Financial Services and Markets Bill - continued        House of Commons

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The Financial Services and Markets Tribunal.     107. - (1) For the purposes of this Act, there is to be a tribunal known as the Financial Services and Markets Tribunal (but referred to in this Act as "the Tribunal").
      (2) The Tribunal is to have the functions conferred on it by this Act.
      (3) The Lord Chancellor may by rules make such provision as appears to him to be necessary or expedient in respect of the conduct of proceedings before the Tribunal.
      (4) Schedule 11 is to have effect as respects the Tribunal and its proceedings (but does not limit the Lord Chancellor's powers under this section).
Proceedings: general provision.     108. - (1) A reference to the Tribunal under this Act must be made before the end of-
    (a) the period of 28 days beginning with the date on which the decision notice in question is given; or
    (b) such other period as may be specified in rules made under section 107.
      (2) Subject to rules made under section 107, the Tribunal may allow a reference to be made after the end of that period.
      (3) On a reference the Tribunal may consider any evidence which was not available to the Authority at the time it made the decision.
      (4) The Tribunal may confirm, vary or set aside the decision which is the subject of the reference and may-
    (a) remit the matter to the Authority,
    (b) impose, revoke or vary the amount of a penalty,
    (c) make recommendations as to the Authority's regulating provisions or procedures,
  or make any other decision which the Authority itself could have made.
      (5) A decision referred to the Tribunal does not have effect until the reference, and any appeal against the Tribunal's decision, has been finally disposed of.
      (6) If a matter is remitted to the Authority, the Authority must act in accordance with the decision of the Tribunal.
      (7) An order of the Tribunal may be enforced-
    (a) as if it were an order of a county court; or
    (b) in Scotland, as if it were an order of the Court of Session.
Further appeal on a point of law.     109. - (1) A party to a reference to the Tribunal may with permission appeal-
    (a) to the Court of Appeal, or
    (b) in Scotland, to the Court of Session,
  on a point of law arising from a decision of the Tribunal disposing of the reference.
      (2) "Permission" means permission given by the Tribunal or by the Court of Appeal or (in Scotland) the Court of Session.
      (3) If, on an appeal under subsection (1), the court considers that the decision of the Tribunal was wrong in law, it may-
    (a) remit the matter to the Tribunal for rehearing and determination by it; or
    (b) itself make a determination.
      (4) An appeal may not be brought from a decision of the Court of Appeal under subsection (3) except with the leave of-
    (a) the Court of Appeal; or
    (b) the House of Lords.
      (5) An appeal lies, with the leave of the Court of Session or the House of Lords, from any decision of the Court of Session under this section, and such leave may be given on such terms as to costs, expenses or otherwise as the Court of Session or the House of Lords may determine.
      (6) Rules made under section 107 may make provision for regulating or prescribing any matters incidental to or consequential on an appeal under this section.
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Prepared 14 December 1999