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

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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]

196

Page     7,     line     3     [Clause     14],     at end insert—

    '(4A) If a person ("A") offers to produce a document for the purposes of an inquiry under section 13 which he could not be compelled to produce or disclose in civil proceedings before the court, the person appointed to hold the inquiry may agree with A that such document and its contents shall not be disclosed by him to any person without A's consent; and, if so, the person appointed to hold the inquiry shall not produce or disclose, and shall not be compelled to produce or disclose, to any person such document or its contents.'

   

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

197

Page     7,     line     20     [Clause     15],     leave out 'must' and insert 'shall be entitled to'.


   

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

198

Page     8,     line     4     [Clause     17],     leave out 'a regulated activity in the United Kingdom' and insert 'one or more regulated activities in the United Kingdom as a business'.

   

Mr Chancellor of the Exchequer

67

Page     8,     line     7     [Clause     17],     leave out 'in relation to that activity'.

   

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

4

Page     8,     line     21     [Clause     19],     leave out from 'communicate' to 'activity' in line 22 and insert 'or cause to be communicated—

      (a) an invitation to engage in investment activity; or

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

   

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

5

Page     8,     line     28     [Clause     19],     leave out 'capable of having an effect' and insert 'intended to be acted on 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]

185

Page     8,     line     34     [Clause     19], leave out 'The Treasury may by order specify' and insert—'Subsection (1) does not apply in the case of an oral communication which does not constitute an invitation to engage in investment activity and the Treasury may by order specify other'.

   

Mr Chancellor of the Exchequer

68

Page     8,     line     35     [Clause     19],     leave out 'rules made under section 118' and insert 'financial promotion rules'.


   

Mr Chancellor of the Exchequer

406

Page     9,     line     15     [Clause     20],     after 'which' insert 'is carried on by way of business and'.

   

Dr Vincent Cable
Mr Brian Cotter
Mr Colin Breed

27

Page     9,     line     23     [Clause      20],     at end insert—

    '(6) The first order to be made under subsection (5) shall be made within six months of the passing of this Act.'.


   

Mr Chancellor of the Exchequer

243

Page     10,     line     30     [Clause     24],     leave out '("the provider")'.


   

Mr Chancellor of the Exchequer

244

Page     11,     line     33     [Clause     26],     leave out 'provider' and insert 'person carrying on the regulated activity concerned'.

   

Mr Chancellor of the Exchequer

245

Page     11,     line     36     [Clause     26],     leave out from 'not' to 'that', in line 37, and insert 'know'.


   

Mr Chancellor of the Exchequer

246

Page     12,     line     13     [Clause     27],     leave out 'as a direct or indirect result' and insert 'in consequence'

   

Mr Chancellor of the Exchequer

247

Page     12,     line     20     [Clause     27],     leave out 'as a direct or indirect result' and insert 'in consequence'.

   

Mr Chancellor of the Exchequer

248

Page     12,     line     32     [Clause     27],     leave out from 'that' to end of line 4, on page 13, and insert 'the enforcement conditions are met.

    ( ) The enforcement conditions are that it is just and equitable for the agreement or obligation to be enforced or (as the case may be) for the money or property paid or transferred under the agreement to be retained and—

      (a) if the applicant made the unlawful communication, that he reasonably believed that he was not making such a communication; or

      (b) if the applicant did not make the unlawful communication, that he did not know that the agreement was entered into in consequence of such a communication.

    ( ) "Applicant" means the person seeking to enforce the agreement or obligation or retain the money or property paid or transferred.

    ( ) Any reference to making a communication includes causing a communication to be made.'.


   

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

34

Page     13,     line     29     [Clause     28], at end insert—

      '(cc) a person qualifying for authorisation under Schedule 5,'.


   

Mr Chancellor of the Exchequer

69

Page     14,     line     15     [Clause     30],     leave out from 'person' to end of line 16.

   

Mr Chancellor of the Exchequer

70

Page     14,     line     17     [Clause     31],     after 'under' insert 'Part II of'.

   

Mr Chancellor of the Exchequer

71

Page     14,     line     23     [Clause     31],     leave out 'Schedule 3 authorisation' and insert 'authorisation under Part II of Schedule 3'.

   

Mr Chancellor of the Exchequer

72

Page     14,     line     25     [Clause     31],     after 'under' insert 'Part II of'.

   

Mr Chancellor of the Exchequer

73

Page     14,     line     34     [Clause     33],     leave out 'Part XVI qualifier' and insert 'person authorised as a result of paragraph 1(1) of Schedule 5'.

   

Mr Chancellor of the Exchequer

74

Page     14,     line     35     [Clause     33],     leave out 'a Part XVI qualifier' and insert 'such a person'.

   

Mr Chancellor of the Exchequer

75

Page     14,     line     36     [Clause     33],     leave out 'Part XVI qualifier' and insert 'person authorised as a result of paragraph 1(1) of Schedule 5'.

   

Mr Chancellor of the Exchequer

76

Page     14,     line     37     [Clause     33],     leave out from 'to' to end of line 38 and insert 'be a person so authorised'.


   

Mr Chancellor of the Exchequer

77

Page     15,     line     5     [Clause     34],     leave out 'persons for the purposes of section 17' and insert 'from the general prohibition'.

   

Mr Chancellor of the Exchequer

78

Page     15,     line     6     [Clause     34],     leave out from second 'person' to end of line 7 and insert 'as a result of an exemption order if he has a Part IV permission'.

   

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

199

Page     15,     line     14     [Clause     34],     at end insert—

    '(5) No exemption order to which subsection (7) applies may be made unlesss a draft of the order has been laid before Parliament and approved by a resolution of each House.

    (6) An exemption order to which subsection (7) does not apply shall be subject to annulment in pursuance of a resolution of either House of Parliament.

    (7) This subsection applies to an exemption order which:

      (a) is the first order to be made under this section in respect of a particular person; or

      (b) varies an order previously made so as to vary or remove an exemption.'

   

Mr Chancellor of the Exchequer

79

Page     15,     line     15     [Clause     35],     after 'person' insert '(other than an authorised person)'.

   

Mr Chancellor of the Exchequer

80

Page     15,     line     24     [Clause     35],     leave out 'an exempt person' and insert 'exempt from the general prohibition'.


   

Mr Chancellor of the Exchequer

81

Page     16,     line     10     [Clause     36],     after 'may' insert 'not'.

   

Mr Chancellor of the Exchequer

82

Page     16,     line     11     [Clause     36],     leave out 'does not have' and insert 'has'.

   

Mr Chancellor of the Exchequer

83

Page     16,     line     14     [Clause     36],     at end insert—

    '(2A) An EEA firm may not apply for permission under this section to carry on a regulated activity which it is, or would be, entitled to carry on in exercise of an EEA right, whether through a United Kingdom branch or by providing services in the United Kingdom.'.

 
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Prepared 1 Feb 2000