S.C.A.
NOTICES OF AMENDMENTS
given up to and including
Friday 29th 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.
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
389
Clause 95, page 43, line 40, leave out 'such informed participants as are mentioned in subsection (2)(a)' and insert 'informed participants 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
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
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
390
Clause 95, page 43, line 45, leave out 'in the market who are unaware of the behaviour' and insert 'generally'.
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—
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 David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
391
Clause 95, page 44, leave out lines 30 and 31.
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
392
Clause 96, page 45, line 8, at end insert—
'(2A) If the Authority becomes aware that there is uncertainty as to whether particular behaviour may or may not amount to market abuse it shall use its best endeavours to make its opinion public by altering the Code accordingly as soon as practicable.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
393
Clause 96, page 45, line 14, leave out from 'of' to end of line 15 and insert 'the public'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
394
Clause 96, page 45, line 18, leave out 'interested persons' and insert 'the public'.
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
395
Clause 98, page 45, line 35, leave out 'induced' and insert 'procured'.
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,'.
