S.C.A.
NOTICES OF AMENDMENTS
given up to and including
Friday 15th October 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.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
166
*Schedule 2, page 192, line 17, at end insert 'except where the investment is provided by a registered friendly society, within the meaning of the Friendly Societies Act 1974, and the assets of that registered friendly society do not exceed £10,000.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
114
Schedule 2, page 192, line 39, after 'persons', insert 'in their capacity as investors or potential investors.'.
Mr Andrew Smith
203
*Schedule 2, page 193, line 5, leave out paragraph (b) and insert—
'(b) depositary of a collective investment scheme other than a unit trust scheme; or
(c) sole director of a body incorporated by virtue of regulations under section 233.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
115
Schedule 2, page 194, line 17, leave out 'to participate' and insert 'or interest of a participant'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
159
Schedule 2, page 194, line 27, after 'profit', insert '(whether capital or income)'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
167
*Schedule 2, page 194, line 33, at end insert 'except where the investment is provided by a registered friendly society, within the meaning of the Friendly Societies Act 1974, and the assets of that registered friendly society do not exceed £10,000.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
116
Schedule 2, page 194, line 38, leave out 'any' and insert 'a'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
117
Schedule 2, page 195, line 2, leave out 'any' and insert 'a'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
134
Schedule 2, page 195, line 6, at end insert—
'Mortgages for house purchase
23A. The provision of loans for the purchase of property for residential use, where the obligation of the borrower to repay the lender is secured on the value of the property in question.'.
Mr Andrew Smith
204
*Schedule 2, page 195, line 23, leave out from 'provision' to 'as' in line 24.
Mr Andrew Smith
205
*Schedule 2, page 195, line 26, at end insert—
'( ) Provision made as a result of sub-paragraph (1)(f) may amend any primary or subordinate legislation, including any provision of, or made under, this Act.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
118
Schedule 2, page 195, line 29, at end insert—
'25A. (1) The Treasury must publish a draft of any order proposed to be made under section 20(1) in the way appearing to it to be best calculated to bring it to the attention of the public.
(2) The draft must be accompanied by—
(a) an explanation of the purpose of the proposed order;
(b) a statement of the Treasury's reasons for believing that making the proposed order is compatible with the regulatory objectives mentioned in section 2(2) and the matters mentioned in section 2(3)(c) to (f); and
(c) a statement that representations about the Treasury's proposals may be made to the Treasury within a specific time.
(3) Before making the proposed order, the Treasury must have regard to any representations made to it in accordance with subparagraph (2)(c).
(4) If the order made by the Treasury differs from the draft published under subparagraph (1) in a way which is, in the opinion of the Treasury, significant the Treasury must publish a statement explaining the difference.
(5) Subparagraphs (1), (2) and (4) do not apply if the Treasury considers that the delay involved in complying with them would be prejudicial to the interests of consumers.
(6) The Treasury may charge a reasonable fee for providing a person with a copy of a draft published under subparagraph (1)'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
179
*Schedule 2, page 195, line 46, at end insert—
'(6) Any order which purports to make an activity a regulated activity which is not investment business under the Financial Services Act 1986 on the date section 17 comes into force shall cover only that activity.
(7) Any order made under section 20(1) shall contain the statement by the Treasury referred to in sub-paragraph (2) above, unless in the opinion of the Treasury it would not have the effect referred to in that sub-paragraph.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
119
Schedule 2, page 196, line 13, leave out 'contract or'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
180
*Clause 23, page 10, line 12, after '19(1)', insert 'otherwise than by means of an oral communication'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
181
*Clause 23, page 10, line 22, at end insert—
'(aa) that he believed on reasonable grounds that no approval was needed; or'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
182
*Clause 24, page 10, line 28, leave out 'purchaser' and insert 'counterparty'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
185
*Clause 24, page 10, line 28, at end insert 'without the leave of the court'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
186
*Clause 24, page 10, line 29, leave out 'purchaser' and insert 'counterparty'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
183
*Clause 24, page 10, line 34, leave out 'Agreement' and insert 'Investment agreement'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
184
*Clause 24, page 10, line 37, after 'question', insert 'or would be so if it were not for the exclusions (other than in relation to investments) in an order made by the Treasury under section 20'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
187
*Clause 24, page 10, leave out line 38.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
188
*Clause 25, page 10, line 42, after '(b)', insert 'which he knows was entered into'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
189
*Clause 25, page 11, line 1, leave out 'purchaser' and insert 'counterparty'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
190
*Clause 25, page 11, line 1, at end insert 'without the leave of the court'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
191
*Clause 25, page 11, line 2, leave out 'purchaser' and insert 'counterparty'.
