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

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Mr Chancellor of the Exchequer

322

Page     91,     line     26     [Clause     185],     leave out 'any such material' and insert 'a statement issued under this section'.

   

Mr Chancellor of the Exchequer

323

Page     91,     line     26     [Clause     185],     leave out 'publish it as altered' and insert 'issue the altered or replacement statement'.

   

Mr Chancellor of the Exchequer

324

Page     91,     line     28     [Clause     185],     leave out subsection (5) and insert—

    '(5) The Authority must, without delay, give the Treasury a copy of any statement which it publishes under this section.'.

   

Mr Chancellor of the Exchequer

325

Page     91,     line     30     [Clause     185],     leave out subsection (6) and insert—

    '(6) 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 of the public.'.

   

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

377

Page     91,     line     32     [Clause     184],     leave out 'authorised persons' and insert 'the public'.

   

Mr Chancellor of the Exchequer

326

Page     91,     line     33     [Clause     185],     leave out subsection (7).

   

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

378

Page     91,     line     37     [Clause     185],     leave out 'consult such persons as it considers appropriate' and insert 'include in the material a statement that representations about the material may be made to the Authority within a specified time'.

   

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

379

Page     91,     line     37     [Clause     185],     at end insert—

    '(7A) Before publishing the material under this section the Authority must have regard to any representations made to it in accordance with subsection (7) and must make a statement as to the representations (if any) made to it and its response, in general terms, to them.'.

   

Mr Chancellor of the Exchequer

327

Page     91,     line     40     [Clause     185],     leave out 'material' and insert 'statement'.

   

Mr Chancellor of the Exchequer

328

Page     91,     line     40     [Clause     185],     after 'section' insert 'and in force'.

   

Mr Chancellor of the Exchequer

329

Page     91,     line     41     [Clause     185],     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

131

Page     95,     line     16     [Clause     189],     leave out '65' and insert '55'.


   

Mr Chancellor of the Exchequer

132

Page     99,     line     3     [Clause     195],     leave out 'punish' and insert 'deal with'.

   

Mr Chancellor of the Exchequer

133

Page     99,     line     4     [Clause     195],     leave out from 'he' to end of line and insert 'were in contempt'.

   

Mr Chancellor of the Exchequer

134

Page     99,     line     30     [Clause     197],     leave out ', (3)'.

   

Mr Chancellor of the Exchequer

135

Page     99,     line     31,     leave out Clause 198.


   

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

237

Page     103,     line     18,     [Clause     203],     leave out subsections (4) to (7) and insert—

    '(4) The ombudsman's determination shall be binding on the respondent and the complainant and shall be final.

    (5) The ombudsman's statement must:

      (a) give the ombudsman's reasons for his determination; and

      (b) be signed by him.'.


   

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

380

Page     107,     line     5     [Clause     211],     leave out 'on' and insert 'under an express'.

   

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

65

Page     107,     line     15     [Clause     211],     after 'which', insert '(otherwise than under other provisions).'

   

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

381

Page     107,     line     17     [Clause     211],     after 'repurchased', insert 'in accordance with the scheme'.

   

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

66

Page     107,     line     17     [Clause     211],     leave out '(otherwise than under other provisions)'.

   

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

382

Page     107,     line     18     [Clause     211],     leave out 'are' and insert 'may be'.

   

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

383

Page     107,     line     18     [Clause     211],     after 'are', insert 'at the request of participants'.

   

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

384

Page     107,     line     21     [Clause     211],     leave out 'related to' and insert 'not significantly different from'.

   

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

385

Page     107,     line     22     [Clause     211],     at end insert—

    '(2A) In subsection (2)(b)(i) participants are only to be regarded as having an entitlement to have their shares or securities redeemed or repurchased in cases where the entitlement is exercisable by the participants'.

   

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

386

Page     107,     line     27     [Clause     211],     after 'State', insert 'or such other territory or country outside the United Kingdom as the Treasury may by order specify'.

   

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

387

Page     107,     line     40     [Clause     211],     at end insert 'and in relation to any other collective investment scheme means the person, if any, having responsibility under the arrangements constituting the scheme for the day to day management of the property of the scheme.'.


   

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

388

Page     108,     line     10     [Clause     212],     after 'communicate', insert 'to a person in the United Kingdom'.

   

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

403

Page     108,     line     10     [Clause     212],     leave out from 'communicate' to end of line 11 and insert ', or cause to be communicated, to a person in the United Kingdom—

      (a) an invitation to participate in a collective investment scheme; or

      (b) information which is intended, or might reasonably be presumed to be intended, to lead directly or indirectly to such participation.'.

   

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

404

Page     108,     line     15     [Clause     212],     leave out 'capable of having an effect' and insert 'intended to be acted upon by a person'.


   

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

389

Page     109,     line     19     [Clause     214],     after 'communicated', insert 'and none of the exemptions prescribed by rules made by the Authority under section 212(5) would have applied'.


   

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

390

Page     115,     line     32     [Clause     228],     leave out 'person exercising influence over' and insert 'controller of'.

   

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

391

Page     115,     line     35     [Clause     228],     leave out 'person exercising influence over' and insert 'controller of'.

 
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Prepared 27 Jan 2000