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

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Mr Chancellor of the Exchequer

317

Page     60,     line     24,     leave out Clause 132.


   

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

231

Page     61,     line     3     [Clause     132],     leave out 'may, if he thinks fit' and insert 'shall'.

   

Mr Chancellor of the Exchequer

447

Page     61,     line     13     [Clause     133],     leave out '132' and insert '(Reports by Director General of Fair Trading)'.

   

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

232

Page     61,     line     23     [Clause     133],     after 'information', insert 'relevant to the investigation'.

   

Mr Chancellor of the Exchequer

318

Page     61,     line     40,     leave out Clause 134.


   

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

233

Page     62,     line     16     [Clause     134],     after 'rules', insert ', principles or codes'.

   

Mr Chancellor of the Exchequer

319

Page     62,     line     27,     leave out Clause 135.


   

Mr Chancellor of the Exchequer

448

Page     64,     line     15     [Clause     137],     at end insert—

      '( ) an operator, trustee or depositary of a scheme recognised under section 243 or 245 who is not an authorised person;'.


   

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

234

Page     65,     line     13     [Clause     138],     at end insert—

    '(7) The first person referred to in subsection (5) shall not be liable to any other person for breach of fiduciary duty or any other duty or obligation by reason of his compliance with the obligation imposed by that subsection.'.

   

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

364

Page     65,     line     16     [Clause     139],     after 'so', insert 'in connection with the exercise by the Authority of a function conferred on it by or under this Act, or contemplated proceedings for an offence under this Act,'.


   

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

365

Page     68,     line     30     [Clause     142],     at end insert 'and if any proceedings are commenced against any person in reliance on the report the investigating authority shall provide a copy of the report to such person prior to the commencement of proceedings'.


   

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

366

Page     71,     line     14     [Clause     147],     at end insert—

    '(4A) The privilege attaching to a privileged communication shall not be waived merely by the disclosure or production of the privileged communication to the Authority or an investigator, whether voluntarily or otherwise, and the Authority and any such investigator may not make use of, or disclose, any of the information contained in that privileged communication, or any other privileged communication to which it or he gains access, without the written agreement of the person who is entitled to waive that privilege'.

   

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

367

Page     71,     line     32     [Clause     147],     after 'who', insert 'at any relevant time'.


   

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

368

Page     72,     line     3     [Clause     148],     after 'it', insert 'within such reasonable period as is specified in the information requirement'.


   

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

369

Page     74,     line     13     [Clause     150], leave out from beginning to end of line 14 and insert 'A person may not acquire'.

   

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

370

Page     74     [Clause     150], leave out line 19 and insert 'unless he has first notified the Authority'.

   

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

371

Page     74,     line     20     [Clause     150], leave out 'such step' and insert 'action'.

   

Mr Chancellor of the Exchequer

121

Page     74,     line     31     [Clause     150],     leave out 'does not qualify for authorisation under' and insert 'is not a person authorised as a result of paragraph 1 of'.


   

Mr Chancellor of the Exchequer

122

Page     77,     line     31     [Clause     157],     leave out subsection (2) and insert—

    '(2) In imposing any conditions, the Authority must have regard to its duty under section (The threshold conditions).'.


   

Mr Chancellor of the Exchequer

123

Page     78,     line     12     [Clause     158],     at end insert 'and'.

   

Mr Chancellor of Exchequer

124

Page     78,     line     16     [Clause     158],     leave out from 'control' to end of line 24 and insert—

    '( ) In deciding whether the approval requirements are met, the Authority must have regard, in relation to the control that the acquirer—

      (a) has over the authorised person concerned ("A"), or

      (b) will have over A if the proposal to which the notice of control relates is carried into effect,

    to its duty under section (The threshold conditions) in relation to each regulated activity carried on by A.'.

   

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

372

Page     78,     line     19     [Clause     158], leave out 'proposal' and insert 'acquisition'.

   

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

373

Page     78,     line     27     [Clause     158], leave out 'a particular step' and insert 'any particular action'.

   

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

374

Page     78,     line     28     [Clause     158], leave out 'step' and insert 'action'.


   

Mr Chancellor of the Exchequer

125

Page     83,     line     22     [Clause     166],     leave out 'authorised person' and insert 'firm'

   

Mr Chancellor of the Exchequer

126

Page     83,     line     23     [Clause     166],     after 'such' insert 'a'


   

Mr Chancellor of the Exchequer

127

Page     88,     line     3     [Clause     175],     leave out '(1)' and insert '(1B)'.

   

Mr Chancellor of the Exchequer

128

Page     88,     line     14     [Clause     177],     at end insert—

    '(1A) If it appears to the Director that a restriction imposed under section 178 on an EEA consumer credit firm has not been complied with, he may by written notice given to the firm impose a consumer credit prohibition.'.

   

Mr Chancellor of the Exchequer

129

Page     88,     line     30     [Clause     177],     at end insert 'or (1A)'.


   

Mr Chancellor of the Exchequer

130

Page     89,     line     35     [Clause     178],     leave out subsection (5).


   

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

375

Page     91,     line     3     [Clause     183],     at end insert—

    '(5) The Authority shall not give a notice for payment while the decision to give that notice is open to review within the meaning of section 350(7).'.

   

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

376

Page     91,     line     12     [Clause     184],     at end insert—

    '(4) The Authority shall not publish a statement under section 179 while the decision to publish that statement is open to review within the meaning of section 350(7).'.

   

Mr Chancellor of the Exchequer

320

Page     91,     line     13     [Clause     185],     leave out 'publish' and insert 'issue'.

   

Mr Chancellor of the Exchequer

321

Page     91,     line     24     [Clause     185],     leave out 'any material published' and insert 'a statement issued'.

 
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Prepared 27 Jan 2000