Vote Bundle Text (990715-02)

Amendments proposed to the Financial Services and Markets Bill - continued	House of Commons

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Mr David Heathcoat-Amory

Mr Howard Flight

Mr Tim Loughton

Clause 15, page 7, line 21, leave out 'must' and insert 'shall be entitled to'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 17, page 8, line 4, leave out 'a regulated activity in the United Kingdom' and insert 'one or more regulated activities in the United Kingdom as a business'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 18, page 8, line 17, after 'But', insert 'unless the Authority directs otherwise in any particular case'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 18, page 8, line 19, after 'of', insert 'or results from,'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 19, page 8, line 29, leave out 'capable of having an effect in the United Kingdom' and insert 'addressed to a United Kingdom person'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 19, page 8, line 33, after 'apply', insert 'and, in the case of oral communications such circumstances shall, except as otherwise expressly provided in the order, include the making of a communication which has not been solicited by the person receiving it or by any person acting on his behalf.'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 19, page 8, line 33, after 'apply', insert 'and what constitutes approval of the content of communications in particular circumstances'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 19, page 9, line 8, at end add—

'(10) "United Kingdom person" means, in the case of an individual, a person physically in the United Kingdom or, in the case of any other person, a branch or other place of business in the United Kingdom of that person.'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 19, page 9, line 8, at end add—

'(11) A communication is addressed to a person if it is directed at or made available to or is capable of being seen, heard or (subject to subsection (12)) otherwise accessed by that person.'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

Clause 19, page 9, line 8, at end add—

'(12) Communications on the Internet which are not directed at United Kingdom persons shall not be regarded as addressed to them if access by them to the communication has not been solicited by a communication addressed to a United Kingdom person.'.

NEW CLAUSES

Maintenance of competition and promotion of United Kingdom competitiveness

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

NC1

To move the following Clause:—

'.—The maintenance of competition and promotion of United Kingdom competitiveness objective referred to in section 2(2)(e) is: regulating in a way which does not unnecessarily impede competition in financial services and markets in the United Kingdom or by any category of authorised participants and which seeks to secure a regulatory regime in the United Kingdom which provides a competitive advantage internationally'.

Duty of Treasury to maintain competition and competitiveness

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

NC2

To move the following Clause:—

'.—When deciding what regulations or orders the Treasury should make under this Act, or what other powers or discretions the Treasury should exercise under this Act, the Treasury must seek to meet the maintenance of competition and competitiveness objective and must have regard to the considerations set out in section 2(3) (c) and (d)'.

Improving the quality of investments

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

NC3

To move the following Clause:—

'.—(1) The improving the quality of investments objective is: improving the quality of investments of a specific kind arranged by authorised persons in the course of carrying on regulated activities.

(2) It includes, in particular—

(a) furthering the development of investments which offer consumers value for money;

(b) taking appropriate measures to discourage the availability of investments which do not offer consumers value for money;

(c) furthering the development of a wider choice of investments, while not acting in any way which would be incompatible with the protection of consumers objective.'.

Duty of Treasury to consult practitioners and consumers

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

NC4

To move the following Clause:—

'.—( ) The Treasury must make and maintain effective arrangements for consulting practitioners and consumers on the extent to which any regulations or orders proposed to be made by it under this Act are consistent with its duties under section (Duty of Treasury to maintain competition and competitiveness).'.

NEW SCHEDULE

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

NS1

*To move the following Schedule:—

'The Consumer Panel

Functions

1. The functions of the Consumer Panel are to include—

(a) advising the Authority on the appropriate degree of protection for consumers,

(b) considering how to make the financial system and markets more accessible, fair and efficient in the interests of consumers,

(d) referring proposals for changes in the financial system and markets to the Authority, and

(e) carrying out research.

2. The Consumer Panel may publish a copy of any research carried out by it under paragraph 1 in such a manner as it thinks fit.

Annual Reports

3. (1) The Consumer Panel shall make an annual report to the Authority on the discharge of its functions during the year to which the report relates.

(2) The Consumer Panel shall provide the Authority with such information relating to the discharge of its functions as the Authority sees fit.

(3) The Authority must publish a copy of any annual report made to it under sub-paragraph (1) in such a manner as it thinks fit.

Budget

4. The Authority may, to such extent as may be approved by the Treasury, defray or contribute towards the expenses of the Consumer Panel.'.




©Parliamentary copyright 1998	Prepared 15 Jul 1999