Consideration of Bill (Report Stage): 19 April 2016        

8

Bank of England and Financial Services Bill-[Lords], continued

(3)    

In this section—

“creditor fee arrangement” means an arrangement whereby the fees

incurred as part of the debt management plan are paid by the creditors,

calculated either as a fixed amount, a percentage of the amount owed to

them or a combination of a fixed amount and a percentage; and

“a majority of creditors” means a subset of creditors where the amount

owed to them is more than half of the total amount owed.””

Helen Goodman

Meg Hillier

Rachel Reeves

John McDonnell

Rob Marris

Richard Burgon

Seema Malhotra

Rebecca Long Bailey

Julie Cooper

NC13

To move the following Clause—

“Freedom of Information

(1)    

Schedule 1, Part VI to the Freedom of Information Act 2000 is amended as

follows.

(2)    

In the entry relating to the Bank of England, leave out all the words after

“England.””

John McDonnell

Richard Burgon

Rob Marris

NC14

To move the following Clause—

“Combating abusive tax avoidance arrangements

(1)    

Section 3B of the Financial Services and Markets Act 2000 (Regulatory  

principles to be applied by both regulators) is amended as follows.

(2)    

At the end of subsection (1) insert—

“(i)    

combating abusive tax avoidance arrangements.

(1A)    

(a)    

in observing principle (i), the regulators must undertake, in   

consultation  with the Treasury, an annual review for

presentation to the  Treasury into abusive tax avoidance,

including measures to ascertain and  record beneficial ownership

of trusts using facilities provided by banks with  UK holding

companies or entities regulated by the Bank of England or the  

FCA, control of shareholders and ownership of shares, and

investment  arrangements in an overseas territory outside the UK

involving UK financial  institutions.

Consideration of Bill (Report Stage): 19 April 2016        

9

Bank of England and Financial Services Bill-[Lords], continued

(b)    

in this section “beneficial ownership of trusts” includes

ownership of any  equitable interest in a trust including being an

object of a discretionary trust,  power of appointment or similar

arrangement as well as any vested interest  under a trust;

(c)    

“control of shareholders and ownership of shares in companies  

using facilities provided by banks with UK holding companies or

entities  regulated by the Bank of England or the FCA” shall

include control by any  person with control over a voteholder in a

company as defined in Part VI  Official Listing s.89F of the

FSMA (2000) as applied mutatis mutandis to this  context,

whether directly or indirectly, and whether alone or in concert

with  some other person.””

John McDonnell

Richard Burgon

Rob Marris

Mark Durkan

6

Clause  9,  page  7,  line  19,  at end insert—

“(6A)    

The Comptroller may enquire into the Bank’s success in achieving its stated

policy objectives but shall not enquire into the desirability of such objectives

having been set.

(6B)    

The Comptroller shall submit reports arising from the exercise of his powers

under      subsection (6A) to the Treasury Committee of the House of Commons (or

any       successor committee exercising the same or equivalent functions).

(6C)    

The Comptroller shall lay before Parliament, and publish, each report arising

under      subsection (6B) promptly unless, in the opinion of the Treasury

Committee,       publication of a  particular report would  be likely materially

adversely to affect the      stability or functioning of the UK’s financial or banking

system.”

John McDonnell

Richard Burgon

Rob Marris

7

Clause  11,  page  12,  line  2,  at beginning insert “Subject to section 7ZA(6A) of the

Bank of England Act 1998,”

George Kerevan

Roger Mullin

1

Clause  24,  page  20,  leave out lines 5 to 10

Consideration of Bill (Report Stage): 19 April 2016        

10

Bank of England and Financial Services Bill-[Lords], continued

John McDonnell

Richard Burgon

Rob Marris

8

Clause  24,  page  20,  line  10,  at end add “and insert—

(6)    

Where the authorised person mentioned in subsection (5) is a relevant authorised  

 person, as defined under section 71A of the Financial Services and Markets Act       

2000, subsection (5)(d) does not apply and subsections (7) and (8) do apply.

(6A)    

If the FCA satisfies itself that a person (P), who is a senior manager in relation to

a      relevant authorised person, is guilty of misconduct by virtue of subsections

(5)(a)-(c),      then P shall be guilty of misconduct, subject only to subsection (8).

(6B)    

But P is not guilty of misconduct by virtue of subsections (5)(a)-(c) and (7) if P    

satisfies the FCA that P had taken such steps as a person in P’s position could       

reasonably be expected to take to avoid the contravention occurring (or       

continuing).””

George Kerevan

Roger Mullin

2

Clause  24,  page  20,  leave out lines 22 to 27

John McDonnell

Richard Burgon

Rob Marris

9

Clause  24,  page  20,  line  27,  at end add “and insert—

(6)    

Where the PRA-authorised person mentioned in subsection (5) is a relevant    

authorised person, as defined under section 71A of the Financial Services and       

Markets Act 2000, subsection (5)(d) does not apply and subsections (6A) and

(6B) do      apply.

(6A)    

If the PRA satisfies itself that a person (P) who is a senior manager in relation to

a      relevant PRA-authorised person is guilty of misconduct by virtue of subsections

(5)(a)-(c), then P shall be guilty of misconduct, subject only to subsection (6B).

(6B)    

But P is not guilty of misconduct by virtue of subsections (5)(a)-(c) and (7) if P    

satisfies the PRA that P had taken such steps as a person in P‘s position could       

reasonably be expected to take to avoid the contravention occurring (or       

continuing).”

Consideration of Bill (Report Stage): 19 April 2016        

11

Bank of England and Financial Services Bill-[Lords], continued

Jonathan Edwards

John McDonnell

Rob Marris

Richard Burgon

Seema Malhotra

Rebecca Long Bailey

Nia Griffith

Susan Elan Jones

Gerald Jones

Nick Thomas-Symonds

Mrs Madeleine Moon

Albert Owen

Carolyn Harris

Paul Flynn

Jo Stevens

Ann Clwyd

Kevin Brennan

4

Clause  36,  page  34,  line  15,  at beginning insert—

“( )    

Subject to the provisions of subsection (3A).”

Member’s explanatory statement

This amendment and amendment 5 would enable Lloyds Banking Group, the holder of the Bank of

Wales trademark, to issue banknotes in Wales.

Jonathan Edwards

John McDonnell

Rob Marris

Richard Burgon

Seema Malhotra

Rebecca Long Bailey

Nia Griffith

Susan Elan Jones

Gerald Jones

Nick Thomas-Symonds

Mrs Madeleine Moon

Albert Owen

Carolyn Harris

Paul Flynn

Jo Stevens

Ann Clwyd

Kevin Brennan

5

Clause  36,  page  34,  line  44,  at end insert—

“(3A)    

Regulations under subsection (1) must make provision authorising Lloyds

Banking Group to issue banknotes in Wales”.

Member’s explanatory statement

See the explanatory statement for amendment 4.

Mr Chancellor of the Exchequer

3

Schedule  2,  page  49,  line  12,  at end insert—

    “( )  

In paragraph 14 for “submit a monthly” substitute “, at least 8 times in each

calendar year, submit a””

Member’s explanatory statement

This amendment changes the frequency with which the Monetary Policy Committee is required to

report to the court of directors from once a month to at least 8 times a year. This is because Clause

8(4) replaces a requirement for monthly Committee meetings with one for meetings at least 8 times

a year.

Consideration of Bill (Report Stage): 19 April 2016        

12

Bank of England and Financial Services Bill-[Lords], continued

John McDonnell

Richard Burgon

Rob Marris

10

Schedule  4,  page  62,  line  2,  leave out paragraph 18

ORDER OF THE HOUSE [1 February 2016]

That the following provisions shall apply to the Bank of England and Financial

Services Bill [Lords]:

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 Tuesday 23 February 2016.

3.    

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

which it meets.

Proceedings on Consideration and up to and including Third Reading

4.    

Proceedings on Consideration and any proceedings in Legislative Grand

Committee shall (so far as not previously concluded) be brought to a

conclusion one hour before the moment of interruption on the day on which

proceedings on Consideration 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 up to and including Third Reading.

Other proceedings

7.    

Any other proceedings on the Bill (including any proceedings on

consideration of any message from the Lords) may be programmed.

NOTICES WITHDRAWN

The following Notices were withdrawn on 15 April 2016:

NC11

The following Notices were withdrawn on 18 April 2016:

NC4