Amendments proposed to the Financial Services and Markets Bill, As Amended - continued House of Commons

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Dr Vincent Cable
Mr Brian Cotter
Mr Colin Breed

456

*Page     2,     line     18     [Clause     2],     at end insert—

      '(g) the need to facilitate access to appropriate financial services for disadvantaged consumers.'.

   

Mr Chancellor of the Exchequer

241

Page     2,     line     23     [Clause     2],     leave out 'advice and' and insert 'general'.

   

Mr Chancellor of the Exchequer

242

Page     2,     line     26     [Clause     2],     at end insert—

    '( ) "General guidance" has the meaning given in section 130(5).'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

235

Page     2,     line     26     [Clause     2],     at end insert—

    '(4A) The Authority must ensure that its staff responsible for or involved in—

      (a) monitoring, investigating or disciplining authorised or approved persons or,

      (b) investigating persons suspected of engaging in, or of requiring or encouraging another person to engage in, market abuse or any offence for which it can institute proceedings, and

      (c) drafting, or giving instructions to the draftsman of, rules, statements of principle or codes

    shall be suitably competent and shall have sufficient knowledge of the relevant financial sector to fulfil their functions.'.


   

Sir Nicholas Lyell

405

Page     3,     line     19     [Clause     6],     leave out 'by a regulated person' and insert '—

      (a) by a regulated person, or

      (b) in contravention of the general prohibition,'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

193

Page     3,     line     30     [Clause     6],     at end insert—

    '(2A) In order to meet that objective the Authority must maintain procedures for monitoring the financial system to identify possible financial crime and to alert consumers and regulated persons about its suspicions as soon as practicable.'

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

194

Page     3,     line     39     [Clause     6],     at end insert—

    '(6) "Consumers" has the same meaning as in section 5.'


   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

15

Page     4,     line     10     [Clause     8],     leave out from 'The' to end of line and insert 'Treasury shall appoint appropriate representative bodies within the financial services industry to nominate representatives to the Practitioner Panel, comprising'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

26

Page     4,     line     15     [Clause     8],     leave out 'as it considers appropriate'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

236

Page     4,     line     15,     [Clause 8],     at end insert—

    '(6) Before appointing any person to the Practitioner Panel the Authority must consult persons representing the interests of practitioners, as it considers appropriate, with a view to identifying candidates for appointment to the Practitioner Panel.'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

479

*Page     4,     line     35     leave out Clause 10.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

16

Page     4,     line     35     [Clause     10],     leave out 'may' and insert 'shall'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

17

Page     4,     line     35     [Clause     10],     after 'conduct', insert ', in 2002 and every five years thereafter,'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

18

Page     4,     line     38     [Clause     10],     leave out 'A review may be limited by the Treasury to' and insert 'The Treasury may also require separate limited and independent reviews of'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

477

*Page     4,     line     41     [Clause 10],     leave out subsection 1.


   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

478

*Page     5,     line     10     [Clause 10],     leave out 'appearing to the Treasury to be'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

195

Page     5,     line     19     [Clause     11],     at end insert—

    '(2A) Subsection (1) does not apply to any document which a person could not be compelled to give or produce in civil proceedings before the court or which has been supplied to the Authority by or on behalf of that person subject to a condition that such document and its contents shall not be disclosed by the Authority to any other person.'


   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

196

Page     7,     line     3     [Clause     14],     at end insert—

    '(4A) If a person ("A") offers to produce a document for the purposes of an inquiry under section 13 which he could not be compelled to produce or disclose in civil proceedings before the court, the person appointed to hold the inquiry may agree with A that such document and its contents shall not be disclosed by him to any person without A's consent; and, if so, the person appointed to hold the inquiry shall not produce or disclose, and shall not be compelled to produce or disclose, to any person such document or its contents.'

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

197

Page     7,     line     20     [Clause     15],     leave out 'must' and insert 'shall be entitled to'.


   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

198

Page     8,     line     4     [Clause     17],     leave out 'a regulated activity in the United Kingdom' and insert 'one or more regulated activities in the United Kingdom as a business'.

   

Mr Chancellor of the Exchequer

67

Page     8,     line     7     [Clause     17],     leave out 'in relation to that activity'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

4

Page     8,     line     21     [Clause     19],     leave out from 'communicate' to 'activity' in line 22 and insert 'or cause to be communicated—

      (a) an invitation to engage in investment activity; or

      (b) information which is intended or might reasonably be presumed to be intended to lead directly or indirectly to engagement in such'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

5

Page     8,     line     28     [Clause     19],     leave out 'capable of having an effect' and insert 'intended to be acted on by a person'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

185

Page     8,     line     34     [Clause     19], leave out 'The Treasury may by order specify' and insert—'Subsection (1) does not apply in the case of an oral communication which does not constitute an invitation to engage in investment activity and the Treasury may by order specify other'.

   

Mr Chancellor of the Exchequer

68

Page     8,     line     35     [Clause     19],     leave out 'rules made under section 118' and insert 'financial promotion rules'.


   

Mr Chancellor of the Exchequer

406

Page     9,     line     15     [Clause     20],     after 'which' insert 'is carried on by way of business and'.

   

Dr Vincent Cable
Mr Brian Cotter
Mr Colin Breed

27

Page     9,     line     23     [Clause      20],     at end insert—

    '(6) The first order to be made under subsection (5) shall be made within six months of the passing of this Act.'.


   

Mr Chancellor of the Exchequer

243

Page     10,     line     30     [Clause     24],     leave out '("the provider")'.


   

Mr Chancellor of the Exchequer

244

Page     11,     line     33     [Clause     26],     leave out 'provider' and insert 'person carrying on the regulated activity concerned'.

 
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Prepared 24 Jan 2000