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

back to previous text
   

Mr Chancellor of the Exchequer

245

Page     11,     line     36     [Clause     26],     leave out from 'not' to 'that', in line 37, and insert 'know'.


   

Mr Chancellor of the Exchequer

246

Page     12,     line     13     [Clause     27],     leave out 'as a direct or indirect result' and insert 'in consequence'

   

Mr Chancellor of the Exchequer

247

Page     12,     line     20     [Clause     27],     leave out 'as a direct or indirect result' and insert 'in consequence'.

   

Mr Chancellor of the Exchequer

248

Page     12,     line     32     [Clause     27],     leave out from 'that' to end of line 4, on page 13, and insert 'the enforcement conditions are met.

    ( ) The enforcement conditions are that it is just and equitable for the agreement or obligation to be enforced or (as the case may be) for the money or property paid or transferred under the agreement to be retained and—

      (a) if the applicant made the unlawful communication, that he reasonably believed that he was not making such a communication; or

      (b) if the applicant did not make the unlawful communication, that he did not know that the agreement was entered into in consequence of such a communication.

    ( ) "Applicant" means the person seeking to enforce the agreement or obligation or retain the money or property paid or transferred.

    ( ) Any reference to making a communication includes causing a communication to be made.'.


   

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

34

Page     13,     line     29     [Clause     28], at end insert—

      '(cc) a person qualifying for authorisation under Schedule 5,'.


   

Mr Chancellor of the Exchequer

69

Page     14,     line     15     [Clause     30],     leave out from 'person' to end of line 16.

   

Mr Chancellor of the Exchequer

70

Page     14,     line     17     [Clause     31],     after 'under' insert 'Part II of'.

   

Mr Chancellor of the Exchequer

71

Page     14,     line     23     [Clause     31],     leave out 'Schedule 3 authorisation' and insert 'authorisation under Part II of Schedule 3'.

   

Mr Chancellor of the Exchequer

72

Page     14,     line     25     [Clause     31],     after 'under' insert 'Part II of'.

   

Mr Chancellor of the Exchequer

73

Page     14,     line     34     [Clause     33],     leave out 'Part XVI qualifier' and insert 'person authorised as a result of paragraph 1(1) of Schedule 5'.

   

Mr Chancellor of the Exchequer

74

Page     14,     line     35     [Clause     33],     leave out 'a Part XVI qualifier' and insert 'such a person'.

   

Mr Chancellor of the Exchequer

75

Page     14,     line     36     [Clause     33],     leave out 'Part XVI qualifier' and insert 'person authorised as a result of paragraph 1(1) of Schedule 5'.

   

Mr Chancellor of the Exchequer

76

Page     14,     line     37     [Clause     33],     leave out from 'to' to end of line 38 and insert 'be a person so authorised'.


   

Mr Chancellor of the Exchequer

77

Page     15,     line     5     [Clause     34],     leave out 'persons for the purposes of section 17' and insert 'from the general prohibition'.

   

Mr Chancellor of the Exchequer

78

Page     15,     line     6     [Clause     34],     leave out from second 'person' to end of line 7 and insert 'as a result of an exemption order if he has a Part IV permission'.

   

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

199

Page     15,     line     14     [Clause     34],     at end insert—

    '(5) No exemption order to which subsection (7) applies may be made unlesss a draft of the order has been laid before Parliament and approved by a resolution of each House.

    (6) An exemption order to which subsection (7) does not apply shall be subject to annulment in pursuance of a resolution of either House of Parliament.

    (7) This subsection applies to an exemption order which:

      (a) is the first order to be made under this section in respect of a particular person; or

      (b) varies an order previously made so as to vary or remove an exemption.'

   

Mr Chancellor of the Exchequer

79

Page     15,     line     15     [Clause     35],     after 'person' insert '(other than an authorised person)'.

   

Mr Chancellor of the Exchequer

80

Page     15,     line     24     [Clause     35],     leave out 'an exempt person' and insert 'exempt from the general prohibition'.


   

Mr Chancellor of the Exchequer

81

Page     16,     line     10     [Clause     36],     after 'may' insert 'not'.

   

Mr Chancellor of the Exchequer

82

Page     16,     line     11     [Clause     36],     leave out 'does not have' and insert 'has'.

   

Mr Chancellor of the Exchequer

83

Page     16,     line     14     [Clause     36],     at end insert—

    '(2A) An EEA firm may not apply for permission under this section to carry on a regulated activity which it is, or would be, entitled to carry on in exercise of an EEA right, whether through a United Kingdom branch or by providing services in the United Kingdom.'.

   

Mr Chancellor of the Exchequer

84

Page     16,     line     22     [Clause     37],     at end insert—

    '( ) If the applicant—

      (a) in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 35(1) or an order made under section 34(1), but

      (b) has applied for permission in relation to another regulated activity,

    the application is to be treated as relating to all the regulated activities which, if permission is given, he will carry on.

    ( ) If the applicant—

      (a) in relation to a particluar regulated activity, is exempt from the general prohibition as a result of section 260(2) or (3), but

      (b) has applied for permission in relation to another regulated activity,

    the application is to be treated as relating only to that other regulated activity.'.

   

Mr Chancellor of the Exchequer

85

Page     16,     line     23     [Clause     37],     leave out subsection (3).

   

Mr Chancellor of the Exchequer

86

Page     16,     line     38     [Clause     38],     leave out from 'include' to end of line 40 and insert 'such requirements as the Authority considers appropriate.'.

   

Mr Chancellor of the Exchequer

87

Page     16,     line     41     [Clause     38],     leave out subsection (2).


   

Mr Chancellor of the Exchequer

88

Page     17,     line     20     [Clause     39],     leave out subsection (2).

   

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

206

Page     17,     line     27     [Clause     39],     after 'it', insert 'after receiving representations'.

   

Mr Chancellor of the Exchequer

89

Page     17,     line     31     [Clause     39],     at end insert—

    '( ) If, as a result of a variation of a Part IV permission under this section, there are no longer any regulated activities for which the authorised person concerned has permission, the Authority must, once it is satisfied that it is no longer necessary to keep the permission in force, cancel it.'.

   

Mr Chancellor of the Exchequer

90

Page     17,     line     32     [Clause     39],     after 'permission' insert 'under this section'.

   

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

207

Page     17,     line     35     [Clause     39],     at end insert—

    '(6) In this section "consumers" has the same meaning as in section 9.'.

   

Mr Chancellor of the Exchequer

91

Page     17,     line     36     [Clause     40],     leave out from 'vary' to 'in' and insert 'a Part IV permission in any of the ways mentioned in section 39(1) or cancel it'.

   

Mr Chancellor of the Exchequer

92

Page     17,     line     39     [Clause     40],     leave out from 'that' to 'in', in line 40, and insert 'the authorised person is failing, or is likely to fail, to satisfy the threshold conditions'.

   

Mr Chancellor of the Exchequer

93

Page     17,     line     41     [Clause     40],     leave out 'the authorised person concerned' and insert 'he'.


   

Mr Chancellor of the Exchequer

94

Page     18,     line     3     [Clause     40],     leave out from beginning to end of line 7.

   

Mr Chancellor of the Exchequer

95

Page     18,     line     14     [Clause     40],     leave out from beginning to end of line 24.

 
previous section contents continue
 

©Parliamentary copyright 2000
Prepared 24 Jan 2000