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]

10

Page     178,     line     27     [Clause     345],     at end insert—

'(d) in a case within paragraph (b) of subsection (2), to the extent to which the market abuse was deliberate or reckless.'.

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Mr Chancellor of the Exchequer

343

Page     181,     line     31     [Clause     351],     leave out from 'in' to 'it', in line 32, and insert 'the way appearing to the Authority to be best calculated to bring'.

   

Mr Chancellor of the Exchequer

344

Page     181,     line     32     [Clause     351],     at end insert—

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

    ( ) The Authority must, without delay, give the Treasury a copy of any statement which it issues 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]

11

Page     181,     line     39     [Clause     351],     after 'case', insert 'if the failure does not materially prejudice the person to whom the warning notice or decision notice is given'.

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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]

401

Page     184,     line     1     [Clause     354],     leave out 'in' and insert 'constituted under the laws of'.

   

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

402

Page     184,     line     6     [Clause     354],     leave out 'in' and insert 'constituted under the laws of'.

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Mr Chancellor of the Exchequer

420

Page     188,     line     19     [Clause     363],     at end insert—

' "authorised open-ended investment company" has the meaning given in section 211(5);'.

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Mr Chancellor of the Exchequer

154

Page     189,     line     4     [Clause     363],     at end insert—

' "exempt person", in relation to a regulated activity, means a person who is exempt from the general prohibition in relation to that activity as a result of an exemption order made under section 34(1) or as a result of section 35(1) or 260(2) or (3);'.

   

Mr Chancellor of the Exchequer

155

Page     189     [Clause     363],     leave out line 25

   

Mr Chancellor of the Exchequer

156

Page     189,     line     45     [Clause     363],     at end insert—

' "rule-making instrument" has the meaning given in section 125;'.

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Mr Chancellor of the Exchequer

157

Page     190,     line     8     [Clause     363],     at end insert—

' "threshold conditions", in relation to a regulated activity, has the meaning given in section (The threshold conditions);'.

   

Mr Chancellor of the Exchequer

421

Page     190,     line     20     [Clause     364],     leave out 'three' and insert 'four'.

   

Mr Chancellor of the Exchequer

422

Page     190,     line     28     [Clause     364],     leave out from 'Kingdom' to end of line 29 and insert—

'( ) he is entitled to exercise rights under a single market directive as a UK firm; and

( ) he is carrying on in another EEA State a regulated activity to which that directive applies.

    ( ) The second case is where—

(a) his registered office (or if he does not have a registered office his head office) is in the United Kingdom;

(b) he is the manager of a scheme which is entitled to enjoy the rights conferred by an instrument which is a relevant Community instrument for the purposes of section 239; and

(c) persons in another EEA State are invited to become participants in the scheme.'.

   

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

36

Page     190,     line     29     [Clause     364], after 'State,' insert 'in exercise of an EEA right'.

   

Mr Chancellor of the Exchequer

423

Page     190,     line     30     [Clause     364],     leave out 'second' and insert 'third'.

   

Mr Chancellor of the Exchequer

424

Page     190,     line     33     [Clause     364],     leave out paragraph (b).

   

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

184

Page     190,     line     33     [Clause     364], leave out 'in any EEA State' and insert—

    (i) in any EEA State; or

    (ii) in exercise of an EEA right;'.

   

Mr Chancellor of the Exchequer

425

Page     190,     line     35     [Clause     364],     leave out 'that' and insert 'the regulated'.

   

Mr Chancellor of the Exchequer

426

Page     190,     line     40     [Clause     364],     leave out 'third' and insert 'fourth'.

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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]

38

Page     193,     line     9     [Clause     367], at end insert—

    '(8) An agreement or arrangement is not within subsection (4)(g) if the agreement or arrangement is for the other person to acquire, hold or dispose of shares or other interests as agent or custodian on behalf of H without the other person being able to exercise, or control the exercise of, voting rights otherwise than at the direction of H.'.

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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]

52

Page     194,     line     37     [Clause     372],     leave out 'other provision of this Act' and insert 'provision of this Act other than section (Restrictions on powers of Treasury).'

   

Mr Chancellor of the Exchequer

427

Page     194,     line     41     [Clause     373],     at end insert—

    '( ) The Lord Chancellor's power to make rules under section 107 is exercisable by statutory instrument.'.

   

Mr Chancellor of the Exchequer

428

Page     194,     line     44     [Clause     373],     leave out 'Treasury consider' and insert 'person making it considers'.

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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]

53

Page     195,     line     3     [Clause     374],     after 'section', insert '110(6A), 111(6),'.

   

Mr Chancellor of the Exchequer

429

Page     195,     line     3     [Clause     374],     leave out '237' and insert '(Carrying on regulated activities by way of business)'.

   

Mr Chancellor of the Exchequer

430

Page     195,     line     6     [Clause     374],     at end insert—

    '( ) No regulations are to be made under section 237 unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.'.

   

Mr Chancellor of the Exchequer

431

Page     195,     line     7     [Clause     374],     leave out from beginning to second 'to' and insert 'An order to which, if it is made, subsection (4) will apply is not'.

   

Mr Chancellor of the Exchequer

432

Page     195,     line     10     [Clause     374],     leave out subsection (3).

   

Mr Chancellor of the Exchequer

433

Page     195,     line     13     [Clause     374],     leave out 'made'.

   

Mr Chancellor of the Exchequer

434

Page     195,     line     17     [Clause     374],     at end insert—

'( ) it is the first order to be made, or to contain provision made, under section 19(5);'.

   

Mr Chancellor of the Exchequer

435

Page     195,     line     22     [Clause     374],     leave out subsection (5).

   

Mr Chancellor of the Exchequer

455

Page     195,     line     24     [Clause     374],     at end insert—

    '(5A) An order containing a provision to which, if the order is made, subsection (5B) will apply is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

    (5B) This subsection applies to a provision contained in an order if—

(a) it is the first to be made in the exercise of the power conferred by subsection (1) of section (Designation of professional bodies) or it removes a body from those for the time being designated under that subsection; or

(b) it is the first to be made in the exercise of the power conferred by subsection (6) of section (Exemption from the general prohibition) or it adds a description of regulated activity or investment to those for the time being specified for the purposes of that subsection.'.

   

Mr Chancellor of the Exchequer

436

Page     195,     line     26     [Clause     374],     after '376(2)' insert 'or to which paragraph 26 of Schedule 2 applies'.

Prepared 24 Jan 2000