|Amendments proposed to the Financial Services and Markets Bill, As Amended - continued||House of Commons|
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Review of regulatory system and performance of Authority
Mr William Hague
NC3To move the following Clause:
'.(1) The Treasury must on the third anniversary of the coming into force of section 2 appoint an independent person to conduct a review of the regulatory system established by this Act and the performance of the Authority in discharging its general duties under section 2.
(2) The scope of such a review may be limited by the Treasury in such manner as the Treasury may specify in appointing the person to conduct it but the review must cover the extent to which the Authority, in discharging its general functions, has met the regulatory objectives and had regard to the matters in section 2(3).
(3) On completion of a review under this section, the person conducting it must make a written report to the Treasury
(4) A copy of the report must be
(5) Any expenses reasonably incurred in the conduct of the review are to be met by the Treasury out of money provided by Parliament.
(6) "Independent" means independent of the Authority.'.
Authority to conduct review of rules made under Part IX
Mr William Hague
NC4To move the following Clause:
'.(1) Within three years of any rules (other than rules which impose fees) being made under this Part the Authority must carry out a review of such rules to determine whether they continue to be appropriate for the purpose for which they were made.
(2) If, following such a review, the Authority concludes that the rules in question should be changed in a way which is, in the opinion of the Authority, significant the Authority must make new rules and the provisions of section 127 shall apply to them.
(3) If, following a review, the Authority concludes that the rules in question should be approved in the form then in force, or in a form which does not differ from such rules in a way which is, in the opinion of the Authority, significant, it must publish a statement of its conclusions in the way appearing to be best calculated to bring it to the attention of the public.
(4) The statement of the Authority's conclusions must be accompanied by
(5) Before approving any rules to which subsection (3) applies, the Authority must have regard to any representations made to it in accordance with subsection (4)(e).
(6) If the rules are approved by the Authority, it must make a statement as to the representations (if any) made to it and its response in general terms.
(7) If the rules approved by the Authority differ from the rules under review (taking account of the changes referred to in subsection (4)(c)) in a way which is, in the opinion of the Authority, significant
(8) "Cost benefit analysis" means an estimate of the costs together with an estimate of the benefits that will arise if the rules under review are approved.
(9) Rules approved under this section shall be deemed to be made on the date on which the rules are approved.'.
Relationship between guidance and rules issued by Authority
Mr William Hague
NC5To move the following Clause:
'(1) If a person behaves in a way which complies with general guidance he shall not be regarded, for the purposes of this Act, as contravening any rule.
(2) The Authority may give guidance (which is not general guidance) to the effect that compliance with the guidance by the person or persons to whom the guidance is expressed to be given shall not be regarded, for the purposes of this Act, as contravening any rule.
(3) "General guidance" has the same meaning as in section 130.'.
Transfer to Financial Services Ombudsman of functions of Pensions Ombudsman
Mrs Jacqui Lait
NC34To move the following Clause:
'.(1) There shall be transferred to the scheme operator all the functions and powers of the Pensions Ombudsman established under Part X of the Pension Schemes Act 1993 (as amended by the Pensions Act 1995).
(2) The Treasury may by order
(3) The Treasury may make regulations providing for
(4) In this section "scheme operator" means the body corporate established under Schedule 14 to operate the disputes resolution procedure referred to in section 200 as "the ombudsman scheme".'.
NC43*To move the following Clause:
'Nothing in the provisions of this Act shall restrict, impede, or prevent a judicial review of the exercise or non-exercise of any power or discretion vested in the Authority or the Treasury by or under this Act.'.
12Page 1, line 17 [Clause 2], leave out 'and'.
13Page 1, line 19 [Clause 2], at end insert 'and
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192Page 2, line 2 [Clause 2], at end insert
49Page 2, line 3 [Clause 2], leave out from 'must' to end of line 18 and insert 'seek to
Mr Chancellor of the Exchequer
240Page 2, line 17 [Clause 2], leave out paragraph (f) and insert
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