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

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Role of Competition Commission

   

Mr Chancellor of the Exchequer

NS2

To move the following Schedule—

'ROLE OF THE COMPETITION COMMISSION

Provision of information by Treasury

    1.—(1) The Treasury's powers under this paragraph are to be exercised only for the purpose of assisting the Commission in carrying out an investigation under section (Consideration by Competition Commission).

    (2) The Treasury may give to the Commission—

      (a) any information in their possession which relates to matters falling within the scope of the investigation; and

      (b) other assistance in relation to any such matters.

    (3) In carrying out an investigation under section (Consideration by Competition Commission), the Commission must have regard to any information given to it under this paragraph.

Consideration of matters arising on a report

    2. In considering any matter arising from a report made by the Director under section (Reports by Director General of Fair Trading), the Commission must have regard to—

      (a) any representations made to it in connection with the matter by any person appearing to the Commission to have a substantial interest in the matter; and

      (b) any cost benefit analysis prepared by the Authority (at any time) in connection with the regulatory provision or practice, or any of the regulatory provisions or practices, which are the subject of the report.

Applied provisions

    3.—(1) The provisions mentioned in sub-paragraph (2) are to apply in relation to the functions of the Commission under section (Consideration by Competition Commission) as they apply in relation to the functions of the Commission in relation to a reference to the Commission under the Fair Trading Act 1973.

    (2) The provisions are—

      (a) section 82(2), (3) and (4) of the Fair Trading Act 1973 (general provisions about reports);

      (b) section 85 of that Act (attendance of witnesses and production of documents);

      (c) section 93B of that Act (false or misleading information);

      (d) section 24 of the Competition Act 1980 (modifications of provisions about the performance of the Commission's functions);

      (d) Part II of Schedule 7 to the Competition Act 1998 (performance by the Commission of its general functions).

    (3) But the reference in paragraph 15(7)(b) in Schedule 7 to the 1998 Act to section 75(5) of that Act is to be read as a reference to the power of the Commission to decide not to make a report in accordance with section (Consideration by Competition Commission)(2).

Publication of reports

    4.—(1) If the Commission makes a report under section (Consideration by Competition Commission), it must publish it in such a way as appears to it to be best calculated to bring it to the attention of the public.

    (2) Before publishing the report the Commission must, so far as practicable, exclude any matter which relates to the private affairs of a particular individual the publication of which, in the opinion of the Commission, would or might seriously and prejudicially affect his interests.

    (3) Before publishing the report the Commission must, so far as practicable, also exclude any matter which relates to the affairs of a particular body the publication of which, in the opinion of the Commission, would or might seriously and prejudicially affect its interests.

    (4) Sub-paragraphs (2) and (3) do not apply in relation to copies of a report which the Commission is required to send under section (Consideration by Competition Commission)(10).'.


   

Mr Chancellor of the Exchequer

345

Page     198,     line     8     [Schedule     1],     leave out 'or varying'.

   

Mr Chancellor of the Exchequer

346

Page     198,     line     9     [Schedule     1],     leave out 'details of its proposals' and insert 'a draft of the proposed scheme in the way appearing to the Authority to be best calculated to bring it to the attention of the public'.

   

Mr Chancellor of the Exchequer

347

Page     198,     line     10     [Schedule     1],     leave out 'published proposals' and insert 'draft'.

   

Mr Chancellor of the Exchequer

348

Page     198,     line     10     [Schedule     1],     leave out 'a statement' and insert 'notice'.

   

Mr Chancellor of the Exchequer

349

Page     198,     line     11     [Schedule     1],     leave out from 'Authority' to end of line 12 and insert 'within a specified time'.

   

Mr Chancellor of the Exchequer

350

Page     198,     line     13     [Schedule     1],     leave out 'carrying out its proposals' and insert 'making the proposed complaints scheme'.

   

Mr Chancellor of the Exchequer

351

Page     198,     line     14     [Schedule     1],     at end insert—

    '(6A) If the Authority makes the proposed complaints scheme, it must publish an account, in general terms, of—

      (a) the representations made to it in accordance with sub-paragraph (5); and

      (b) its response to them.

    (6B) If the complaints scheme differs from the draft published under sub-paragraph (4) in a way which is, in the opinion of the Authority, significant the Authority must (in addition to complying with sub-paragraph (6A)) publish details of the difference.'.

   

Mr Chancellor of the Exchequer

352

Page     198,     line     17     [Schedule     1],     leave out 'arrangements' and insert 'provision'.

   

Mr Chancellor of the Exchequer

353

Page     198,     line     19     [Schedule     1],     at beginning insert 'Those'.

   

Mr Chancellor of the Exchequer

354

Page     198,     line     19     [Schedule     1],     leave out 'most suitable for bringing' and insert 'best calculated to bring'.

   

Mr Chancellor of the Exchequer

355

Page     198,     line     20     [Schedule     1],     at end insert—

    '(9) The Authority must, without delay, give the Treasury a copy of any details published by it under this paragraph.

    (10) The Authority may charge a reasonable fee for providing a person with a copy of—

      (a) a draft published under sub-paragraph (4);

      (b) details published under sub-paragraph (7).

    (11) Sub-paragraphs (4) to (6B) and (10)(a) also apply to a proposal to alter or replace the complaints scheme.'.


   

Mr Chancellor of the Exchequer

356

Page     200,     line     38     [Schedule     1],     at end insert—

    '( ) Up to date details of the scheme must be set out in a document ("the scheme details").

    ( ) The scheme details must be published by the Authority in the way appearing to it to be best calculated to bring them to the attention of the public.'.

   

Mr Chancellor of the Exchequer

357

Page     200,     line     39     [Schedule     1],     leave out 'or varying'.

   

Mr Chancellor of the Exchequer

358

Page     200,     line     39     [Schedule     1],     leave out 'details of its proposals' and insert 'a draft of the proposed scheme in the way appearing to the Authority to be best calculated to bring it to the attention of the public'.

   

Mr Chancellor of the Exchequer

359

Page     200,     line     41     [Schedule     1],     leave out 'published proposals must be accompanied by a statement' and insert 'draft must be accompanied by notice'.

   

Mr Chancellor of the Exchequer

360

Page     200,     line     42     [Schedule     1],     leave out 'them' and insert 'the proposals'.

   

Mr Chancellor of the Exchequer

361

Page     200,     line     42     [Schedule     1],     leave out from 'Authority' to end of line 43 and insert 'within a specified time'.


   

Mr Chancellor of the Exchequer

362

Page     201,     line     1     [Schedule     1],     leave out 'carrying out its proposals' and insert 'making the scheme'.

   

Mr Chancellor of the Exchequer

363

Page     201,     line     2     [Schedule     1],     at end insert—

    '(7) If the Authority makes the proposed scheme, it must publish an account, in general terms, of—

      (a) the representations made to it in accordance with sub-paragraph (5); and

      (b) its response to them.

    (8) If the scheme differs from the draft published under sub-paragraph (4) in a way which is, in the opinion of the Authority, significant the Authority must (in addition to complying with sub-paragraph (7)) publish details of the difference.

    (9) The Authority must, without delay, give the Treasury a copy of any scheme details published by it.

    (10) The Authority may charge a reasonable fee for providing a person with a copy of—

      (a) a draft published under sub-paragraph (4);

      (b) scheme details.

    (11) Sub-paragraphs (4) to (8) and (10)(a) also apply to a proposal to alter or replace the complaints scheme.'.

   

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

55

Page     201,     line     27     [Schedule     1],     at end insert—

    '18A(1) Prior to the commencement of each financial year of the Authority, the Authority shall prepare a budget of its expected income and expenses for that financial year and shall provide to the Comptroller and Auditor General a copy of such budget at least 30 days before the commencement of the relevant financial year.

    (2) The Comptroller and Auditor General shall make a report to the Treasury on the Authority's budget and the Treasury shall lay before Parliament a copy of each such report received by them under this paragraph.'.

 
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Prepared 27 Jan 2000