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

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Mr Chancellor of the Exchequer

295

Page     46,     line     11     [Clause     99],     at end insert—

    '( ) The Authority may charge a reasonable fee for providing a person with a copy of a statement published under this section.'.

   

Mr Chancellor of the Exchequer

296

Page     46,     line     12     [Clause     99],     leave out subsection (7).

   

Mr Chancellor of the Exchequer

297

Page     46,     line     16     [Clause     99],     leave out 'of policy'.


   

Mr Chancellor of the Exchequer

118

Page     47,     line     6     [Clause     103],     leave out from 'of' to 'it' in line 7 and insert 'a power relating to market abuse'.

   

Mr Chancellor of the Exchequer

119

Page     47,     line     19     [Clause     103],     leave out from 'powers' to 'are' and insert 'relating to market abuse'.

   

Mr Chancellor of the Exchequer

120

Page     47,     line     22     [Clause     103],     leave out 'impose penalties' and insert 'appoint a person to conduct an investigation'.

   

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

476

Page     47,     line     30     [Clause     104],     at end insert—

    '(2A) In exercising its power under subsection (2) the court must have regard to any statement of policy issued under section 99.

    (2B) In imposing any penalty under this section the court must have regard to any penalty already 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]

35

Page     50,     line     20     [Clause     110], at end insert—

      '(c) make provision prohibiting or restricting or otherwise regulating the carrying on by an authorised person of any regulated activity at or from an establishment maintained by him outside the United Kingdom unless:

          (i) he is carrying it on with or for a person in the United Kingdom, or

          (ii) both of the conditions set out in subsection (7) apply.

    (7) The conditions are that—

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

      (b) in the view of the Authority, the provision is desirable in order to—

          (i) protect the reputation of the financial system (as defined in section 3(2)) or of authorised persons or a class of authorised persons, or

          (ii) prevent authorised persons carrying on the activity in a way which is likely to jeopardise the integrity or the solvency of the firm.'.

   

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

50

Page     50,     line     20     [Clause     110],     at end insert—

    '(6A) The Authority shall not make rules imposing requirements or restrictions on the conduct of business with, or on the marketing of investments or investment services to, persons outside the United Kingdom unless the scope of those rules has been prescribed in an order made by the Treasury.'.

   

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

51

Page     50,     line     42     [Clause     111],     at end insert—

    '(6) The Authority may not make rules relating to any non-regulated activity unless the scope of those rules has been prescribed in an order made by the Treasury.'.

   

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

8

Page     50,     line     43     [Clause     112],     after 'person', insert 'who is authorised under this Act to accept deposits'.


   

Mr Chancellor of the Exchequer

298

Page     53,     line     14     [Clause     116],     leave out subsections (6) to (11).

   

Mr Chancellor of the Exchequer

299

Page     53,     line     29     [Clause     116],     leave out '(7), (8)(b), (9) and (11) apply' and insert '(1), (2)(d), (4), (5), (6)(a) and (10) of section 127 apply (with the necessary modifications)'.


   

Mr Chancellor of the Exchequer

300

Page     57,     line     14     [Clause     125],     leave out from beginning to 'the' in line 15 and insert—

    '(4) A rule-making instrument must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of '.


   

Mr Chancellor of the Exchequer

301

Page     58,     line     2     [Clause     127],     leave out from 'analysis' to end of line 3.

   

Mr Chancellor of the Exchequer

302

Page     58,     line     5     [Clause     127],     leave out 'a statement' and insert 'an explanation'.

   

Mr Chancellor of the Exchequer

303

Page     58,     line     8     [Clause     127],     leave out 'a statement' and insert 'notice'.

   

Mr Chancellor of the Exchequer

304

Page     58,     line     10     [Clause     127],     leave out from beginning to second 'the' and insert 'In the case of a proposal to make rules under a provision mentioned in subsection (8A),'.

   

Mr Chancellor of the Exchequer

305

Page     58,     line     12     [Clause     127],     leave out 'those proposals are' and insert 'the proposal is'.

   

Mr Chancellor of the Exchequer

306

Page     58,     line     15     [Clause     127],     leave out from first 'the' to 'to' in line 17 and insert—

    'Authority makes the proposed rules, it must publish an account, in general terms, of—

      (a) the representations made to it in accordance with subsection (2)(d); and

      (b) its response.'.

   

Mr Chancellor of the Exchequer

307

Page     58,     line     18     [Clause     127],     leave out 'rules made by the Authority' and insert 'the rules'.

   

Mr Chancellor of the Exchequer

308

Page     58,     line     21     [Clause     127],     leave out 'publish a statement' and insert '(in addition to complying with subsection (5)) publish details'.

   

Mr Chancellor of the Exchequer

309

Page     58,     line     22     [Clause     127],     leave out 'the statement' and insert 'those details'.

   

Mr Chancellor of the Exchequer

310

Page     58,     line     22     [Clause     127],     leave out from 'analysis' to end of line 23.

   

Mr Chancellor of the Exchequer

311

Page     58,     line     24     [Clause     127],     leave out '(3) and'.

   

Mr Chancellor of the Exchequer

312

Page     58,     line     27     [Clause     127],     leave out from beginning to 'of' in line 33 and insert—

    '( ) Neither subsection (2)(a) nor subsection (6)(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'.

   

Mr Chancellor of the Exchequer

313

Page     58,     line     34     [Clause     127],     at end insert—

    '(8A) Neither subsection (2)(a) nor subsection (6)(b) requires a cost benefit analysis to be carried out in relation to rules made under—

      (a) section (Funding of the legal assistance scheme)(2);

      (b) subsection (1) of section 187 as a result of subsection (4) of that section;

      (c) section 209;

      (d) paragraph 17 of Schedule 1.'.

   

Mr Chancellor of the Exchequer

314

Page     58,     line     38     [Clause     127],     after 'rules', insert 'that have been made'.

   

Mr Chancellor of the Exchequer

315

Page     58,     line     38     [Clause     127],     at end insert—

    '(11) "The appropriate comparison" means—

      (a) in relation to subsection (2)(a), a comparison between the overall position if the rules are made and the overall position if they are not made;

      (b) in relation to subsection (6)(b), a comparison between the overall position after the making of the rules and the overall position before they were made.'.


   

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

230

Page     59,     line     5     [Clause     129],     after 'rules', insert ', statements of priniciple or codes'.

   

Mr Chancellor of the Exchequer

418

Page     59,     line     7     [Clause     129],     leave out 'under this Act'.

   

Mr Chancellor of the Exchequer

419

Page     59,     line     34     [Clause     130],     leave out 'Notice of an alteration' and insert 'The notice'.


   

Mr Chancellor of the Exchequer

316

Page     60,     line     21     [Clause     131],     leave out 'the Treasury and the Director may assume' and insert 'it may be assumed'.

 
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Prepared 27 Jan 2000