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

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Mr Chancellor of the Exchequer

362

Page     201,     line     1     [Schedule     1],     leave out 'carrying out its proposals' and insert 'making the scheme'.

   

Mr Chancellor of the Exchequer

363

Page     201,     line     2     [Schedule     1],     at end insert—

    '(7) If the Authority makes the proposed scheme, it must publish an account, in general terms, of—

      (a) the representations made to it in accordance with sub-paragraph (5); and

      (b) its response to them.

    (8) If the scheme differs from the draft published under sub-paragraph (4) in a way which is, in the opinion of the Authority, significant the Authority must (in addition to complying with sub-paragraph (7)) publish details of the difference.

    (9) The Authority must, without delay, give the Treasury a copy of any scheme details published by it.

    (10) The Authority may charge a reasonable fee for providing a person with a copy of—

      (a) a draft published under sub-paragraph (4);

      (b) scheme details.

    (11) Sub-paragraphs (4) to (8) and (10)(a) also apply to a proposal to alter or replace the complaints scheme.'.

   

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

55

Page     201,     line     27     [Schedule     1],     at end insert—

    '18A(1) Prior to the commencement of each financial year of the Authority, the Authority shall prepare a budget of its expected income and expenses for that financial year and shall provide to the Comptroller and Auditor General a copy of such budget at least 30 days before the commencement of the relevant financial year.

    (2) The Comptroller and Auditor General shall make a report to the Treasury on the Authority's budget and the Treasury shall lay before Parliament a copy of each such report received by them under this paragraph.'.

   

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

33

Page     201,     line     39     [Schedule     1], after 'faith' insert or due to recklessness'.'


   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

445

Page     202,     line     17     [Schedule     2],     after 'contract', insert ', except where the investment is provided by a registered friendly society (within the meaning of the Friendly Societies Act 1974) and the assets of that registered friendly society do not exceed £10,000.'.


   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

446

Page     204,     line     37     [Schedule     2], after '1992', insert ', except where the investment is provided by a registered friendly society (within the meaning of the Friendly Societies Act 1974) and the assets of that registered friendly society do not exceed £10,000.'.


   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

444

Page     205,     line     12     [Schedule     2],     at end insert—

Mortgages for house purchase

    '23A. The provision of loans for the purchase of property for residential use, where the obligation of the borrower to repay the lender is secured on the value of the property in question.'.


   

Mr Chancellor of the Exchequer

158

Page     208,     line     3     [Schedule     3],     leave out 'of his home state regulator' and insert 'in which he has his head office'

   

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

39

Page     208,     line     34     [Schedule     3], after 'Kingdom', insert 'for the purpose of carrying on the activities in question'.


   

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

40

Page     209,     line     20     [Schedule     3], after 'Kingdom', insert 'by carrying on the activities in question'.

   

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

41

Page     209,     line     22     [Schedule     3], after 'notice', insert 'of the firm's intention to provide services in the United Kingdom by carrying on the activities in question.'.

   

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

42

Page     209,     line     28     [Schedule     3], after 'Kingdom', insert 'by carrying on the activities in question.'


   

Mr Chancellor of the Exchequer

159

Page     210,     line     2     [Schedule     3],     leave out '13 or 14' and insert '12'.

   

Mr Chancellor of the Exchequer

160

Page     210,     line     5     [Schedule     3],     after 'branch' insert '(if it satisfies the establishment conditions)'

   

Mr Chancellor of the Exchequer

161

Page     210,     line     6     [Schedule     3],     after 'Kingdom' insert '(if it satisfies the service conditions)'

   

Mr Chancellor of the Exchequer

162

Page     210,     line     9     [Schedule     3],     at end insert—

    '( ) Sections 21, 39(1) and 147(1) of the Consumer Credit Act 1974 (business requiring a licence under that Act) do not apply in relation to the carrying on of a permitted activity which is Consumer Credit Act business by a firm which qualifies for authorisation as a result of paragraph 12, unless the Director General of Fair Trading has exercised the power conferred on him by section 177 in relation to the firm.

    ( ) "Consumer Credit Act business" has the same meaning as in section 177.'.

   

Mr Chancellor of the Exchequer

163

Page     210,     line     15     [Schedule     3],     leave out from beginning to 'change' and insert 'make provision as to any'.

   

Mr Chancellor of the Exchequer

164

Page     210,     line     17     [Schedule     3],     after 'Kingdom' insert 'and as to the procedure to be followed in relation to such cases'.

   

Mr Chancellor of the Exchequer

165

Page     210,     line     34     [Schedule     3],     at end insert—

    '( ) The activities identified in a notice of intention may include activities which are not regulated activities.'.


   

Mr Chancellor of the Exchequer

166

Page     211,     line     27     [Schedule     3],     leave out 'providing services' and insert 'conducting business'.

   

Mr Chancellor of the Exchequer

167

Page     211,     line     46     [Schedule     3],     at end insert—

    '( ) The activities identified in a notice of intention may include activities which are not regulated activities.'.


   

Mr Chancellor of the Exchequer

168

Page     212,     line     28     [Schedule     3],     leave out from beginning to 'change' and insert 'make provision as to any'.

   

Mr Chancellor of the Exchequer

169

Page     212,     line     30     [Schedule     3],     after 'on' insert 'and as to the procedure to be followed in relation to such cases'.

   

Mr Chancellor of the Exchequer

170

Page     212,     line     36     [Schedule     3],     at end insert—

    '.—(1) Sub-paragraph (2) applies if a UK firm—

      (a) has a Part IV permission; and

      (b) is exercising an EEA right to carry on any Consumer Credit Act business in an EEA State other than the United Kingdom.

    (2) The Authority may exercise its power under section 40 in respect of the firm if the Director of Fair Trading has informed the Authority that—

      (a) the firm,

      (b) any of the firm's employees, agents or associates (whether past or present), or

      (c) if the firm is a body corporate, a controller of the firm or an associate of such a controller,

    has done any of the things specified in paragraphs (a) to (d) of section 25(2) of the Consumer Credit Act 1974.

    (3) "Associate", "Consumer Credit Act business" and "controller" have the same meaning as in section 177.

    .—(1) Sub-paragraph (2) applies if a UK firm—

      (a) is not required to have a Part IV permission in relation to the business which it is carrying on; and

      (b) is exercising the right conferred by Article 18.2 of the second banking co-ordination directive to carry on that business in an EEA State other than the United Kingdom.

    (2) If requested to do so by the host state regulator in the EEA State in which the UK firm's business is being carried on, the Authority may impose any requirement in relation to the firm which it could impose if—

      (a) the firm had a Part IV permission in relation to the business which it is carrying on; and

      (b) the Authority was entitled to exercise its power under that Part to vary that permission.'.

   

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

43

Page     212,     line     41     [Schedule     4], at end insert—

    '"EEA credit institution" means an EEA firm falling within paragraph 5(b) of Schedule 3 whose authorisation under the first and second Banking Co-ordination Directives covers one or more investment services (within the meaning of the Investment Services Directive):'.

 
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Prepared 24 Jan 2000