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Notices of Amendments: 19 April 2012                  

4266

 

Financial Services Bill, continued

 
 

collect relevant information on PRA-authorised

 

persons already collected by those foreign

 

regulators;

 

(e)    

The PRA shall develop and maintain sufficient

 

resources to review the collection of data referred to in

 

(a) above in order to—

 

(i)    

develop and maintain metrics and reporting

 

systems for risks to the financial stability of the

 

United Kingdom;

 

(ii)    

evaluate stress tests or other stability-related

 

evaluations of financial entities overseen;

 

(iii)    

investigate disruptions and failures in the

 

financial markets;

 

(iv)    

conduct studies on the impact of policies

 

relating to systemic risk;

 

(v)    

promote best practices for financial risk

 

management to PRA-authorised persons.

 

(f)    

The PRA shall publish a report which compiles the data

 

collected in accordance with (a) on a periodic basis as

 

determined by the PRA, which shall be—

 

(i)    

made available to the public in an easily

 

accessible medium; and

 

(ii)    

in the form of a summary or collection of

 

information so framed that it is not possible to

 

ascertain from it information relating to any

 

particular person.”.’.

 


 

Mr Chancellor of the Exchequer

 

15

 

Page  286,  line  18  [Schedule  18],  at end insert—

 

‘(c)    

in paragraphs (c) and (d), for “notice of control” substitute “section

 

178 notice”.

 

    (2A)  

In subsection (2)(b), for “notices of control” substitute “section 178 notices”.’.

 

Mr Chancellor of the Exchequer

 

16

 

Page  286  [Schedule  18],  leave out lines 20 and 21 and insert—

 

‘“(4A)    

“The appropriate regulator”—

 

(a)    

for the purposes of subsection (1)(a) and (b), is the regulator to which the

 

application for permission under Part 4A is made;

 

(b)    

for the purposes of subsection (1)(c) and (d), is the appropriate regulator

 

as defined in section 178(2A).

 

(4B)    

“Section 178 notice” means a notice given under section 178.”’.

 

Mr Chancellor of the Exchequer

 

17

 

Page  286,  line  24  [Schedule  18],  leave out sub-paragraphs (2) to (5) and insert—

 

    ‘(2)  

In subsection (1)—

 

(a)    

for “the Authority”, in the first place, substitute “a regulator”,


 
 

Notices of Amendments: 19 April 2012                  

4267

 

Financial Services Bill, continued

 
 

(b)    

in paragraph (a), for “subesctions (7) to (9) of section 52 do” substitute

 

“section 55X does”, and

 

(c)    

in paragraph (b), for “Authority” substitute “regulator”.

 

      (3)  

In subsection (2)—

 

(a)    

for “the Authority”, in the first place, substitute “a regulator”,

 

(b)    

in paragraph (a), for “section 52(1) and (2)” substitute “subsections (1)

 

to (3) of section 55V”, and

 

(c)    

in paragraph (b), for “Authority” substitute “regulator”.

 

      (4)  

In subsection (3)—

 

(a)    

for “the Authority”, in the first place, substitute “a regulator”, and

 

(b)    

in paragraph (b), for “Authority” substitute “regulator”.’.

 


 

Mr Chancellor of the Exchequer

 

18

 

Page  313,  line  22  [Schedule  21],  after ‘this’ insert ‘Part of this’.

 


 

Mr Chancellor of the Exchequer

 

19

 

Page  314,  line  11  [Schedule  21],  leave out ‘the scheme’ and insert ‘a scheme under

 

this paragraph’.

 

Mr Chancellor of the Exchequer

 

20

 

Page  314,  line  18  [Schedule  21],  after first ‘this’ insert ‘Part of this’.

 


 

Mr Chancellor of the Exchequer

 

21

 

Page  315,  line  2  [Schedule  21],  at end insert—

 

‘Part 2

 

Property, rights and liabilities of Office of Fair Trading

 

Interpretation

 

6          

In this Part of this Schedule “the OFT” means the Office of Fair Trading.

 

Transfer schemes

 

7    (1)  

This paragraph applies if after the passing of this Act the Treasury make an

 

order under section 22 of FSMA 2000 which has the effect that an activity—

 

(a)    

ceases to be an activity in respect of which a licence under section 21

 

of Consumer Credit Act 1974 is required or would be required but for


 
 

Notices of Amendments: 19 April 2012                  

4268

 

Financial Services Bill, continued

 
 

the exemption conferred by subsection (2), (3) or (4) of that section or

 

paragraph 15(3) of Schedule 3 to FSMA 2000, and

 

(b)    

becomes a regulated activity for the purposes of FSMA 2000.

 

      (2)  

The OFT must make one or more schemes under this paragraph for the transfer

 

of property, rights and liabilities of the OFT to the FCA.

 

      (3)  

A scheme under this paragraph made by the OFT is not to be capable of

 

coming into force unless it is approved by the Treasury and the Secretary of

 

State.

 

      (4)  

The OFT may not submit a scheme under this paragraph to the Treasury or the

 

Secretary of State for their approval without the consent of the FCA.

 

      (5)  

Sub-paragraph (6) applies if —

 

(a)    

the OFT fails, before such time as may be notified to it by the Treasury

 

as the latest time for submission of a scheme under this paragraph in

 

connection with an order falling within sub-paragraph (1), to submit

 

such a scheme to the Treasury and the Secretary of State for their

 

approval, or

 

(b)    

the Treasury or the Secretary of State decide not to approve a scheme

 

that has been submitted to them by the OFT (either with or without

 

modifications).

 

      (6)  

Where this sub-paragraph applies, the Treasury may, with the approval of the

 

Secretary of State, make a scheme under this paragraph for the transfer to the

 

FCA of such of the OFT’s property, rights and liabilities as appear to the

 

Treasury appropriate to be transferred to the FCA in consequence of the order

 

falling within sub-paragraph (1).

 

      (7)  

The property, rights and liabilities which are the subject of a scheme under this

 

paragraph are transferred in accordance with the provisions of the scheme on

 

such day as the scheme may specify.

 

      (8)  

The OFT must provide the Treasury or the Secretary of State with all such

 

information and other assistance as either of them may reasonably require for

 

the purposes of, or otherwise in connection with, the exercise of any power

 

conferred on the Treasury or the Secretary of State by this paragraph.

 

      (9)  

In the following provisions of this Part of this Schedule a scheme under this

 

paragraph is referred to as a “transfer scheme”.

 

8          

The property, rights and liabilities that may be the subject of a transfer scheme

 

include—

 

(a)    

any that would not otherwise be capable of being transferred or

 

assigned, and

 

(b)    

rights and liabilities under a contract of employment.

 

9          

A transfer scheme may—

 

(a)    

apportion, or provide for the apportionment of, property, rights and

 

liabilities,

 

(b)    

define the property, rights and liabilities to be transferred by

 

specifying them or by describing them (including describing them by

 

reference to functions that are transferred by the order falling within

 

paragraph 7(1));

 

(c)    

contain provision for the payment of compensation by the FCA to the

 

OFT;

 

(d)    

contain provision for the payment of compensation by the OFT or the

 

FCA to any person whose interests are adversely affected by the

 

scheme;

 

(e)    

contain supplemental, incidental, transitional and consequential

 

provision.


 
 

Notices of Amendments: 19 April 2012                  

4269

 

Financial Services Bill, continued

 
 

10         

A transfer scheme which relates to rights and liabilities under a contract of

 

employment must provide for the transfer to which the scheme relates to be

 

treated as if it were a relevant transfer for the purposes of the Transfer of

 

Undertakings (Protection of Employment) Regulations 2006.’.

 

 

Order of the House [6 FEBRUARY, as amended, 21 february]

 

That the following provisions shall apply to the Financial Services Bill—

 

Committal

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

Proceedings in the Public Bill Committee shall (so far as not previously

 

concluded) be brought to a conclusion on Thursday 22 March 2012.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Consideration and Third Reading

 

4.    

Proceedings on Consideration shall (so far as not previously concluded) be

 

brought to a conclusion one hour before the moment of interruption on the

 

day on which those proceedings are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.

 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on Consideration and Third Reading.

 

Other proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of Lords amendments or on any further messages from the

 

Lords) may be programmed.

 


 
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