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

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Mr Chancellor of the Exchequer

182

Page     240,     line     14     [Schedule     16],     at end insert—

'The Income and Corporation Taxes Act 1988 (c. 1)

    .—(1) The Income and Corporation Taxes Act 1988 is amended as follows.

    (2) In section 76 (expenses of management: insurance companies), in subsection (8), omit the definitions of—

      "the 1986 Act";

      "authorised person";

      "investment business";

      "investor";

      "investor protection scheme";

      "prescribed"; and

      "recognised self-regulating organisation".

    (3) In section 468 (authorised unit trusts), in subsections (6) and (8), for "78 of the Financial Services Act 1986" substitute "217 of the Financial Services and Markets Act 2000".

    (4) In section 469(7) (other unit trust schemes), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

    (5) In subsection (1) of section 632 (establishment of personal pension schemes)—

      (a) in paragraph (a), for the words from "authorised" to "business" substitute "an authorised person for the purposes of the Financial Services and Markets Act 2000 and who has permission under that Act to carry on a regulated activity";

      (b) for paragraph (aa) substitute—

    

      "(aa) an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Schedule 3 to that Act to carry on a regulated activity consisting of long-term insurance business (within the meaning of that Act);"

    

      (c) in paragraph (c), for "authorised under the Banking Act 1987" substitute "which is an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Part IV of that Act to carry on a regulated activity consisting of accepting deposits";

      (d) in paragraph (cc), for "authorised under the Banking Act 1987" substitute "of a kind mentioned in paragraph (c)";

      (e) for paragraph (e), substitute—

    

      "(e) an EEA firm falling within paragraph 5(b) or (c) of Schedule 3 to the Financial Services and Markets Act 2000 lawfully carrying on in the United Kingdom any activity falling within item 1, 7 or 11 of the annex to the second banking co-ordination directive (as defined by that Schedule);"

        (6) In subsection (2) of that section—

      (a) for "business" substitute "regulated activity"; and

      (b) in paragraph (b), for "78(1) of the Financial Services Act 1986" substitute "217 of the Financial Services and Markets Act 2000".

    (7) Omit subsections (2ZA) and (2B) of that section.

    (8) In section 728 (information in relation to transfers of securities), in subsection (7)(a), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

    (9) In section 840A (meaning of "bank")—

      (a) in subsection (1), for paragraphs (b) and (c) substitute—

    

      "(b) an institution which is an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Part IV of that Act to carry on a regulated activity consisting of accepting deposits;

      (c) an EEA firm falling within paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which satisfies the establishment conditions and qualifies for authorisation under that Schedule;"; and

    

      (b) omit subsection (2).

    (10) In section 841(3) (power to apply certain provisions of the Tax Acts to recognised investment exchange), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

The Finance Act 1991 (c. 31)

    .—(1) The Finance Act 1991 is amended as follows.

    (2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4).

    (3) In section 116 (investment exchanges and clearing houses: stamp duty), in subsection (4)(b), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".'.


   

Mr Chancellor of the Exchequer

183

Page     241,     line     23     [Schedule     17],     at end insert—

'1988 c. 1.The Income and Corporation Taxes Act 1988.In section 76, in subsection (8), the definitions of "the 1986 Act", "authorised person", "investment business", "investor", "investor protection scheme", "prescribed" and "recognised self-regulating organisation".

In section 632, subsections (2ZA) and (2B).

Section 840A(2).

1991 c. 31.The Finance Act 1991.In section 47, subsections (1), (2) and (4).'.

   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

2

Page     241,     line     24     [Schedule     17],     column     3,     at beginning insert 'Section 13 (8).'.

   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

3

Page     241,     line     24     [Schedule     17],     column     3,     at end insert 'Schedule 7.'.


 
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