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

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

371

Page     74,     line     20     [Clause     150], leave out 'such step' and insert 'action'.

   

Mr Chancellor of the Exchequer

121

Page     74,     line     31     [Clause     150],     leave out 'does not qualify for authorisation under' and insert 'is not a person authorised as a result of paragraph 1 of'.


   

Mr Chancellor of the Exchequer

122

Page     77,     line     31     [Clause     157],     leave out subsection (2) and insert—

    '(2) In imposing any conditions, the Authority must have regard to its duty under section (The threshold conditions).'.


   

Mr Chancellor of the Exchequer

123

Page     78,     line     12     [Clause     158],     at end insert 'and'.

   

Mr Chancellor of Exchequer

124

Page     78,     line     16     [Clause     158],     leave out from 'control' to end of line 24 and insert—

    '( ) In deciding whether the approval requirements are met, the Authority must have regard, in relation to the control that the acquirer—

      (a) has over the authorised person concerned ("A"), or

      (b) will have over A if the proposal to which the notice of control relates is carried into effect,

    to its duty under section (The threshold conditions) in relation to each regulated activity carried on by A.'.

   

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

372

Page     78,     line     19     [Clause     158], leave out 'proposal' and insert 'acquisition'.

   

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

373

Page     78,     line     27     [Clause     158], leave out 'a particular step' and insert 'any particular action'.

   

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

374

Page     78,     line     28     [Clause     158], leave out 'step' and insert 'action'.


   

Mr Chancellor of the Exchequer

125

Page     83,     line     22     [Clause     166],     leave out 'authorised person' and insert 'firm'

   

Mr Chancellor of the Exchequer

126

Page     83,     line     23     [Clause     166],     after 'such' insert 'a'


   

Mr Chancellor of the Exchequer

127

Page     88,     line     3     [Clause     175],     leave out '(1)' and insert '(1B)'.

   

Mr Chancellor of the Exchequer

128

Page     88,     line     14     [Clause     177],     at end insert—

    '(1A) If it appears to the Director that a restriction imposed under section 178 on an EEA consumer credit firm has not been complied with, he may by written notice given to the firm impose a consumer credit prohibition.'.

   

Mr Chancellor of the Exchequer

129

Page     88,     line     30     [Clause     177],     at end insert 'or (1A)'.


   

Mr Chancellor of the Exchequer

130

Page     89,     line     35     [Clause     178],     leave out subsection (5).


   

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

375

Page     91,     line     3     [Clause     183],     at end insert—

    '(5) The Authority shall not give a notice for payment while the decision to give that notice is open to review within the meaning of section 350(7).'.

   

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

376

Page     91,     line     12     [Clause     184],     at end insert—

    '(4) The Authority shall not publish a statement under section 179 while the decision to publish that statement is open to review within the meaning of section 350(7).'.

   

Mr Chancellor of the Exchequer

320

Page     91,     line     13     [Clause     185],     leave out 'publish' and insert 'issue'.

   

Mr Chancellor of the Exchequer

321

Page     91,     line     24     [Clause     185],     leave out 'any material published' and insert 'a statement issued'.

   

Mr Chancellor of the Exchequer

322

Page     91,     line     26     [Clause     185],     leave out 'any such material' and insert 'a statement issued under this section'.

   

Mr Chancellor of the Exchequer

323

Page     91,     line     26     [Clause     185],     leave out 'publish it as altered' and insert 'issue the altered or replacement statement'.

   

Mr Chancellor of the Exchequer

324

Page     91,     line     28     [Clause     185],     leave out subsection (5) and insert—

    '(5) The Authority must, without delay, give the Treasury a copy of any statement which it publishes under this section.'.

   

Mr Chancellor of the Exchequer

325

Page     91,     line     30     [Clause     185],     leave out subsection (6) and insert—

    '(6) A statement issued under this section must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.'.

   

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

377

Page     91,     line     32     [Clause     184],     leave out 'authorised persons' and insert 'the public'.

   

Mr Chancellor of the Exchequer

326

Page     91,     line     33     [Clause     185],     leave out subsection (7).

   

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

378

Page     91,     line     37     [Clause     185],     leave out 'consult such persons as it considers appropriate' and insert 'include in the material a statement that representations about the material may be made to the Authority within a specified time'.

   

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

379

Page     91,     line     37     [Clause     185],     at end insert—

    '(7A) Before publishing the material under this section the Authority must have regard to any representations made to it in accordance with subsection (7) and must make a statement as to the representations (if any) made to it and its response, in general terms, to them.'.

   

Mr Chancellor of the Exchequer

327

Page     91,     line     40     [Clause     185],     leave out 'material' and insert 'statement'.

   

Mr Chancellor of the Exchequer

328

Page     91,     line     40     [Clause     185],     after 'section' insert 'and in force'.

   

Mr Chancellor of the Exchequer

329

Page     91,     line     41     [Clause     185],     at end insert—

    '( ) The Authority may charge a reasonable fee for providing a person with a copy of the statement.'.


   

Mr Chancellor of the Exchequer

131

Page     95,     line     16     [Clause     189],     leave out '65' and insert '55'.


   

Mr Chancellor of the Exchequer

132

Page     99,     line     3     [Clause     195],     leave out 'punish' and insert 'deal with'.

   

Mr Chancellor of the Exchequer

133

Page     99,     line     4     [Clause     195],     leave out from 'he' to end of line and insert 'were in contempt'.

   

Mr Chancellor of the Exchequer

134

Page     99,     line     30     [Clause     197],     leave out ', (3)'.

   

Mr Chancellor of the Exchequer

135

Page     99,     line     31,     leave out Clause 198.


   

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

237

Page     103,     line     18,     [Clause 203],     leave out subsections (4) to (7) and insert—

    '(4) The ombudsman's determination shall be binding on the respondent and the complainant and shall be final.

    (5) The ombudsman's statement must:

      (a) give the ombudsman's reasons for his determination; and

      (b) be signed by him.'.


   

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

380

Page     107,     line     5     [Clause     211],     leave out 'on' and insert 'under an express'.

   

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

65

Page     107,     line     15     [Clause     211],     after 'which', insert '(otherwise than under other provisions).'

 
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Prepared 24 Jan 2000