S.C.A.
NOTICES OF AMENDMENTS
given up to and including
Friday 2nd July 1999
Mr Alan Milburn
That, during proceedings on the Financial Services and Markets Bill, the Committee do meet on Tuesdays at half-past Ten o'clock and at half-past Four o'clock and on Thursdays at Nine o'clock and at half-past Four o'clock, except on Thursday 22nd July when the Committee shall meet at half-past Two o'clock only.
STANDING COMMITTEE A
FINANCIAL SERVICES AND MARKETS BILL
NOTE
The Amendments have been arranged in accordance with the Order to be proposed by Mr Alan Milburn.
Mr Alan Milburn
To move, That the Bill be considered in the following Order, namely: Clause 1; Schedule 1; Clauses 2 to 20; Schedule 2; Clauses 21 to 28; Schedules 3 and 4; Clauses 29 to 33; Schedule 5; Clauses 34 to 37; Schedule 6; Clauses 38 to 69; Schedule 7; Clauses 70 to 82; Schedule 8; Clause 83; Schedule 9; Clauses 84 to 94; Schedule 10; Clauses 95 to 107; Schedule 11; Clauses 108 to 141; Schedule 12; Clauses 142 to 175; Schedule 13; Clauses 176 to 197; Schedule 14; Clauses 198 to 295; Schedule 15; Clauses 296 to 367; Schedules 16 and 17; new Clauses; new Schedules.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
1
Schedule 1, page 186, line 23, after 'a', insert 'non-executive'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
2
Schedule 1, page 186, line 23, at end insert—
'(ab) a Chief Executive'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
3
Schedule 1, page 187, line 13, at end insert—
'(d) monitoring whether the statutory and general functions of the Authority are discharged in accordance with the Authority's general duties.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
4
Schedule 1, page 187, line 38, at end insert—
'(3A) the Authority must ensure that it acts in a reasonable, proportionate and fair way.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
5
Schedule 1, page 187, line 43, after second 'the', insert 'prompt'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
6
Schedule 1, page 188, line 22, leave out 'Authority' and insert 'investigator'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
7
Schedule 1, page 188, line 27, leave out 'reference' and insert 'submission'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
8
Schedule 1, page 188, line 27, leave out 'which the Authority is investigating'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
9
Schedule 1, page 188, line 36, at end insert—
'(iv) to make an award against the Authority of such amounts as he considers fair compensation for loss or damage resulting from the subject matter of the complaint, and which shall be payable by the Treasury.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
10
Schedule 1, page 188, line 37, leave out 'Authority' and insert 'investigator'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
11
Schedule 1, page 188, line 37, leave out 'it must notify the investigator' and insert 'he must notify the complainant'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
12
Schedule 1, page 188, line 39, leave out subparagraph (4).
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
13
Schedule 1, page 189, line 15, at end insert 'and general duties discharged'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
14
Schedule 1, page 189, line 15, at end insert—
'(ba) the additional compliance costs over the period covered by the report and a comparison with other comparable jurisdictions.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
15
Schedule 1, page 189, line 15, at end insert—
'(bb) the cumulative costs over the period since this Act came into force of the matters mentioned in subparagraph (ba) above'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
16
Schedule 1, page 189, line 15, at end insert—
'(bc) the work of the independent investigator'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
17
Schedule 1, page 189, line 35, after 'meeting', insert 'within a period of 3 months from the publication of the annual report'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
18
Schedule 1, page 189, line 46, after 'meeting', insert 'to every authorised person'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
22
Schedule 1, page 191, line 39, after 'faith', insert 'or in the case of the Authority unreasonable, reckless or negligent'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
23
Schedule 1, page 191, line 42, at end insert—
'(4) Any damages payable by the Authority shall be met by the Treasury out of money provided by Parliament'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
19
Clause 2, page 1, line 18, leave out 'the Authority considers most' and insert 'is'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
20
Clause 2, page 1, line 19, at end insert—'and
(c) which is reasonable.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
21
Clause 2, page 2, line 2, at end insert—
'(e) regulation which does not impede the competitive position of the United Kingdom financial services industry or of financial services and markets in the United Kingdom or of any category of authorised participants.'.
