Vote Bundle Text (991209-02)

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

158

Clause 356, page 183, line 44, at end add—

'(8) An agreement or arrangement is not within subsection (4)(g) if the agreement or arrangement is for either H or the other person to acquire, hold or dispose of shares or other interests as agent or nominee on behalf of the other without it or the other person being able to exercise or control the exercise of voting powers in his own discretion.'.

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

934

Clause 357, page 184, line 15, after 'corporate', insert '(other than an open-ended investment company)'.

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

935

Clause 361, page 185, line 13, after 'they', insert 'reasonably'.

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

936

Clause 361, page 185, line 14, leave out 'or expedient'.

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

937

Clause 363, page 185, line 35, leave out 'order' and insert 'statutory instrument'.

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

938

Clause 363, page 185, line 35, leave out from 'under' to end of line 37 and insert 'this Act (other than under sections 19(5) or 365(2))'.

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

939

Clause 363, page 185, line 38, leave out 'order' and insert 'statutory instrument'.

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

940

Clause 363, page 185, leave out lines 40 to 42.

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

941

Clause 363, page 186, line 1, leave out from 'section' to 'shall' in line 2 and insert '19(5)'.

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

942

Clause 363, page 186, leave out lines 4 to 18.

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

132

Clause 365, page 186, line 21, after 'Sections', insert '20,'.

Mr Andrew Smith

423

Schedule 16, page 230, line 24, at end insert—

'The House of Commons Disqualification Act 1975 (c. 24)

. In Part III of Schedule 1 to the House of Commons Disqualification Act 1975 (disqualifying offices)—

(a) omit—

(b) at the appropriate place, insert—

The Northern Ireland Assembly Disqualification Act 1975 (c. 25)

. In Part III of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices)—

(a) omit—

(b) at the appropriate place, insert—

Mr Andrew Smith

424

Schedule 16, page 230, line 24, at end insert—

'The Tribunals and Inquiries Act 1992 (c. 53)

.—(1) The Tribunals and Inquiries Act 1992 is amended as follows.

(2) In Schedule 1 (tribunals under supervision of the Council on Tribunals), for the entry relating to financial services and paragraph 18, substitute—

"Financial services and markets

18. The Financial Services and Markets Tribunal.'.

Mr Andrew Smith

425

230

'The Judicial Pensions and Retirement Act 1993 (c. 8)

(2) In Schedule 1 (offices which may be qualifying offices), in Part II, after the entry relating to the President or chairman of the Transport Tribunal insert—

(a) omit the entry—

(b) at the end insert—

Mr Andrew Smith

426

230

'1975 c. 24. The House of Commons Disqualification Act 1975. In Schedule 1, in Part III, "Any member of the Financial Services Tribunal in receipt of remuneration".

1975 c. 25. The Northern Ireland Assembly Disqualification Act 1975. In Schedule 1, in Part III, "Any member of the Financial Services Tribunal in receipt of remuneration".'.

Mr Andrew Smith

962

230

'1979 c. 34. The Credit Unions Act 1979. Section 12(4) and (5).
In section 14, subsection (2) and in subsection (3) 'in accordance with subsection (2) above".'.

Mr Andrew Smith

427

231

'1993 c. 8. The Judicial Pensions and Retirement Act 1993. In Schedule 5, "Member of the Financial Services Tribunal appointed by the Lord Chancellor".'.

NEW CLAUSES

Restriction on managers of authorised unit trust schemes

Mr Andrew Smith

NC5

'.—(1) The Authority may make rules prohibiting an authorised person who has permission to act as the manager of an authorised unit trust scheme from carrying on a specified activity.

(2) Such rules may specify an activity which is not a regulated activity.'.

Insurance business rules

Mr Andrew Smith

NC6

'.—(1) The Authority may make rules prohibiting an authorised person who has permission to deal in contracts of insurance from carrying on a specified activity.

(2) Such rules may specify an activity which is not a regulated activity.

(3) The Authority may make rules in relation to contracts entered into by an authorised person in the course of carrying on long-term insurance business.

(4) Such rules may, in particular—

(a) restrict the descriptions of property or indices of the value of property by reference to which the benefits under such contracts may be determined;

(b) make provision, in the interests of the protection of policy holders, for the substitution of one description of property, or index of value, by reference to which the benefits under a contract are to be determined for another such description of property or index.

(5) Rules made under this section are referred to in this Act as insurance business rules.'.

Objection to existing control

Mr Andrew Smith

NC7

'.—(1) If the Authority is not satisfied that the approval requirements are met, it may give a decision notice under this section to a person if he has failed to comply with a duty to notify imposed by section 148.

(2) If the failure relates to subsection (1) or (2) of that section, the Authority may (instead of giving a notice under subsection (1)) approve the acquisition of the control in question by the person concerned as if he had given it a notice of control.

(3) The Authority may also give a decision notice under this section to a person who is a controller of a UK authorised person if the Authority becomes aware of matters as a result of which it is satisfied that—

(a) the approval requirements are not met with respect to the controller; or

(b) a condition imposed under section 155 required that person to do (or refrain from doing) a particular thing and the condition has been breached as a result of his failing to do (or doing) that thing.

(4) A person to whom a notice under this section is given may refer the matter to the Tribunal.

(5) "Approval requirements" has the same meaning as in section 156.'.

Variation of recognition order in relation to recognised nominee

Mr Andrew Smith

NC8

'.—(1) A recognised investment exchange or recognised clearing house may apply to the Authority for a variation of its recognition order by adding to it, or removing from it, a recognised nominee or by altering either the identity of the recognised nominee or the arrangements in respect of which recognition was granted.

(2) The Authority may—

(a) direct the manner in which applications under subsection (1) are to be made; and

(b) if such an application is made, require the applicant to provide it with such information as it considers necessary to enable it to determine the application.

(3) The Authority may, on an application under subsection (1), vary the order if it considers that the recognition requirements will continue to be satisfied if the order is varied.'.