S.C.A.
NOTICES OF AMENDMENTS
given up to and including
Friday 16th July 1999
New Amendments handed in are marked thus *
STANDING COMMITTEE A
FINANCIAL SERVICES AND MARKETS BILL
NOTE
The Amendments have been arranged in accordance with the Order of the Committee [6th July], as follows:—
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
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
65
Clause 9, page 4, line 19, leave out from first 'The' to 'to' in line 20 and insert 'members of the Consumer Panel must elect one of its members'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
89
Clause 9, page 4, line 23, after 'must', insert '—
(a) consult the Consumer Panel on the extent to which its general duties and policies and practices impact, or are likely to impact, upon consumers; and
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
90
Clause 9, page 4, line 30, at end insert—
'(6A) Schedule (The Consumer Panel) makes further provision about the Consumer Panel.'.
Mr Nigel Beard
88
Clause 9, page 4, line 32, leave out from 'using,' to end of line 33 and add 'financial services of any kind.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
66
Clause 9, page 4, line 33, at end add—
'(8) Any consultaton on proposed rules and guidance shall initially involve the Consumer Panel, before any proposals for general consultation are finalised.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
103
Clause 10, page 4, line 35, leave out 'may' and insert 'shall'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
104
Clause 10, page 4, line 35, leave out 'an independent person' and insert 'the Comptroller and Auditor General'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
68
Clause 10, page 4, line 36, after 'of', insert 'the discharge by the Authority of its functions and duties, including'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
69
Clause 10, page 4, line 37, after 'functions', insert 'and duties under this Act'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
99
Clause 10, page 4, line 37, at end insert—
'(1A) A review shall in any case be conducted if the average level of fees charged under paragraph 17(1) of Schedule 1 rises over a financial year by more than the increase in the retail prices index over the same financial year.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
70
Clause 10, page 4, line 37, at end insert—
'(1A) The Treasury shall also appoint an independent person to conduct a review, not earlier than 18 months and not later than two years after section 17 of this Act has come into force, of the discharge by the Authority of its functions and duties under this Act; and thereafter such a review shall be conducted at least every two years.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
71
Clause 10, page 4, line 40, at end insert—
'(2A) The first review under subsection (1A) shall include a review of whether—
(a) any principles mentioned in section 2(3) should become regulatory objectives under section 2(2); and
(b) the post of chairman and chief executive of the Authority should be divided.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
72
Clause 10, page 4, line 41, leave out subsection (3).
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
105
Clause 10, page 5, line 6, after 'Parliament', insert 'the Scottish Parliament and the National Assembly for Wales'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
73
Clause 11, page 5, line 12, leave out 'A' and insert 'Any'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
91
Clause 11, page 5, line 19, at end insert—
'(2A) Subsection (1) does not apply to any document which a person could not be compelled to give or produce in civil proceedings before the court or which has been supplied to the Authority by or on behalf of that person subject to a condition that such document and its contents shall not be disclosed by the Authority to any other person.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
74
Clause 12, page 5, line 35, leave out 'serious'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
75
Clause 12, page 6, line 1, leave out 'serious'.
Mr Alan Milburn
25
Clause 13, page 6, leave out line 30.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
92
Clause 14, page 7, line 3, at end insert—
'(4A) If a person ("A") offers to produce a document for the purposes of an inquiry under section 13 which he could not be compelled to produce or disclose in civil proceedings before the court the person appointed to hold the inquiry may agree with A that such document and its contents shall not be disclosed by him to any person without A's consent; and, if so, the person appointed to hold the inquiry shall not produce or disclose, and shall not be compelled to produce or disclose, to any person such document or its contents.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
93
Clause 14, page 7, line 6, at end add—
'(6) No information provided, document produced or evidence given for the purposes of an inquiry under section 13 shall be used by the Authority in connection with, or in the exercise of, any disciplinary powers or measures or powers of enforcement conferred on the Authority by or under this Act.'.
Mr Alan Milburn
26
Clause 15, page 7, line 7, leave out 'Subject to any direction under section 13'.
Mr Alan Milburn
57
Clause 15, page 7, line 8, leave out 'that section' and insert 'section 13'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
76
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
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
77
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
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
78
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
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
79
Clause 18, page 8, line 19, after 'of', insert 'or results from,'.
