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

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Mr Jim Cousins

481

Page     134,     line     9     [Clause     262],     after 'for', insert 'access to and'.

   

Mr Jim Cousins

482

Page     134,     line     9     [Clause     262],     after 'services', insert 'and the capacity of those services'.

   

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

397

Page     134,     line     41     [Clause     264],     after 'Authority', insert 'reasonably'.


   

Mr Chancellor of the Exchequer

138

Page     137,     line     30     [Clause     269],     at end insert—

    '( ) Subsections (3) to (5) apply to a direction given under subsection (1).'.

   

Mr Chancellor of the Exchequer

139

Page     137,     line     42     [Clause     269],     leave out subsection (6).


   

Mr Chancellor of the Exchequer

140

Page     140,     line     7     [Clause     274],     at end insert 'or (4)(b)'.

   

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

238

Page     140,     line     31,     [Clause     275],     leave out 'of any relevant complaint' and insert 'by an independent person of complaints'.

   

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

239

Page     140,     line     33,     [Clause     275], leave out subsection (2) and insert—

    '(2) The arrangements made by the Authority must provide for the investigator to report to the Authority on the result of his investigation and, if he considers a complaint to be well-founded, to make recommendations to the Authority on the steps (if any) which the recognised body should take to remedy the matter complained of.

    (3) If the investigator reports to the Authority that a complaint is well-founded, the Authority may direct the recognised body to take specified steps in response to the investigator's report.

    (4) Specified steps may include the payment by the recognised body of a specified sum or specified sums to a specified person or specified persons.

    (5) "Independent" means appearing to the Authority to be independent of the recognised body.

    (6) "Specified" means specified by the Authority.'.


   

Mr Chancellor of the Exchequer

141

Page     144,     line     20     [Clause     281],     leave out 'contained in an annual' and insert 'the subject of a'.


   

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

398

Page     145,     line     26     [Clause     283],     after '(c)', insert 'in his view reasonably'.

   

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

399

Page     145,     line     29     [Clause     283],     after 'information', insert 'which in the Director's view reasonably relates to any matter relevant to the investigation'.

   

Mr Chancellor of the Exchequer

142

Page     145,     line     41     [Clause     283],     leave out 'punish' and insert 'deal with'.

   

Mr Chancellor of the Exchequer

143

Page     145,     line     42     [Clause     283],     leave out from 'he' to end of line and insert 'were in contempt'.


   

Mr Chancellor of the Exchequer

144

Page     148,     line     21     [Clause     288],     leave out from 'and' to end of line 23 and insert 'in relation to which a recognition order is in force'.

   

Mr Chancellor of the Exchequer

145

Page     148,     line     26     [Clause     288],     leave out from 'and' to end of line 27 and insert 'in relation to which a recognition order is in force'.


   

Mr Chancellor of the Exchequer

330

Page     150,     line     37     [Clause     291],     leave out '("the effective date")'.

   

Mr Chancellor of the Exchequer

331

Page     150,     line     38     [Clause     291],     at end insert—

    '( ) A direction under subsection (1) must be published in the way appearing to the Authority to be best calculated to bring it to the attention of the public.

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

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


   

Mr Chancellor of the Exchequer

332

Page     151,     line     20     [Clause     293],     at end insert—

    '( ) A direction under subsection (1) must be published in the way appearing to the Authority to be best calculated to bring it to the attention of the public.

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

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

   

Mr Chancellor of the Exchequer

333

Page     151,     line     21     [Clause     294],     leave out 'If the Authority proposes to give' and insert 'Before giving'.

   

Mr Chancellor of the Exchequer

334

Page     151,     line     22     [Clause     294],     leave out 'it' and insert 'the Authority'.

   

Mr Chancellor of the Exchequer

335

Page     151,     line     24     [Clause     294],     leave out from beginning to 'and', in line 25, and insert 'a cost benefit analysis'.

   

Mr Chancellor of the Exchequer

336

Page     151,     line     26     [Clause     294],     leave out 'a statement' and insert 'notice'.

   

Mr Chancellor of the Exchequer

337

Page     151,     line     27     [Clause     294],     leave out 'reasonable' and insert 'specified'.

   

Mr Chancellor of the Exchequer

338

Page     151,     line     30     [Clause     294],     leave out from 'publish' to end of line 31 and insert 'an account, in general terms, of'.

   

Mr Chancellor of the Exchequer

339

Page     151,     line     37     [Clause     294],     leave out 'publish a statement' and insert '(in addition to complying with subsection (4)) publish details'.

   

Mr Chancellor of the Exchequer

340

Page     151,     line     38     [Clause     294],     leave out 'the statement' and insert 'those details'.

   

Mr Chancellor of the Exchequer

341

Page     151,     line     42     [Clause     294],     leave out from beginning to 'of' in line 4 on page 152 and insert—

    '( ) Neither subsection (2)(a) nor subsection (5)(b) applies if the Authority considers—

      (a) that, making the appropriate comparison, there will be no increase in costs; or

      (b) that, making that comparison, there will be an increase in costs but the increase will be'.


   

Mr Chancellor of the Exchequer

342

Page     152,     line     10     [Clause     294],     at end insert—

    '( ) "Cost benefit analysis" means an estimate of the costs together with an analysis of the benefits that will arise—

      (a) if the proposed direction is given; or

      (b) if subsection (5)(b) applies, from the direction that has been given.

    ( ) "The appropriate comparison" means—

      (a) in relation to subsection (2)(a), a comparison between the overall position if the direction is given and the overall position if it is not given;

      (b) in relation to subsection (5)(b), a comparison between the overall position after the giving of the direction and the overall position before it was given.'.


   

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

400

Page     156,     line     13     [Clause     304],     at end insert ', save that these rules shall not require any authorised person to whom section 246 of the Companies Act 1985 applies to produce accounts in a form not required by that section of that Act'.


   

Mr Chancellor of the Exchequer

146

Page     162,     line     29     [Clause     314],     leave out from beginning to 'may' and insert 'Information obtained as a result of subsection (1)'.

   

Mr Chancellor of the Exchequer

147

Page     162,     line     41     [Clause     314],     leave out from beginning to 'may' and insert 'Information obtained as a result of subsection (1)'.


   

Mr Chancellor of the Exchequer

148

Page     163,     line     3     [Clause     314],     leave out 'Revenue information' and insert 'information obtained as a result of subsection (1)'.

   

Mr Chancellor of the Exchequer

149

Page     163,     line     9     [Clause     315],     after '312' insert 'or 314(5)'.

 
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Prepared 1 Feb 2000