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Notices of Amendments: 4 July 2013                     

532

 

Financial Services (Banking Reform) Bill, continued

 
 

3          

In Schedule 17A to FSMA 2000 (further provision in relation to exercise of

 

Part 18 functions by Bank of England), in paragraph 10(1)(j), for “subsections

 

(1) and (3)” substitute “subsection (1)”.

 

Income Tax Act 2007 (c. 3)

 

4          

In section 991 of the Income Tax Act 2007 (meaning of “bank”), in subsections

 

(2)(b) and (3), for “Part 4” substitute “Part 4A”.

 

Banking Act 2009 (c. 1)

 

5          

In section 89B of the Banking Act 2009 (application to recognised central

 

counterparties), in the Table in subsection (6), in the entry relating to section

 

81B, in the second column, after the modification of subsection (1) of that

 

section insert—

  

“In subsection (2), for “PRA” substitute “Bank of

 
  

England”.”

 
 

6          

In section 191 of the Banking Act 2009 (directions), in subsection (1), after

 

“inter-bank” insert “payment”.

 

Financial Services Act 2012 (c. 21)

 

7          

In section 73 of the Financial Services Act 2012 (duty of FCA to investigate

 

and report on possible regulatory failure), in subsection (1)(b)(i)—

 

(a)    

for “their activities,” substitute “of the carrying on of regulated

 

activities,”, and

 

(b)    

for “or for the regulation of collective investment schemes” substitute

 

“, for the regulation of collective investment schemes or for the

 

regulation of recognised investment exchanges,”’.

 

8    (1)  

Section 85 of the Financial Services Act 2012 (relevant functions in relation to

 

complaints scheme) is amended as follows.

 

      (2)  

For subsection (2) substitute—

 

“(2)    

The relevant functions of the FCA or the PRA are—

 

(a)    

its functions conferred by or under FSMA 2000, other than its

 

legislative functions, and

 

(b)    

such other functions as the Treasury may by order provide.”

 

      (3)  

For subsection (3) substitute—

 

“(3)    

The relevant functions of the Bank of England are—

 

(a)    

its functions under Part 18 of FSMA 2000 (recognised

 

clearing houses) or under Part 5 of the Banking Act 2009

 

(inter-bank payment systems), other than its legislative

 

functions, and

 

(b)    

such other functions as the Treasury may by order provide.”

 

      (4)  

In subsections (4) and (5), for “subsection (2)” substitute “subsection (2)(a)”.

 

      (5)  

In subsections (6) and (7), for “subsection (3)” substitute “subsection (3)(a)”.

 

      (6)  

After subsection (7) insert—


 
 

Notices of Amendments: 4 July 2013                     

533

 

Financial Services (Banking Reform) Bill, continued

 
 

“(8)    

For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA

 

2000 do not apply.”’.

 


 

Mr Chancellor of the Exchequer

 

11

 

Schedule,  page  22,  line  22,  leave out ‘subsidiary’ and insert ‘body’.

 

Mr Chancellor of the Exchequer

 

12

 

Schedule,  page  22,  line  28,  leave out ‘subsidiary’ and insert ‘body’.

 

Mr Chancellor of the Exchequer

 

13

 

Schedule,  page  22,  line  30,  leave out ‘subsidiary undertaking’ and insert ‘member of

 

the group’.

 


 

Mr Chancellor of the Exchequer

 

14

 

Schedule,  page  23,  line  3,  at end insert—

 

‘(d)    

making provision in connection with the implementation of proposals

 

that would involve a body corporate whose group includes the transferee

 

becoming a ring-fenced body while one or more other members of the

 

transferee’s group are not ring-fenced bodies.’.

 

Mr Chancellor of the Exchequer

 

15

 

Schedule,  page  23,  line  24,  at end insert—

 

‘(2B)    

In deciding whether to give consent, the PRA must have regard to the

 

scheme report prepared under section 109A in relation to the ring-

 

fencing transfer scheme.’.

 

Mr Chancellor of the Exchequer

 

16

 

Schedule,  page  23,  line  24,  at end insert—

 

‘6A      

For the heading to section 109 substitute “Scheme reports: insurance business

 

transfer schemes”.

 

6B         

After section 109 insert—

 

“109A

 Scheme reports: ring-fencing transfer schemes

 

(1)    

An application under section 106B in respect of a ring-fencing transfer

 

scheme must be accompanied by a report on the terms of the scheme

 

(a “scheme report”).

 

(2)    

A scheme report may be made only by a person—

 

(a)    

appearing to the PRA to have the skills necessary to enable the

 

person to make a proper report, and


 
 

Notices of Amendments: 4 July 2013                     

534

 

Financial Services (Banking Reform) Bill, continued

 
 

(b)    

nominated or approved for the purpose by the PRA.

 

(3)    

A scheme report must be made in a form approved by the PRA.

 

(4)    

A scheme report must state—

 

(a)    

whether persons other than the transferor concerned are likely

 

to be adversely affected by the scheme, and

 

(b)    

if so, whether the adverse effect is likely to be greater than is

 

reasonably necessary in order to achieve whichever of the

 

purposes mentioned in section 106B(3) is relevant.

 

(5)    

The PRA must consult the FCA before—

 

(a)    

nominating or approving a person under subsection (2)(b), or

 

(b)    

approving a form under subsection (3).”’.

 

 

Order of the House [11 MARCH 2013]

 

That the following provisions shall apply to the Financial Services (Banking Reform)

 

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 18 April 2013.

 

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.

 

 

NOTICES WITHDRAWN

 

The following Notices were withdrawn on 4 July 2013:

 

NC6.

 


 
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