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

335

Page     151,     line     24     [Clause     294],     leave out from beginning to 'and', in line 25, and insert 'a cost benefit analysis'.

   

Mr Chancellor of the Exchequer

336

Page     151,     line     26     [Clause     294],     leave out 'a statement' and insert 'notice'.

   

Mr Chancellor of the Exchequer

337

Page     151,     line     27     [Clause     294],     leave out 'reasonable' and insert 'specified'.

   

Mr Chancellor of the Exchequer

338

Page     151,     line     30     [Clause     294],     leave out from 'publish' to end of line 31 and insert 'an account, in general terms, of'.

   

Mr Chancellor of the Exchequer

339

Page     151,     line     37     [Clause     294],     leave out 'publish a statement' and insert '(in addition to complying with subsection (4)) publish details'.

   

Mr Chancellor of the Exchequer

340

Page     151,     line     38     [Clause     294],     leave out 'the statement' and insert 'those details'.

   

Mr Chancellor of the Exchequer

341

Page     151,     line     42     [Clause     294],     leave out from beginning to 'of' in line 4 on page 152 and insert—

    '( ) Neither subsection (2)(a) nor subsection (5)(b) applies if the Authority considers—

(a) that, making the appropriate comparison, there will be no increase in costs; or

(b) that, making that comparison, there will be an increase in costs but the increase will be'.

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Mr Chancellor of the Exchequer

342

Page     152,     line     10     [Clause     294],     at end insert—

    '( ) "Cost benefit analysis" means an estimate of the costs together with an analysis of the benefits that will arise—

(a) if the proposed direction is given; or

(b) if subsection (5)(b) applies, from the direction that has been given.

    ( ) "The appropriate comparison" means—

(a) in relation to subsection (2)(a), a comparison between the overall position if the direction is given and the overall position if it is not given;

(b) in relation to subsection (5)(b), a comparison between the overall position after the giving of the direction and the overall position before it was 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]

400

Page     156,     line     13     [Clause     304],     at end insert ', save that these rules shall not require any authorised person to whom section 246 of the Companies Act 1985 applies to produce accounts in a form not required by that section of that Act'.

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Mr Chancellor of the Exchequer

146

Page     162,     line     29     [Clause     314],     leave out from beginning to 'may' and insert 'Information obtained as a result of subsection (1)'.

   

Mr Chancellor of the Exchequer

147

Page     162,     line     41     [Clause     314],     leave out from beginning to 'may' and insert 'Information obtained as a result of subsection (1)'.

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Mr Chancellor of the Exchequer

148

Page     163,     line     3     [Clause     314],     leave out 'Revenue information' and insert 'information obtained as a result of subsection (1)'.

   

Mr Chancellor of the Exchequer

149

Page     163,     line     9     [Clause     315],     after '312' insert 'or 314(5)'.

   

Mr Chancellor of the Exchequer

150

Page     163,     line     16     [Clause     315],     leave out from 'if' to end of line 18, and insert ', in contravention of any provision of regulations made under section 313, he uses information which has been disclosed to him in accordance with the regulations'.

   

Mr Chancellor of the Exchequer

151

Page     163,     line     18     [Clause     315],     at end insert—

    '(3A) A person is guilty of an offence if, in contravention of subsection (4) of section 314, he uses information which has been disclosed to him in accordance with that section.'.

   

Mr Chancellor of the Exchequer

152

Page     163,     line     19     [Clause     315],     after '(3)' insert 'or (3A)'.

   

Mr Chancellor of the Exchequer

153

Page     163,     line     25     [Clause     315],     after second 'information' insert 'or that it had been disclosed in accordance with section 314'.

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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]

9

Page     177,     line     19     [Clause     344],     after 'effect', insert 'and the extent to which the market abuse was deliberate or reckless'.

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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'.

Prepared 26 Jan 2000