(b), for “and the Financial Services Authority”
substitute “, the Financial Conduct Authority and the Prudential Regulation
Authority”.
10
Value Added Tax Act 1994 (c. 23)
78
In Part 2 of Schedule 9 to the Value Added Tax Act 1994 (exemptions:
groups), in Group 5 (finance), in Note (6), in the definitions of “closed-ended
collective investment undertaking” and “individually recognised overseas
scheme”, for “Financial Services Authority” substitute “Financial Conduct
15
Authority”.
Pensions Act 1995 (c. 26)
79    (1)
The Pensions Act 1995 is amended as follows.
      (2)
In section 49 (responsibilities of trustees etc.), in subsection (8A)(a), for “Part
4” substitute “Part 4A”.
20
      (3)
In section 172 (information about public service schemes), in subsection
(1)(a), for “section 150” substitute “section 138D”.
Finance Act 1997 (c. 16)
80
In section 96 of the Finance Act 1997 (demutualisation of insurance
companies), in subsection (8), in the definition of “general insurance
25
company”, for “Part 4” substitute “Part 4A”.
Social Security (Recovery of Benefits) Act 1997 (c. 27)
81
In Part 1 of Schedule 1 to the Social Security (Recovery of Benefits) Act 1997
(compensation payments: exempted payments), in paragraph 5(2)(a), for
“Part 4” substitute “Part 4A”.
30
Bank of England Act 1998 (c. 11)
82    (1)
The Bank of England Act 1998 is amended as follows.
      (2)
In section 17 (power to obtain information), in subsections (3D) and (7)(a),
for “Part 4” substitute “Part 4A”.
      (3)
Omit—
35
(a)
section 21 and the italic heading before it;
(b)
section 23(2);
(c)
section 24 and the italic heading before it.

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
299

      (4)
In Schedule 2 (cash ratio deposits), in paragraph 1(1A)(c), for “Part 4”
substitute “Part 4A”.
      (5)
In Schedule 7 (restriction on disclosure of information), in paragraph 3, in
the Table—
(a)
for “Financial Services Authority” substitute “Financial Conduct
5
Authority or the Prudential Regulation Authority”, and
(b)
omit the entry relating to the competent authority for the purposes
of Part 6 of the Financial Services Act 2000.
Data Protection Act 1998 (c. 29)
83
In Schedule 7 to the Data Protection Act 1998 (miscellaneous exemptions), in
10
paragraph 6(3), in the definition of “relevant person”, in paragraph (a), for
“Part IV” substitute “Part 4A”.
Terrorism Act 2000 (c. 11)
84    (1)
The Terrorism Act 2000 is amended as follows.
      (2)
In Part 2 of Schedule 3A (supervisory authorities), in paragraph 4(1)—
15
(a)
for paragraph (c) substitute—
“(c)
the Financial Conduct Authority;”, and
(b)
after paragraph (e) insert—
“(ea)
the Prudential Regulation Authority;”.
      (3)
In Schedule 6 (financial information), in paragraph 6(1)(a), for “Part 4”
20
substitute “Part 4A”.
Regulation of Investigatory Powers Act 2000 (c. 23)
85
In Part 1 of Schedule 1 to the Regulation of Investigatory Powers Act 2000
(relevant authorities), for paragraph 19 substitute—
“19
The Financial Conduct Authority.
25
19A
The Prudential Regulation Authority.”
Utilities Act 2000 (c. 27)
86
In section 105 of the Utilities Act 2000 (general restriction on disclosure of
information), in subsection (4)(da), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
30
Authority or the Bank of England”.
Freedom of Information Act 2000 (c. 36)
87
In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (other public
bodies and offices: general)—
(a)
omit the entry relating to the Financial Services Authority, and
35
(b)
at the appropriate place in each case insert—
“The Financial Conduct Authority;”;
“The Prudential Regulation Authority;”.

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
300

Criminal Justice and Police Act 2001 (c. 16)
88
In section 57 of the Criminal Justice and Police Act 2001 (retention of seized
items), in subsection (1)(o), for “section 176(8)” substitute “section 176A”.
Anti-terrorism, Crime and Security Act 2001 (c. 24)
89
In Part 5 of Schedule 1 to the Anti-terrorism, Crime and Security Act 2001
5
(property earmarked as terrorist property), in paragraph 16(6)—
(a)
for “Financial Services Authority under” substitute “Financial
Conduct Authority, the Prudential Regulation Authority or the Bank
of England under or by virtue of”, and
(b)
omit “of authority”.
10
Proceeds of Crime Act 2002 (c. 29)
90    (1)
The Proceeds of Crime Act 2002 is amended as follows.
      (2)
In section 282 (exemptions), in subsection (3)—
(a)
for “Financial Services Authority” substitute “Financial Conduct
Authority or the Prudential Regulation Authority”, and
15
(b)
for “the authority” substitute “it”.
      (3)
In section 308 (general exceptions), in subsection (7)(a)—
(a)
for “Financial Services Authority under” substitute “Financial
Conduct Authority, the Prudential Regulation Authority or the Bank
of England under or by virtue of”, and
20
(b)
omit “of authority”.
      (4)
In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4(1)—
(a)
for paragraph (c) substitute—
“(c)
Financial Conduct Authority;” and
(b)
after paragraph (e) insert—
25
“(ea)
Prudential Regulation Authority;”.
Enterprise Act 2002 (c. 40)
91    (1)
The Enterprise Act 2002 is amended as follows.
      (2)
In section 213 (enforcers), in subsection (5A)(c), for “Financial Services
Authority” substitute “Financial Conduct Authority”.
30
      (3)
In Schedule 14 (specified functions), in the entry relating to the Financial
Services and Markets Act 2000, for “Chapter 3 of Part 10 and Chapter 2 of
Part 18” substitute “Chapter 4 of Part 9A”.
Nationality, Immigration and Asylum Act 2002 (c. 41)
92
In section 135 of the Nationality, Immigration and Asylum Act 2002
35
(financial institution to provide information), in subsection (2)(a), for “Part
4” substitute “Part 4A”.
Income Tax (Earnings and Pensions) Act 2003 (c. 1)
93    (1)
The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
301

      (2)
In Part 4 of Schedule 2 (approved share incentive plans: types of shares that
may be awarded), in paragraph 30(3)—
(a)
for “competent authority for listing” substitute “Financial Conduct
Authority”, and
(b)
for “section 74(4)” substitute “section 73A”.
5
      (3)
In Part 4 of Schedule 3 (approved SAYE option schemes: applicable shares),
in paragraph 21(5)—
(a)
for “competent authority for listing” substitute “Financial Conduct
Authority”, and
(b)
for “section 74(4)” substitute “section 73A”.
10
      (4)
In Part 4 of Schedule 4 (approved CSOP schemes: applicable shares), in
paragraph 19(5)—
(a)
for “competent authority for listing” substitute “Financial Conduct
Authority”, and
(b)
for “section 74(4)” substitute “section 73A”.
15
Finance Act 2003 (c. 14)
94
In section 63 of the Finance Act 2003 (demutualisation of insurance
company), in subsection (7), in the definition of “general insurance
company”, for “Part 4” substitute “Part 4A”.
Health and Social Care (Community Health and Standards) Act 2003 (c. 43)
20
95
In Schedule 10 to the Health and Social Care (Community Health and
Standards) Act 2003 (recovery of NHS charges (exempted payments)), in
paragraph 4(2)(a), for “Part 4” substitute “Part 4A”.
Finance Act 2004 (c. 12)
96
In Part 1 of Schedule 28 to the Finance Act 2004 (pension rules), in paragraph
25
14(3)(a), for Financial Services Authority” substitute “Financial Conduct
Authority or the Prudential Regulation Authority”.
Energy Act 2004 (c. 20)
97
In Part 4 of Schedule 20 to the Energy Act 2004 (modifications of Insolvency
Act 1986), in paragraph 42(3), for “administration applications by Financial
30
Services Authority” substitute “administration order”.
Fire and Rescue Services Act 2004 (c. 21)
98
In section 35 of the Fire and Rescue Services Act 2004 (provision of
information in connection with pensions), in subsection (2)(a), for “section
150” substitute “section 138D”.
35
Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27)
99
In section 14 of the Companies (Audit, Investigations and Community
Enterprise) Act 2004 (supervision of accounts and reports of issuers of listed
securities), in subsections (2)(b) and (7)(b), for “Financial Services Authority”
substitute “Financial Conduct Authority”.
40

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
302

Pensions Act 2004 (c. 35)
100   (1)
The Pensions Act 2004 is amended as follows.
      (2)
In section 115 (borrowing), in subsection (3), in the definition of “deposit-
taker”, for “Part 4” substitute “Part 4A”.
      (3)
In Schedule 3 (disclosure of restricted information by the Pensions
5
Regulator), in the Table—
(a)
for the entry relating to the Financial Services Authority substitute—

“The Financial Conduct Authority
Any of its functions.

The Prudential Regulation Authority
Any of its functions.”, and

(b)
in the entry relating to a member of the panel appointed under
10
paragraph 4 of Schedule 17 to the Financial Services and Markets Act
2000, for “established by” substitute “mentioned in”.
      (4)
In Schedule 8 (disclosure of restricted information by the Board of the
Pension Protection Fund), in the Table—
(a)
for the entry relating to the Financial Services Authority substitute—
15

“The Financial Conduct Authority
Any of its functions.

The Prudential Regulation Authority
Any of its functions.”, and

(b)
in the entry relating to a member of the panel appointed under
paragraph 4 of Schedule 17 to the Financial Services and Markets Act
2000, for “established by” substitute “mentioned in”.
20
Inquiries Act 2005 (c. 12)
101
In section 23 of the Inquiries Act 2005 (risk of damage to the economy), in
subsection (1), for “Financial Services Authority” substitute “Financial
Conduct Authority, the Prudential Regulation Authority”.
Serious Organised Crime and Police Act 2005 (c. 15)
25
102   (1)
Section 71 of the Serious Organised Crime and Police Act 2005 (immunity
from prosecution) is amended as follows.
      (2)
In subsection (4), for paragraph (da) substitute—
“(da)
the Financial Conduct Authority;
(daa)
the Prudential Regulation Authority;
30
(dab)
the Bank of England, where the indictable offence or offence
triable either way which is being investigated or prosecuted
is an offence under the Financial Services and Markets Act
2000;”.
      (3)
In subsection (6A), for “Financial Services Authority” substitute “Financial
35
Conduct Authority, the Prudential Regulation Authority, the Bank of
England”.

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
303

      (4)
For subsection (6B) substitute—
“(6B)
Paragraph 8(1) of Schedule 1ZA and paragraph 16(1) of Schedule
1ZB to the Financial Services and Markets Act 2000 (arrangements
for discharging functions) do not apply to the exercise of the powers
conferred on the Financial Conduct Authority or the Prudential
5
Regulation Authority under this Chapter.
(6BA)
Paragraph 11 of Schedule 1 to the Bank of England Act 1998 (power
to delegate) does not apply to the exercise of the powers conferred on
the Bank of England under this Chapter.”
      (5)
In subsection (6C)—
10
(a)
for “Financial Services Authority” substitute “Financial Conduct
Authority, the Prudential Regulation Authority, the Bank of
England”, and
(b)
for “either of them” substitute “any of them”.
Gambling Act 2005 (c. 19)
15
103
In Part 2 of Schedule 6 to the Gambling Act 2005 (exchange of information:
enforcement and regulatory bodies)—
(a)
omit the entry “The Financial Services Authority”, and
(b)
at the appropriate place in each case insert—
“The Financial Conduct Authority”;
20
“The Prudential Regulation Authority”.
Finance (No. 2) Act 2005 (c. 22)
104
In section 18 of the Finance (No. 2) Act 2005 (regulations under section 17),
in subsection (3)(a), for “Financial Services Authority” substitute “Financial
Conduct Authority”.
25
Compensation Act 2006 (c. 29)
105   (1)
Section 3 of the Compensation Act 2006 (mesothelioma: damages) is
amended as follows.
      (2)
In subsection (8)—
(a)
omit paragraph (a), and
30
(b)
in paragraph (f), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority”.
      (3)
Omit subsection (9).
Companies Act 2006 (c. 46)
35
106
The Companies Act 2006 is amended as follows.
107
In section 384 (companies excluded from small companies regime), in
subsection (2)(c), for “Part 4” substitute “Part 4A”.
108   (1)
Section 461 (permitted disclosure of information obtained under
compulsory powers) is amended as follows.
40

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
304

      (2)
In subsection (3), for paragraph (e) and the “or” following it, substitute—
“(e)
the Financial Conduct Authority,
(ea)
the Prudential Regulation Authority, or”.
      (3)
In subsection (4)(g), for “Financial Services Authority” substitute “Financial
Conduct Authority or the Prudential Regulation Authority”.
5
109
In section 467 (companies excluded from being treated as medium-sized), in
subsection (1)(b)(i) and (2)(c), for “Part 4” substitute “Part 4A”.
110
In section 470 (power to apply provisions to banking partnerships), in
subsection (2), for “Part 4” substitute “Part 4A”.
111
In section 474 (definitions), in subsection (1), in the definition of “e-money
10
issuer”, for “Part 4” substitute “Part 4A”.
112
In section 539 (definitions), in subsection (1), in the definition of “e-money
issuer”, for “Part 4” substitute “Part 4A”.
113   (1)
Section 843 (realised profits and losses of long-term insurance business) is
amended as follows.
15
      (2)
In subsection (2)(b), for “section 142(2)” substitute “Part 9A”.
      (3)
In subsection (6)(a), for “Part 10” substitute “Part 9A”.
114
In section 948 (restrictions on disclosure), in subsection (7)—
(a)
for paragraph (a) substitute—
“(a)
the Financial Conduct Authority;
20
(aa)
the Prudential Regulation Authority;
(ab)
the Bank of England;”, and
(b)
in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority or similar to the regulatory functions of the Bank of
25
England”.
115
In section 950 (Panel on Takeovers and Mergers: duty of co-operation), in
subsection (1)—
(a)
for paragraph (a) substitute—
“(a)
the Financial Conduct Authority;
30
(aa)
the Prudential Regulation Authority;
(ab)
the Bank of England;”, and
(b)
in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority or similar to the regulatory functions of the Bank of
35
England”.
116
In section 995 (petition by Secretary of State), in subsection (1)—
(a)
in paragraph (c), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”, and
40
(b)
in paragraph (d), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.
117
In section 1164 (meaning of “banking company” and “banking group”), in
subsection (2), for “Part 4” substitute “Part 4A”.
45