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

   

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

296

Clause     62,     page     29,     line     19,     after 'it', insert 'or, as the case may be, a draft of it as proposed to be altered'.

   

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

297

Clause     62,     page     29,     line     20,     at end insert 'and to all authorised persons'.

   

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

298

Clause     62,     page     29,     line     40,     after 'Treasury', insert ', all authorised persons and the public'.

---

   

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

366

*Clause     74,     page     34,     line     36,     at end insert ', but shall not include offerors making an offer together with the issuer'.

---

   

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

367

*Clause     85,     page     40,     line     3,     at end insert 'and the procedure on such an appeal'.

   

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

368

*Clause     85,     page     40,     line     7,     at end add—

    '(4) The provisions of sections 338(3) to 338(5) shall apply in relation to the warning notices as if the competent authority was the Authority.

    (5) If, notwithstanding the representations made to the competent authority before the end of the period specified in the warning notice, the competent authority decides to impose a penalty on a person under section 84, the competent authority must give the person concerned written notice of the decision it takes and must inform him of the right of appeal available to him and the procedure on such an appeal.

    (6) The provisions of sections 339(1)(c), 339(6) and 340 shall apply to any such notice under subsection (5) as if it were a decision notice and the competent authority was the Authority.'.

---

   

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

369

*Clause     87,     page     40,     line     29,     at end add—

    '(2) The competent authority may not give a notice for payment under section 88(1) while the decision to give that notice is open to review.

    (3) "Open to review" bears the meaning set out in section 339(7) as if references to the Tribunal were to the person or body to which appeals may be made under the arrangements to be established under subsection (1).'.

---

   

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

370

*Clause     89,     page     41,     line     5,     after 'action', insert 'additional to that referred to in section 84.'.

---

   

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

371

*Clause     93,     page     42,     line     33,     at end insert—

    '(aa) to the competent authority, if the act or omission is shown to have been unreasonable, reckless or negligent; or'.

---

   

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.'.

Prepared 26 Oct 1999