Financial Services (Banking Reform) Bill

House of Lords

Session 2013 - 14
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Financial Services (Banking Reform) Bill

Financial Services (Banking Reform) Bill
Schedule 10 — Minor amendments
169

3     (1)
Part 25 of FSMA 2000 (injunctions and restitution) is amended as follows.
      (2)
In section 380 (injunctions), in subsection (6)(a), omit the “or” at the end of
sub-paragraph (i) and after sub-paragraph (ii) insert “or
(iii)
which is imposed by Part 7 of the Financial Services
Act 2012 (offences relating to financial services) and
5
whose contravention constitutes an offence under
that Part;”.
      (3)
In section 382 (restitution orders), in subsection (9)(a), omit the “or” at the
end of sub-paragraph (i) and after sub-paragraph (ii) insert “or
(iii)
which is imposed by Part 7 of the Financial Services
10
Act 2012 (offences relating to financial services) and
whose contravention constitutes an offence under
that Part;”.
      (4)
In section 384 (power of FCA or PRA to require restitution), in subsection (7),
omit the “and” at the end of paragraph (a) and after paragraph (b) insert “or
15
(c)
a requirement which is imposed by Part 7 of the Financial
Services Act 2012 (offences relating to financial services) and
whose contravention constitutes an offence under that Part.”
4     (1)
In Schedule 1ZA to FSMA 2000 (the Financial Conduct Authority),
paragraph 20 (penalties) is amended as follows.
20
      (2)
In sub-paragraph (3)(b), after “this Act” insert “or under a provision
mentioned in sub-paragraph (4A)”.
      (3)
In sub-paragraph (4), after paragraph (c) insert—
“(ca)
its powers under the relevant competition provisions (as
applied by Part 16A of this Act),”.
25
      (4)
After sub-paragraph (4) insert—
   “(4A)
“The relevant competition provisions” are—
(a)
section 31E of the Competition Act 1998 (enforcement of
commitments);
(b)
section 34 of that Act (enforcement of directions);
30
(c)
section 36 of that Act (penalties);
(d)
section 40A of that Act (penalties: failure to comply with
requirements);
(e)
section 174A of the Enterprise Act 2002 (penalties).”
      (5)
In sub-paragraph (5)—
35
(a)
in paragraph (a), for “FSMA 2000” substitute “this Act”,
(b)
in paragraph (b), for “that Act” substitute “this Act”,
(c)
in paragraph (c), omit “of that Act”, and
(d)
after paragraph (c) insert—
“(ca)
offences under Part 1 of the Competition Act 1998,
40
(cb)
offences under Part 4 of the Enterprise Act 2002,”.
5
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)”.

Financial Services (Banking Reform) Bill
Schedule 10 — Minor amendments
170

Income Tax Act 2007
6
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
7
In section 89B of the Banking Act 2009 (application to recognised central
5
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”.”

10
8
In section 191 of the Banking Act 2009 (directions), in subsection (1), after
“inter-bank” insert “payment”.
Financial Services Act 2012
9
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)—
15
(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,”.
20
10    (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
25
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
30
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)”.
35
      (6)
After subsection (7) insert—
“(8)
For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA
2000 do not apply.”