Amendments proposed to the Financial Services and Markets Bill, As Amended - continued | House of Commons |
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Statements of policy: procedure
Mr Chancellor of the Exchequer NC26 To move the following Clause:'.(1) Before issuing a statement of policy under section 99, the Authority must publish a draft of the proposed statement in the way appearing to the Authority to be best calculated to bring it to the attention of the public. (2) The draft must be accompanied by notice that representations about the proposal may be made to the Authority within a specified time. (3) Before issuing the proposed statement, the Authority must have regard to any representations made to it in accordance with subsection (2). (4) If the Authority issues the proposed statement it must publish an account, in general terms, of
(5) If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant, the Authority must (in addition to complying with subsection (4)) publish details of the difference. (6) The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1). (7) This section also applies to a proposal to alter or replace a statement.'.
Reports by Director General of Fair Trading
Mr Chancellor of the Exchequer NC27 To move the following Clause:'.(1) The Director must keep the regulating provisions and the Authority's practices under review. (2) If at any time the Director considers that
he must make a report to that effect. (3) If at any time the Director considers that
he may make a report to that effect. (4) A report under subsection (2) must include details of the anti-competitive effect. (5) If the Director makes a report under subsection (2) he must
(6) If the Director makes a report under subsection (3)
(7) Before publishing a report under this section the Director must, so far as practicable, exclude any matter which relates to the private affairs of a particular individual the publication of which, in the opinion of the Director, would or might seriously and prejudicially affect his interests. (8) Before publishing such a report the Director must, so far as practicable, exclude any matter which relates to the affairs of a particular body the publication of which, in the opinion of the Director, would or might seriously and prejudicially affect its interests. (9) Subsections (7) and (8) do not apply in relation to copies of a report which the Director is required to send under subsection (5)(a) or (6)(a). (10) For the purposes of the law of defamation, absolute privilege attaches to any report of the Director under this section.'.
Consideration by Competition Commission
Mr Chancellor of the Exchequer NC28 To move the following Clause:'.(1) If the Director
the Commission must consider the matter. (2) The Commission must then make its own report on the matter unless it considers that, as a result of a change of circumstances, no useful purpose would be served by a report. (3) If the Commission decides in accordance with subsection (2) not to make a report, it must make a statement setting out the change of circumstances which resulted in that decision. (4) A report made under this section must state whether, in the opinion of the Commission
(5) A report under this section which states that, in the opinion of the Commission, there is a significant anti-competitive effect must also
(6) Subsection (7) applies whenever the Commission is considering, for the purposes of this section, whether a particular anti-competitive effect is justified. (7) The Commission must ensure, so far as that is reasonably possible, that the conclusion it reaches is compatible with the functions conferred, and obligations imposed, on the Authority by or under this Act. (8) A report under this section must contain such an account of the Commission's reasons for
as is expedient, in the opinion of the Commission, for facilitating proper understanding of that conclusion or opinion. (9) Schedule (Role of Competition Commission) supplements this section. (10) If the Commission makes a report under this section it must send a copy to the Treasury, the Authority and the Director.'.
Role of the Treasury
Mr Chancellor of the Exchequer NC29 To move the following Clause:'.(1) This section applies if the Competition Commission makes a report under section (Consideration by Competition Commission)(3) which states that in the opinion of the Commission there is a significant anti-competitive effect. (2) If the Commission's opinion, as stated in the report, is that the anti-competitive effect is not justified, the Treasury must give a direction to the Authority requiring it to take such action as may be specified in the direction. (3) But subsection (2) does not apply if the Treasury consider
(4) In considering the action to be specified in a direction under subsection (2), the Treasury must have regard to any opinion expressed by the Commission when it complied with section (Consideration by Competition Commission)(5)(b). (5) Subsection (6) applies if
(6) The Treasury may give a direction to the Authority requiring it to take such action
(7) The Authority may not be required as a result of this section to take any action
(8) Subsection (9) applies if the Treasury are considering
(9) The Treasury must
(10) If, in reliance on subsection (3)(a) or (b), the Treasury decline to act under subsection (2), they must make a statement to that effect, giving their reasons. (11) If the Treasury give a direction under this section they must make a statement giving
(12) The Treasury must
Statements of policy: procedure
Mr Chancellor of the Exchequer NC30 To move the following Clause:'.(1) Before issuing a statement under section 185, the Authority must publish a draft of the proposed statement in the way appearing to the Authority to be best calculated to bring it to the attention of the public. (2) The draft must be accompanied by notice that representations about the proposal may be made to the Authority within a specified time. (3) Before issuing the proposed statement, the Authority must have regard to any representations made to it in accordance with subsection (2). (4) If the Authority issues the proposed statement it must publish an account, in general terms, of
(5) If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the Authority, significant, the Authority must (in addition to complying with subsection (4)) publish details of the difference. (6) The Authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1). (7) This section also applies to a proposal to alter or replace a statement.'.
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