Vote Bundle Text (991026-02)

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

372

Clause 95, page 43, line 44, after 'information', insert 'which he knows, or ought to know, is confidential and'.

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'.

Mr Andrew Smith

359

Clause 98, page 45, line 35, leave out 'induced' and insert 'required or encouraged'.

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

312

Clause 98, page 45, line 37, after 'may', insert ',after giving him an opportunity to make representations as to why a penalty should not be imposed,'.

Mr Andrew Smith

360

Clause 99, page 46, line 1, at end insert—

'( ) The Authority's policy in determining what the amount of a penalty should be must include having regard to—

(a) whether the behaviour in respect of which the penalty is to be imposed had an adverse effect on the market in question and, if it did, how serious that effect was;

(b) the extent to which that behaviour was deliberate or reckless; and

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

313

Clause 102, page 46, line 38, leave out 'give' and insert 'serve personally on'.

Mr Andrew Smith

361

Clause 103, page 47, line 8, leave out 'under section 98 or 138' and insert 'to impose penalties in market abuse cases'.

Mr Andrew Smith

362

Clause 103, page 47, line 19, at end insert—

'( ) The Authority's powers to impose penalties in market abuse cases are its powers—

(a) to impose penalties under section 98; or

(b) to impose penalties under section 138 in a case falling within subsection (2)(b) of that section.'.

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

314

Clause 105, page 47, line 35, after 'General', insert ', the Advocate General for Scotland,'.

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

144

Clause 105, page 47, line 36, after 'State', insert 'and must have regard to the views of the other relevant authorities'.

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

315

Clause 105, page 47, line 41, after 'State', insert ', the Lord Advocate,'.

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

145

Clause 105, page 47, line 45, at end insert—

'(d) otherwise means the Authority'.

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

316

Clause 107, page 48, line 9, after 'consulting', insert 'the Lord President of the Court of Session and'.

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

165

Schedule 11, page 217, line 39, at end insert 'and at least one member of the lay panel (not being connected with a party to the reference)'.

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

373

*Schedule 11, page 217, line 41, at end add 'and shall appoint at least one member of the lay panel who appears to him to have experience which is relevant to the subject matter of the reference'.

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

323

Schedule 11, page 218, line 10, at end insert—

'(b) that the standard of proof to be applied in the Tribunal shall be beyond reasonable doubt'.

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

146

Clause 108, page 48, leave out lines 40 and 41 and insert—

'(6) No decision by the Authority which can be referred to the Tribunal shall have effect while the decision is open to review.'.

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

374

*Clause 108, page 49, line 3, at end add—

'(8) Rules made by the Lord Chancellor under section 107 shall provide that evidence of the kind referred to in subsection (3)(a) or (b) above shall be made available to the person making the reference to the Tribunal.'.

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

375

*Clause 110, page 49, line 30, leave out from first 'the' to end of line 35 and insert 'purposes of its regulatory objectives.'.

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

376

*Clause 111, page 50, line 13, leave out 'such'.