Amendments proposed to the Financial Services and Markets Bill - continued | House of Commons |
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Consultation
Mr Andrew Smith NC9 To move the following Clause'.(1) If the Authority proposes to give a direction under section 286 or 288, it must publish a draft of the proposed direction. (2) The draft must be accompanied by
(3) Before giving the proposed direction, the Authority must have regard to any representations made to it in accordance with subsection (2)(b). (4) If the Authority gives the proposed direction it must publish a statement describing, in general terms
(5) If the direction differs from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant
(6) Subsections (1) to (5) do not apply if the Authority considers that the delay involved in complying with them would be prejudicial to the interests of consumers. (7) Subsection (2)(a) does not apply if the Authority considers that the costs incurred by those who would be affected by the proposed direction, if it were to be given
(8) The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1). (9) When the Authority is required to publish a document under this section it must do so in the way appearing to it to be best calculated to bring it to the attention of the public.'.
Requirements imposed under section 289
Mr Andrew Smith NC10 To move the following Clause'.(1) A requirement imposed under section 289 takes effect
(2) If the Authority proposes to impose a requirement on a former underwriting member ("A") under section 289, or imposes such a requirement on him which takes effect immediately, it must give him written notice. (3) The notice must
(4) If, having considered any representations made by A, the Authority decides
it must give him written notice. (6) If the Authority decides
it must give A written notice. (7) If the Authority proposes to refuse an application by A for the variation or revocation of a requirement it must give him a warning notice. (8) The Authority, having considered any representations made in response to the warning notice, must give A written notice of its decision on the application. (9) A notice given under
must inform A of his right to refer the matter to the Tribunal.'.
Disclosure of information by the Inland Revenue
Mr Andrew Smith NC11 To move the following Clause'.(1) No obligation as to secrecy imposed by statute or otherwise prevents the disclosure of Revenue information to
if the disclosure is made for the purpose of assisting in the investigation of a matter under section 138 or with a view to the appointment of an investigator under that section. (2) A disclosure may only be made under subsection (1) by or under the authority of the Commissioners of Inland Revenue. (3) Section 305 does not apply to Revenue information. (4) Revenue information obtained under this section may not be used except
(5) Revenue information obtained under this section may not be disclosed except
(6) Subsection (5) does not prevent the disclosure of Revenue information to a person to whom it could have been disclosed under subsection (1). (7) "Revenue information" means information held by a person which it would be an offence under section 182 of the Finance Act 1989 for him to disclose.'.
Authority's powers to participate in proceedings: individual voluntary arrangements
Mr Andrew Smith NC12 To move the following Clause'.(1) The Authority is entitled to be heard on an application by an individual who is an authorised person under section 253 of the 1986 Act (or Article 227 of the 1989 Order). (2) Subsections (3) to (6) apply if such an order is made on the application of such a person. (3) A person appointed for the purpose by the Authority is entitled to attend any meeting of creditors of the debtor summoned under section 257 of the 1986 Act (or Article 231 of the 1989 Order). (4) Notice of the result of a meeting so summoned is to be given to the Authority by the chairman of the meeting. (5) The Authority may apply to the court
(6) If a person other than the Authority makes an application to the court under any provision mentioned in subsection (5), the Authority is entitled to be heard at any hearing relating to the application.'.
Authority's power to participate in proceedings: receivership
Mr Andrew Smith NC13 To move the following Clause'.(1) This section applies if a receiver has been appointed in relation to a company which
(2) The Authority is entitled to be heard on an application made under section 35 or 63 of the 1986 Act (or Article 45 of the 1989 Order). (3) The Authority is entitled to make an application under section 41(1)(a) or 69(1)(a) of the 1986 Act (or Article 51(1)(a) of the 1989 Order). (4) A report under section 48(1) or 67(1) of the 1986 Act (or Article 58(1) of the 1989 Order) must be sent by the person making it to the Authority. (5) A person appointed for the purpose by the Authority is entitled
Receiver's duty to report to Authority
Mr Andrew Smith NC14 To move the following Clause'. If
the receiver must report the matter to the Authority without delay.'.
Data protection
Mr Andrew Smith NC18 *To move the following Clause'. In section 31 of the Data Protection Act 1998 (regulatory activity), after subsection (4), insert
Maintenance of competition and promotion of United Kingdom competitiveness
Mr David Heathcoat-Amory NC1 To move the following Clause:'.The maintenance of competition and promotion of United Kingdom competitiveness objective referred to in section 2(2)(e) is: regulating in a way which does not unnecessarily impede competition in financial services and markets in the United Kingdom or by any category of authorised participants and which seeks to secure a regulatory regime in the United Kingdom which provides a competitive advantage internationally'.
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©Parliamentary copyright 1999 | Prepared 7 Dec 1999 |