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

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Mr Chancellor of the Exchequer

283

Page     40,     line     3     [Clause     86],     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

284

Page     40,     line     4     [Clause     86],     leave out subsection (6).

   

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

229

Page     40,     line     10     [Clause     87],     at end insert—

    '(2) The competent authority may not give a notice for payment under section 88(1) while the decision to give that notice is open to review.

    (3) "Open to review" bears the meaning set out in section 350(7) as if references to the Tribunal were to the person or body to which appeal may be made under the arrangements to be established under subsection (1).'.

   

Mr Chancellor of the Exchequer

415

Page     40,     line     35     [Clause     89],     leave out 'securities were listed' and insert 'listed securities were admitted to the official list'.


   

Mr Chancellor of the Exchequer

416

Page     41,     line     3     [Clause     90],     leave out subsection (2).

   

Mr Chancellor of the Exchequer

417

Page     41,     line     5     [Clause     90],     leave out 'Any other' and insert 'A'.


   

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

457

Page     43,     line     20     [Clause     95],     leave out 'in relation to the market'.

   

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

458

Page     43,     line     23     [Clause     95],     leave out 'based on' and insert 'significantly influenced by'.

   

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

459

Page     43,     line     26     [Clause     95],     leave out 'relevant' and insert 'material'.

   

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

460

Page     43,     line     26     [Clause     95],     leave out 'when deciding the terms on which' and insert 'in deciding whether or not to enter into'.

   

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

461

Page     43,     line     27     [Clause     95],     after first 'in', insert 'qualifying'.

   

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

462

Page     43,     line     29     [Clause     95],     leave out 'supply of, or demand for' and insert 'market in'.

   

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

463

Page     43,     line     30     [Clause     95],     after first 'of', insert 'qualifying'.

   

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

464

Page     43,     line     33     [Clause     95],     after first 'in', insert 'qualifying'.

   

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

465

Page     43,     line     34     [Clause     95],     leave out from beginning to 'that' in line 36 and insert 'The behaviour of a particular person or persons is not to be taken to amount to market abuse where'.


   

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

466

Page     44,     line     16     [Clause     95],     after 'analysis', insert '(whether or not requiring the exercise of any expertise)'.

   

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

467

Page     44,     line     17     [Clause     95],     after first 'of', insert 'or for the benefit of'.

   

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

468

Page     44,     line     17     [Clause     95],     after 'market', insert 'or can be obtained by them on payment of a fee'.

   

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

469

Page     44,     line     19     [Clause     95],     after 'conforms', insert ', or which is deemed to conform,'.

   

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

470

Page     44,     line     19     [Clause     95],     after 'rules', insert ', or would so conform (or would be deemed to so conform) if the person whose behaviour is in question were an authorised person,'.


   

Mr Chancellor of the Exchequer

285

Page     45,     line     1     [Clause     96],     leave out subsection (5) and insert—

    '(5) If the code is altered or replaced, the altered or replacement code must be issued by the Authority.

    (5A) A code 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 to the public.'.

   

Mr Chancellor of the Exchequer

286

Page     45,     line     5     [Clause     96],     leave out subsections (6) to (8).

   

Mr Chancellor of the Exchequer

287

Page     45,     line     13     [Clause     96],     at end insert—

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

   

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

471

Page     45,     line     18     [Clause     97],     leave out subsection (2).

   

Mr Chancellor of the Exchequer

288

Page     45,     line     28     [Clause     99],     leave out 'publish' and insert 'issue'.

   

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

474

Page     45,     line     30     [Clause     99],     after '98', insert 'and the exercise of its powers under section 104'.

   

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

475

Page     45,     line     31     [Clause     99],     after 'section', insert ' and the extent to which any penalties already imposed by the court under section 104 will be taken into account in determining any subsequent penalty imposed by the Authority in relation to the same market abuse'.

   

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

473

Page     45,     line     33     [Clause     99],     after 'must', insert 'adhere to the principle of proportionality and must'.

   

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

6

Page     45,     line     34     [Clause     99],     leave out 'behaviour' and insert 'abuse'.

   

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

7

Page     45,     line     37     [Clause     99],     leave out 'behaviour' and insert 'abuse'.

   

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

472

Page     45,     line     37     [Clause     99],     leave out 'or reckless'.

   

Mr Chancellor of the Exchequer

289

Page     45,     line     40     [Clause     99],     leave out 'any statement of policy for the time being published' and insert 'a statement issued'.


   

Mr Chancellor of the Exchequer

290

Page     46,     line     1     [Clause     99],     leave out 'any statement of policy for the time being published' and insert 'a statement issued'.

   

Mr Chancellor of the Exchequer

291

Page     46,     line     2     [Clause     99],     leave out 'publish' and insert 'issue'.

   

Mr Chancellor of the Exchequer

292

Page     46,     line     6     [Clause     99],     leave out 'of policy'.

   

Mr Chancellor of the Exchequer

293

Page     46,     line     6     [Clause     99],     after 'section' insert 'and in force'.

   

Mr Chancellor of the Exchequer

294

Page     46,     line     8     [Clause     99],     leave out subsection (6) and insert—

    '( ) 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 to the public.'.

 
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Prepared 26 Jan 2000