Small Business, Enterprise and Employment Bill

amendments
to be moved
in grand committee

[Supplementary to the Third Marshalled List]

Schedule 3

LORD MITCHELL

LORD STEVENSON OF BALMACARA

 

Page 152, line 35, at end insert “and the Secretary of State shall only specify
descriptions of companies which he considers are already subject to disclosure and
transparency requirements which would otherwise meet the objectives of this
Part”

 

Page 154, line 14, at end insert “which would otherwise meet the objectives of this
Part”

 

Page 158, line 40, at end insert—

“(1A)    The Secretary of State must not grant such an exemption to a
legal entity except in exceptional circumstances.”

 

Page 159, line 15, at end insert—

“(4)     For the purposes of subsection (3) “special reasons” includes
reasons related to the national security of the United Kingdom or
reasons to the personal safety of an individual.

(5)     Where the Secretary of State grants an exemption under this
section the fact of the exemption must be included in the
information contained in the PSC register of the relevant
company or the central register.

(6)     The decision of the Secretary of State to grant an exemption is
subject to judicial review.”

 

Page 162, leave out lines 32 to 40

 

Page 163, line 19, at end insert—

“(6)     A direction given by the court under subsection (4) shall be
reviewed by the court on an annual basis.”

 

Page 171, line 20, at end insert—

“(c)   provide for the application to be determined by the court;

(d)   provide for the register to show that, pursuant to an
application under this section, restrictions on use and
disclosure of information are in place.”

After Clause 79

LORD MITCHELL

LORD STEVENSON OF BALMACARA

 

Insert the following new Clause—

“Duty to keep register updated

(1)     The Secretary of State may by regulations make provision prescribing the
steps to be taken by Companies House to ensure that the information on
PSC registers or, as the case may be, the central register is as accurate,
reliable and up to date as possible.

(2)     Regulations under this section are subject to the affirmative resolution
procedure.”

Clause 89

LORD MENDELSOHN

LORD STEVENSON OF BALMACARA

 

Page 68, leave out lines 38 to 46 and insert—

“(2)     A person guilty of an offence under subsection (1) is liable—

(a)   on conviction on indictment, to imprisonment for a term not
exceeding two years or a fine (or both); and

(b)   on summary conviction—

(i)   in England and Wales, to imprisonment for a term
not exceeding 12 months or a fine (or both);

(ii)   in Scotland, to imprisonment for a term not
exceeding 12 months or to a fine not exceeding the
statutory maximum (or both);

(iii)   in Northern Ireland, to imprisonment for a term not
exceeding six months or to a fine not exceeding the
statutory maximum (or both).”

After Clause 100

LORD MENDELSOHN

LORD STEVENSON OF BALMACARA

 

Insert the following new Clause—

“Director’s duties: factors to be considered in takeovers and mergers

In applying the City Code on Takeovers and Mergers the offeree board
circular must set out the opinion of the board on the offer (including any
alternative offers) and the board’s reasons for forming its opinion which
must include its views on—

(a)   the likely consequences of any decision in the long term,

(b)   the interests of the company’s employees,

(c)   the need to foster the company’s business relationships with
suppliers, customers and others,

(d)   the impact of the company’s operations on the community and the
environment,

(e)   the desirability of the company maintaining a reputation for high
standards of business conduct, and

(f)   the need to act fairly as between members of the company.”

Prepared 15th January 2015