Financial Services Bill

AMENDMENTS
TO BE MOVED
ON THIRD READING

Clause 3

LORD SASSOON

 

Page 2, line 40, after first “The” insert “court of directors of the”

 

Page 3, line 11, leave out “9B(1)(e)” and insert “9B(1)(d) or (e)”

 

Page 3, line 16, leave out “13(2)(c)” and insert “13(2)(b) or (c)”

 

Page 4, line 23, after first “the” insert “court of directors of the”

 

Page 4, line 24, leave out “Bank” and insert “court of directors”

 

Page 4, line 29, leave out “Bank” and insert “court of directors”

 

Page 4, line 30, leave out “it” and insert “the Bank”

Clause 4

LORD SASSOON

 

Page 6, line 26, leave out “2 members” and insert “one member”

 

Page 6, leave out lines 30 to 34 and insert—

“(2) The member appointed under subsection (1)(d) is to be a person who has executive responsibility within the Bank for the analysis of threats to financial stability.”

LORD BARNETT

LORD PESTON

 

Page 7, line 7, leave out “subject to that” and insert “with equal weight”

LORD SASSOON

 

Page 15, line 3, at end insert—

“( ) The purpose of a review is—

(a) in the case of a direction, to consider whether the direction ought to be revoked, and

(b) in the case of a recommendation, to consider whether the recommendation ought to be withdrawn.”

Clause 6

LORD SASSOON

 

Page 30, line 42, at end insert “court of directors of the”

 

Page 44, line 5, leave out “22(1A)” and insert “22(1A)(a)”

Clause 11

LORD SASSOON

 

Page 54, line 15, leave out “considers” and insert “appears to it”

 

Page 58, line 5, at end insert—

“(5A) The FCA may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to advance any of its operational objectives.”

 

Page 58, line 45, at end insert—

“(5A) The PRA may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to advance any of its objectives.”

Clause 31

LORD SASSOON

 

Page 125, line 26, leave out “desirable” and insert “necessary”

 

Page 125, line 40, at end insert—

“(2A) The direction may not require the clearing house—

(a) to take any steps for the purpose of securing its compliance with—

(i) the recognition requirements, or

(ii) any obligation of a kind mentioned in section 296(1)(b) or (1A), or

(b) to accept a transfer of property, rights or liabilities of another clearing house.

(2B) If the direction is given in reliance on section 298(7) the Bank must, within a reasonable time of giving the direction, give the clearing house a statement of its reasons—

(a) for giving the direction, and

(b) for relying on section 298(7).”

Clause 107

LORD SASSOON

 

Page 196, line 24, leave out “22(1A)” and insert “22(1A)(a)”

Schedule 1

LORD SASSOON

 

Page 210, line 27, leave out from “stability” to end of line 28

 

Page 211, line 10, leave out “7” and insert “6”

 

Page 211, line 11, leave out “7” and insert “6”

Schedule 2

LORD SASSOON

 

Page 214, line 11, leave out sub-paragraph (10) and insert—

“( ) In paragraph 11—

(a) the existing provision becomes sub-paragraph (1),

(b) in sub-paragraph (1)(b), for “servant” substitute “employee”,

(c) in sub-paragraph (1)(c)(ii), for “servants” substitute “employees”, and

(d) after sub-paragraph (1) insert—

“(2) The duties and powers that may be delegated under this paragraph do not include duties and powers that are by any enactment expressly imposed or conferred on the court of directors.””

Schedule 3

LORD SASSOON

 

Page 228, line 2, after “by” insert “the court of directors of”

 

Page 228, line 4, after “by” insert “the court of directors of”

 

Page 228, line 6, leave out “Bank” and insert “court of directors”

 

Page 228, line 13, leave out “Bank” and insert “court of directors”

 

Page 228, line 15, leave out “Bank” and insert “court of directors”

 

Page 228, line 37, after first “The” insert “court of directors of the”

Schedule 5

LORD SASSOON

 

Page 248, line 31, at end insert—

“(b) after subsection (5) insert—

“(5A) “The appropriate regulator”—

(a) in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and

(b) in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA.”, and

(c) in subsection (6), after “Any” insert “other”.”

Schedule 9

LORD SASSOON

 

Page 287, line 6, at end insert “, and

(d) a decision under section 391(1)(c) to publish information about the matter to which a warning notice relates.”

 

Page 287, line 8, leave out from “from” to end of line 10 and insert ““, that the decision” to the end and insert “that—

(a) a decision falling within any of paragraphs (a) to (c) of subsection (1) is taken—

(i) by a person not directly involved in establishing the evidence on which the decision is based, or

(ii) by 2 or more persons who include a person not directly involved in establishing that evidence,

(b) a decision falling within paragraph (d) of subsection (1) is taken—

(i) by a person other than the person by whom the decision was first proposed, or

(ii) by 2 or more persons not including the person by whom the decision was first proposed, and

(c) a decision falling within paragraph (d) of subsection (1) is taken in accordance with a procedure which is, as far as possible, the same as that applicable to a decision which gives rise to an obligation to give a warning notice and which falls within paragraph (b) or (c) of subsection (1).””

Schedule 12

LORD SASSOON

 

Page 302, line 21, leave out from “for” to end of line 22 and insert ““the Authority” substitute “a regulator”,”

Schedule 13

LORD SASSOON

 

Page 309, line 41, leave out “other than PRA-authorised persons”

Schedule 18

LORD SASSOON

 

Page 345, line 10, leave out from “for” to end of line 11 and insert “the words from “competent authority” to the end substitute ““Financial Conduct Authority to exercise its functions under Part 6 of the Financial Services and Markets Act 2000.””

Prepared 4th December 2012