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

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Mr Chancellor of the Exchequer

301

Page     58,     line     2     [Clause     127],     leave out from 'analysis' to end of line 3.

   

Mr Chancellor of the Exchequer

302

Page     58,     line     5     [Clause     127],     leave out 'a statement' and insert 'an explanation'.

   

Mr Chancellor of the Exchequer

303

Page     58,     line     8     [Clause     127],     leave out 'a statement' and insert 'notice'.

   

Mr Chancellor of the Exchequer

304

Page     58,     line     10     [Clause     127],     leave out from beginning to second 'the' and insert 'In the case of a proposal to make rules under a provision mentioned in subsection (8A),'.

   

Mr Chancellor of the Exchequer

305

Page     58,     line     12     [Clause     127],     leave out 'those proposals are' and insert 'the proposal is'.

   

Mr Chancellor of the Exchequer

306

Page     58,     line     15     [Clause     127],     leave out from first 'the' to 'to' in line 17 and insert—

    'Authority makes the proposed rules, it must publish an account, in general terms, of—

      (a) the representations made to it in accordance with subsection (2)(d); and

      (b) its response.'.

   

Mr Chancellor of the Exchequer

307

Page     58,     line     18     [Clause     127],     leave out 'rules made by the Authority' and insert 'the rules'.

   

Mr Chancellor of the Exchequer

308

Page     58,     line     21     [Clause     127],     leave out 'publish a statement' and insert '(in addition to complying with subsection (5)) publish details'.

   

Mr Chancellor of the Exchequer

309

Page     58,     line     22     [Clause     127],     leave out 'the statement' and insert 'those details'.

   

Mr Chancellor of the Exchequer

310

Page     58,     line     22     [Clause     127],     leave out from 'analysis' to end of line 23.

   

Mr Chancellor of the Exchequer

311

Page     58,     line     24     [Clause     127],     leave out '(3) and'.

   

Mr Chancellor of the Exchequer

312

Page     58,     line     27     [Clause     127],     leave out from beginning to 'of' in line 33 and insert—

    '( ) Neither subsection (2)(a) nor subsection (6)(b) applies if the Authority considers—

      (a) that, making the appropriate comparison, there will be no increase in costs; or

      (b) that, making that comparison, there will be an increase in costs but the increase will be'.

   

Mr Chancellor of the Exchequer

313

Page     58,     line     34     [Clause     127],     at end insert—

    '(8A) Neither subsection (2)(a) nor subsection (6)(b) requires a cost benefit analysis to be carried out in relation to rules made under—

      (a) section (Funding of the legal assistance scheme)(2);

      (b) subsection (1) of section 187 as a result of subsection (4) of that section;

      (c) section 209;

      (d) paragraph 17 of Schedule 1.'.

   

Mr Chancellor of the Exchequer

314

Page     58,     line     38     [Clause     127],     after 'rules', insert 'that have been made'.

   

Mr Chancellor of the Exchequer

315

Page     58,     line     38     [Clause     127],     at end insert—

    '(11) "The appropriate comparison" means—

      (a) in relation to subsection (2)(a), a comparison between the overall position if the rules are made and the overall position if they are not made;

      (b) in relation to subsection (6)(b), a comparison between the overall position after the making of the rules and the overall position before they were made.'.


   

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

230

Page     59,     line     5     [Clause     129],     after 'rules', insert ', statements of priniciple or codes'.

   

Mr Chancellor of the Exchequer

418

Page     59,     line     7     [Clause     129],     leave out 'under this Act'.

   

Mr Chancellor of the Exchequer

419

Page     59,     line     34     [Clause     130],     leave out 'Notice of an alteration' and insert 'The notice'.


   

Mr Chancellor of the Exchequer

316

Page     60,     line     21     [Clause     131],     leave out 'the Treasury and the Director may assume' and insert 'it may be assumed'.

   

Mr Chancellor of the Exchequer

317

Page     60,     line     24,     leave out Clause 132.


   

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

231

Page     61,     line     3     [Clause     132],     leave out 'may, if he thinks fit' and insert 'shall'.

   

Mr Chancellor of the Exchequer

447

Page     61,     line     13     [Clause     133],     leave out '132' and insert '(Reports by Director General of Fair Trading)'.

   

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

232

Page     61,     line     23     [Clause     133],     after 'information', insert 'relevant to the investigation'.

   

Mr Chancellor of the Exchequer

318

Page     61,     line     40,     leave out Clause 134.


   

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

233

Page     62,     line     16     [Clause     134],     after 'rules', insert ', principles or codes'.

   

Mr Chancellor of the Exchequer

319

Page     62,     line     27,     leave out Clause 135.


   

Mr Chancellor of the Exchequer

448

Page     64,     line     15     [Clause     137],     at end insert—

      '( ) an operator, trustee or depositary of a scheme recognised under section 243 or 245 who is not an authorised person;'.


   

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

234

Page     65,     line     13     [Clause     138],     at end insert—

    '(7) The first person referred to in subsection (5) shall not be liable to any other person for breach of fiduciary duty or any other duty or obligation by reason of his compliance with the obligation imposed by that subsection.'.

   

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

364

Page     65,     line     16     [Clause     139],     after 'so', insert 'in connection with the exercise by the Authority of a function conferred on it by or under this Act, or contemplated proceedings for an offence under this Act,'.


   

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

365

Page     68,     line     30     [Clause     142],     at end insert 'and if any proceedings are commenced against any person in reliance on the report the investigating authority shall provide a copy of the report to such person prior to the commencement of proceedings'.


   

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

366

Page     71,     line     14     [Clause     147],     at end insert—

    '(4A) The privilege attaching to a privileged communication shall not be waived merely by the disclosure or production of the privileged communication to the Authority or an investigator, whether voluntarily or otherwise, and the Authority and any such investigator may not make use of, or disclose, any of the information contained in that privileged communication, or any other privileged communication to which it or he gains access, without the written agreement of the person who is entitled to waive that privilege'.

   

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

367

Page     71,     line     32     [Clause     147],     after 'who', insert 'at any relevant time'.


   

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

368

Page     72,     line     3     [Clause     148],     after 'it', insert 'within such reasonable period as is specified in the information requirement'.


   

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

369

Page     74,     line     13     [Clause     150], leave out from beginning to end of line 14 and insert 'A person may not acquire'.

   

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

370

Page     74     [Clause     150], leave out line 19 and insert 'unless he has first notified the Authority'.

 
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Prepared 24 Jan 2000