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]

381

Page     107,     line     17     [Clause     211],     after 'repurchased', insert 'in accordance with the scheme'.

   

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

66

Page     107,     line     17     [Clause     211],     leave out '(otherwise than under other provisions)'.

   

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

382

Page     107,     line     18     [Clause     211],     leave out 'are' and insert 'may be'.

   

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

383

Page     107,     line     18     [Clause     211],     after 'are', insert 'at the request of participants'.

   

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

384

Page     107,     line     21     [Clause     211],     leave out 'related to' and insert 'not significantly different from'.

   

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

385

Page     107,     line     22     [Clause     211],     at end insert—

    '(2A) In subsection (2)(b)(i) participants are only to be regarded as having an entitlement to have their shares or securities redeemed or repurchased in cases where the entitlement is exercisable by the participants'.

   

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

386

Page     107,     line     27     [Clause     211],     after 'State', insert 'or such other territory or country outside the United Kingdom as the Treasury may by order specify'.

   

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

387

Page     107,     line     40     [Clause     211],     at end insert 'and in relation to any other collective investment scheme means the person, if any, having responsibility under the arrangements constituting the scheme for the day to day management of the property of the scheme.'.


   

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

388

Page     108,     line     10     [Clause     212],     after 'communicate', insert 'to a person in the United Kingdom'.

   

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

403

Page     108,     line     10     [Clause     212],     leave out from 'communicate' to end of line 11 and insert ', or cause to be communicated, to a person in the United Kingdom—

      (a) an invitation to participate in a collective investment scheme; or

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

   

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

404

Page     108,     line     15     [Clause     212],     leave out 'capable of having an effect' and insert 'intended to be acted upon 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]

389

Page     109,     line     19     [Clause     214],     after 'communicated', insert 'and none of the exemptions prescribed by rules made by the Authority under section 212(5) would have applied'.


   

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

390

Page     115,     line     32     [Clause     228],     leave out 'person exercising influence over' and insert 'controller of'.

   

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

391

Page     115,     line     35     [Clause     228],     leave out 'person exercising influence over' and insert 'controller of'.


   

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

392

Page     118,     line     32     [Clause     235],     leave out from 'give' to end of line and insert 'separate written notice of its decision to the manager and trustee of the scheme'.

   

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

393

Page     118,     line     37     [Clause     236],     after 'that', insert 'it is desirable in order to protect the interests of participants or potential participants that'.


   

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

394

Page     119,     line     38     [Clause     216],     after 'must', insert 'without prejudice to its other powers under section 108'.


   

Mr Chancellor of the Exchequer

449

Page     121,     line     2     [Clause     237],     after 'of' insert ', or made under,'.


   

Mr Chancellor of the Exchequer

450

Page     122,     line     36     [Clause     240],     leave out 'A person' and insert 'The operator of the scheme'.


   

Mr Chancellor of the Exchequer

451

Page     123,     line     23     [Clause     242],     at end insert—

    '( ) If the Authority decides to revoke a direction under this section it must—

      (a) give the operator of the scheme a decision notice; and

      (b) inform the competent authorities in the scheme's home State of its decision.'.

   

Mr Chancellor of the Exchequer

452

Page     123,     line     39     [Clause     242],     at end insert—

    '( ) The Authority may, either on its own initiative or on the application of the operator of the recognised scheme concerned, revoke a direction given under subsection (1A) if it appears to the Authority—

      (a) that the conditions specified in the direction have been complied with; or

      (b) that it is no longer necessary for the direction to take effect or continue in force.'.

   

Mr Chancellor of the Exchequer

453

Page     123,     line     40     [Clause     242],     after 'effect' insert '(unless revoked earlier)'.


   

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

395

Page     127,     line     2     [Clause     246],     leave out 'person exercising influence over' and insert 'controller of'.

   

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

396

Page     127,     line     7     [Clause     246],     leave out 'person exercising influence over' and insert 'controller of'.


   

Mr Chancellor of the Exchequer

454

Page     128,     line     17,     leave out Clause 252.


   

Mr Chancellor of the Exchequer

136

Page     132,     line     36     [Clause     260],     leave out from beginning to 'in', in line 37 and insert 'in relation to which a recognition order is'.

   

Mr Chancellor of the Exchequer

137

Page     132,     line     38     [Clause     260],     leave out from 'house' to 'in', in line 39 and insert 'in relation to which a recognition order is'.


   

Mr Jim Cousins

481

*Page     134,     line     9     [Clause     262],     after 'for', insert 'access to and'.

   

Mr Jim Cousins

482

*Page     134,     line     9     [Clause     262],     after 'services', insert 'and the capacity of those services'.

   

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

397

Page     134,     line     41     [Clause     264],     after 'Authority', insert 'reasonably'.


   

Mr Chancellor of the Exchequer

138

Page     137,     line     30     [Clause     269],     at end insert—

    '( ) Subsections (3) to (5) apply to a direction given under subsection (1).'.

   

Mr Chancellor of the Exchequer

139

Page     137,     line     42     [Clause     269],     leave out subsection (6).


   

Mr Chancellor of the Exchequer

140

Page     140,     line     7     [Clause     274],     at end insert 'or (4)(b)'.

 
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Prepared 24 Jan 2000