S.C.A.
Amendment Paper as at
Tuesday 9th November 1999
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 David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
465
Clause 123, page 56, line 20, at end insert 'sent to all authorised persons'.
Mr Andrew Smith
453
Clause 125, page 57, line 6, after 'make', insert 'any'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
466
Clause 125, page 57, line 10, leave out '(except in the case of a proposal to impose fees)'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
383
Clause 125, page 57, line 14, leave out 'duties' and insert 'functions'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
469
Clause 125, page 57, line 15, after '2', insert—
'(cc) a statement of the extent to which, if at all, the Authority has taken into account the matters in section 2(3) in making the proposed rules'.
Mr Andrew Smith
454
Clause 125, page 57, line 16, leave out 'Authority's'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
467
Clause 125, page 57, leave out lines 18 to 20.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
149
Clause 125, page 57, line 22, at end insert 'and must, if it does not accept one or more of the representations, and before the rule comes into force, publish the reasons why it does not.'.
Mr Andrew Smith
455
Clause 125, page 57, line 22, at end insert—
'( ) If the proposed rules are made by the Authority, it must make a statement as to the representations (if any) made to it and its response, in general terms, to them.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
384
Clause 125, page 57, line 31, after 'consumers' insert 'as defined in section 12(5)'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
468
Clause 125, page 57, leave out lines 32 to 39.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
470
Clause 127, page 58, line 11, after 'rules', insert ', statement of principle or code'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
471
Clause 127, page 58, line 12, after 'functions', insert '(including general duties)'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
472
Clause 127, page 58, line 15, leave out from 'matters' to end of line 16.
Mr Andrew Smith
456
Clause 127, page 58, line 19, at end insert—
'( ) If the Authority proposes to give guidance to regulated persons generally, or to a class of regulated person, in relation to rules to which those persons are subject, subsections (1), (2) and (4) to (9) of section 125 apply to the proposed guidance as they apply to proposed rules.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
385
Clause 127, page 58, line 20, leave out 'may' and insert 'shall'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
386
Clause 127, page 58, line 21, after 'its' insert 'general'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
387
Clause 127, page 58, leave out lines 23 to 25.
Mr Andrew Smith
457
Clause 127, page 58, line 28, after 'generally', insert ', to regulated persons generally'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
482
Clause 127, page 58, line 30, after 'authorised', insert 'or approved'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
388
Clause 127, page 58, line 31, at end add—
'(6) If a person behaves in a way which is described in general guidance as behaviour that, in the Authority's opinion, does not amount to a contravention of a rule, that behaviour of his is to be taken, for the purposes of this Act, as not constituting a contravention of that rule.
(7) Otherwise, general guidance may be relied on as far as it indicates whether or not that behaviour should be taken to amount to a contravention of a rule.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
428
Clause 127, page 58, line 31, at end add—
'(6) If a person behaves in a way which complies with general guidance, or the guidance which the Authority has given to him or to persons acting on his behalf, he shall not be regarded, for the purposes of this Act, as contravening any rule.'.
Mr Andrew Smith
458
Clause 128, page 58, line 41, after 'generally', insert ', to regulated persons generally'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
473
Clause 129, page 59, line 8, after 'means', insert 'policies, and'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
474
Clause 129, page 59, line 9, after 'functions', insert '(including general duties)'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
475
Clause 129, page 59, line 21, at end insert 'or prejudicing the competitive position of the United Kingdom'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
476
Clause 130, page 59, line 27, leave out 'new'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
477
Clause 130, page 59, line 32, at end insert 'or the competitive position of the United Kingdom'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
478
Clause 130, page 60, line 7, leave out 'may, if he thinks fit' and insert 'shall'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
479
Clause 131, page 60, line 27, after 'information', insert 'relevant to the investigation'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
480
Clause 132, page 61, line 19, after 'rules', insert ', principles or codes'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson
481
Clause 132, page 61, line 24, after 'section 130', insert '(3),'.
