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]

463

Page     43,     line     30     [Clause     95],     after first 'of', insert 'qualifying'.

   

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

464

Page     43,     line     33     [Clause     95],     after first 'in', insert 'qualifying'.

   

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

465

Page     43,     line     34     [Clause     95],     leave out from beginning to 'that' in line 36 and insert 'The behaviour of a particular person or persons is not to be taken to amount to market abuse where'.


   

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

466

Page     44,     line     16     [Clause     95],     after 'analysis', insert '(whether or not requiring the exercise of any expertise)'.

   

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

467

Page     44,     line     17     [Clause     95],     after first 'of', insert 'or for the benefit of'.

   

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

468

Page     44,     line     17     [Clause     95],     after 'market', insert 'or can be obtained by them on payment of a fee'.

   

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

469

Page     44,     line     19     [Clause     95],     after 'conforms', insert ', or which is deemed to conform,'.

   

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

470

Page     44,     line     19     [Clause     95],     after 'rules', insert ', or would so conform (or would be deemed to so conform) if the person whose behaviour is in question were an authorised person,'.


   

Mr Chancellor of the Exchequer

285

Page     45,     line     1     [Clause     96],     leave out subsection (5) and insert—

    '(5) If the code is altered or replaced, the altered or replacement code must be issued by the Authority.

    (5A) A code 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 to the public.'.

   

Mr Chancellor of the Exchequer

286

Page     45,     line     5     [Clause     96],     leave out subsections (6) to (8).

   

Mr Chancellor of the Exchequer

287

Page     45,     line     13     [Clause     96],     at end insert—

    '( ) The Authority may charge a reasonable fee for providing a person with a copy of the code.'.

   

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

471

Page     45,     line     18     [Clause     97],     leave out subsection (2).

   

Mr Chancellor of the Exchequer

288

Page     45,     line     28     [Clause     99],     leave out 'publish' and insert 'issue'.

   

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

474

Page     45,     line     30     [Clause     99],     after '98', insert 'and the exercise of its powers under section 104'.

   

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

475

Page     45,     line     31     [Clause     99],     after 'section', insert ' and the extent to which any penalties already imposed by the court under section 104 will be taken into account in determining any subsequent penalty 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]

473

Page     45,     line     33     [Clause     99],     after 'must', insert 'adhere to the principle of proportionality and must'.

   

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

6

Page     45,     line     34     [Clause     99],     leave out 'behaviour' and insert 'abuse'.

   

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

7

Page     45,     line     37     [Clause     99],     leave out 'behaviour' and insert 'abuse'.

   

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

472

Page     45,     line     37     [Clause     99],     leave out 'or reckless'.

   

Mr Chancellor of the Exchequer

289

Page     45,     line     40     [Clause     99],     leave out 'any statement of policy for the time being published' and insert 'a statement issued'.


   

Mr Chancellor of the Exchequer

290

Page     46,     line     1     [Clause     99],     leave out 'any statement of policy for the time being published' and insert 'a statement issued'.

   

Mr Chancellor of the Exchequer

291

Page     46,     line     2     [Clause     99],     leave out 'publish' and insert 'issue'.

   

Mr Chancellor of the Exchequer

292

Page     46,     line     6     [Clause     99],     leave out 'of policy'.

   

Mr Chancellor of the Exchequer

293

Page     46,     line     6     [Clause     99],     after 'section' insert 'and in force'.

   

Mr Chancellor of the Exchequer

294

Page     46,     line     8     [Clause     99],     leave out subsection (6) and insert—

    '( ) 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 to the public.'.

   

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.'.

 
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Prepared 1 Feb 2000