Vote Bundle Text (991022-02)

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
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

307

Clause 63, page 30, line 5, leave out 'it appears to the Authority' and insert 'the Authority is satisfied beyond reasonable doubt'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

299

Clause 63, page 30, line 11, after 'in', insert 'what he was aware was or was likely to be'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

308

Clause 63, page 30, line 18, after 'publish', insert 'in a national newspaper'.

Mr Andrew Smith

344

*Clause 64, page 30, line 35, leave out subsection (2).

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

300

Clause 64, page 30, leave out lines 38 to 41 and insert—

'(3) A warning notice must, if practicable, state whether the Authority proposes to impose a penalty or publish a statement.'.

Mr Andrew Smith

345

*Clause 64, page 31, line 1, leave out subsection (6).

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

301

Clause 64, page 31, line 4, after first 'the' insert 'proposed'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

302

Clause 64, page 31, line 6, after first 'the' insert 'proposed'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

303

Clause 67, page 32, line 5, leave out 'such' and insert 'all approved persons and such other'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

304

Clause 68, page 32, line 15, at end add 'and different meanings may be prescribed for different cases.'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

309

Clause 68, page 32, line 15, at end add ', but shall in any event include natural persons and Scottish partnerships under section 4 of the Partnership Act 1890'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

138

Clause 82, page 38, line 29, at end add—

'(6) The competent authority approved for the purpose of this section (the "non-listing competent authority") may be different from the competent authority appointed for the purpose of section 69 and in any such case references in Part VI to the competent authority shall in the case of a non-listing prospectus be construed as references to the non-listing competent authority.'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

164

Schedule 10, page 211, line 23, at end insert ', to the extent that the offer is made to persons in the United Kingdom,'.

Mr Andrew Smith

346

*Clause 95, page 43, line 38, leave out from 'likely' to end of line 42 and insert 'to be regarded by a regular user of that market who is aware of the behaviour as a failure on the part of the person or persons concerned to observe the standard of behaviour reasonably expected of a person in his or their position in relation to the market.'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

140

Clause 95, page 43, line 42, leave out 'a true and fair' and insert 'not a false'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

139

Clause 95, page 43, line 42, at end insert '; and—

(d) which, in the case of behaviour which satisfies either or both of the conditions set out in subsection (2)(b) and 2(c), is intended to create that impression or distortion.'.

Mr Andrew Smith

347

*Clause 95, page 43, line 43, leave out from 'that' to end of line 8 on page 44 and insert '—

(a) the behaviour is based on information which is not generally available to those using the market but which, if available to a regular user of the market, would or would be likely to be regarded by him as relevant when deciding the terms on which transactions in investments of the kind in question should be effected;

(b) the behaviour is likely to give a regular user of the market a false or misleading impression as to the supply of, or demand for, or as to the price or value of, investments of the kind in question;

(c) a regular user of the market would, or would be likely to, regard the behaviour as behaviour which would, or would be likely to, distort the market in investments of the kind in question.

( ) In determining whether behaviour amounted to market abuse by a particular person or by particular persons, regard must be had (among other matters) to the extent to which that person, or those persons—

(a) took care to avoid engaging in market abuse; or

(b) believed that the behaviour in question would not amount to market abuse.'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

141

Clause 95, page 43, line 45, leave out 'who are unaware of the behaviour'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

310

Clause 95, page 44, line 9, leave out 'may' and insert 'shall, after consultation with all relevant interests,'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

142

Clause 95, page 44, line 20, after 'which', insert 'the Treasury specifies and which'.

Mr Andrew Smith

348

*Clause 95, page 44, line 20, at end insert 'or which is accessible electronically in the United Kingdom.'.

Mr Andrew Smith

349

*Clause 95, page 44, line 21, leave out 'behaviour' and insert 'the behaviour which'.

Mr Andrew Smith

350

*Clause 95, page 44, line 22, leave out from 'investments' to 'occurs' in line 23 and insert 'includes behaviour which—

(a)''.

Mr Andrew Smith

351

*Clause 95, page 44, line 23, after 'matter', insert ', or whose price or value is expressed by reference to the price or value,'.

Mr Andrew Smith

352

*Clause 95, page 44, line 25, leave out 'if it'.

Mr Andrew Smith

353

*Clause 95, page 44, line 27, leave out from 'Information' to end of line 29 and insert 'which can be obtained by research or analysis conducted by, or on behalf of, users of a market is to be regarded for the purposes of this section as being generally available to them.'.

Mr Andrew Smith

354

*Clause 95, page 44, line 30, leave out subsection (8) and insert—

'(8) Behaviour which conforms with rules does not constitute market abuse.'.

Mr Andrew Smith

355

*Clause 95, page 44, leave out lines 37 and 38.

Mr Andrew Smith

356

*Clause 95, page 44, leave out line 40 and insert—

' "regular user", in relation to a particular market, means a reasonable person who regularly deals on that market in investments of the kind in question.'.

Mr Andrew Smith

357

*Clause 96, page 44, line 42, leave out 'for the purpose of helping to determine' and insert 'containing such provisions as the Authority considers will give appropriate guidance to those determining.'.

Mr Andrew Smith

358

*Clause 96, page 45, line 1, after 'may', insert 'among other things'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

311

Clause 98, page 45, line 33, after 'satisfied', insert 'beyond reasonable doubt'.

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

143

Clause 98, page 45, line 35, leave out from beginning to 'another' and insert 'has procured'.