Amendments proposed to the Financial Services and Markets Bill, As Amended - continued | House of Commons |
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Mr Chancellor of the Exchequer 424 Page 190, line 33 [Clause 364], leave out paragraph (b).
Mr William Hague 184 Page 190, line 33 [Clause 364], leave out 'in any EEA State' and insert(i) in any EEA State; or (ii) in exercise of an EEA right;'.
Mr Chancellor of the Exchequer 425 Page 190, line 35 [Clause 364], leave out 'that' and insert 'the regulated'.
Mr Chancellor of the Exchequer 426 Page 190, line 40 [Clause 364], leave out 'third' and insert 'fourth'.
Mr William Hague 38 Page 193, line 9 [Clause 367], at end insert'(8) An agreement or arrangement is not within subsection (4)(g) if the agreement or arrangement is for the other person to acquire, hold or dispose of shares or other interests as agent or custodian on behalf of H without the other person being able to exercise, or control the exercise of, voting rights otherwise than at the direction of H.'.
Mr William Hague 52 Page 194, line 37 [Clause 372], leave out 'other provision of this Act' and insert 'provision of this Act other than section (Restrictions on powers of Treasury).'
Mr Chancellor of the Exchequer 427 Page 194, line 41 [Clause 373], at end insert'( ) The Lord Chancellor's power to make rules under section 107 is exercisable by statutory instrument.'.
Mr Chancellor of the Exchequer 428 Page 194, line 44 [Clause 373], leave out 'Treasury consider' and insert 'person making it considers'.
Mr William Hague 53 Page 195, line 3 [Clause 374], after 'section', insert '110(6A), 111(6),'.
Mr Chancellor of the Exchequer 429 Page 195, line 3 [Clause 374], leave out '237' and insert '(Carrying on regulated activities by way of business)'.
Mr Chancellor of the Exchequer 430 Page 195, line 6 [Clause 374], at end insert'( ) No regulations are to be made under section 237 unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.'.
Mr Chancellor of the Exchequer 431 Page 195, line 7 [Clause 374], leave out from beginning to second 'to' and insert 'An order to which, if it is made, subsection (4) will apply is not'.
Mr Chancellor of the Exchequer 432 Page 195, line 10 [Clause 374], leave out subsection (3).
Mr Chancellor of the Exchequer 433 Page 195, line 13 [Clause 374], leave out 'made'.
Mr Chancellor of the Exchequer 434 Page 195, line 17 [Clause 374], at end insert
Mr Chancellor of the Exchequer 435 Page 195, line 22 [Clause 374], leave out subsection (5).
Mr Chancellor of the Exchequer 455 Page 195, line 24 [Clause 374], at end insert'(5A) An order containing a provision to which, if the order is made, subsection (5B) will apply is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House. (5B) This subsection applies to a provision contained in an order if
Mr Chancellor of the Exchequer 436 Page 195, line 26 [Clause 374], after '376(2)' insert 'or to which paragraph 26 of Schedule 2 applies'.
Dr Vincent Cable 28 Page 195, line 30 [Clause 376], after 'Sections', insert '20,'.
NEW SCHEDULESInsurance and banking business transfer schemes: certificates
Mr Chancellor of the Exchequer NS1 To move the following Schedule
'TRANSFER SCHEMES: CERTIFICATESPart IInsurance Business Transfer Schemes1.(1) For the purposes of section (Sanction of the court for business transfer schemes)(3) the appropriate certificates, in relation to an insurance business transfer scheme, are
(2) This sub-paragraph applies if
(3) This sub-paragraph applies if
(4) This sub-paragraph applies if
Certificates as to margin of solvency 2.(1) A certificate under this paragraph is to be given
(2) A certificate given under sub-paragraph (1)(a) is one certifying that, taking the proposed transfer into account
(3) A certificate under sub-paragraph (1)(b) is one certifying that the Authority has received from the authority which it considers to be the authority responsible for supervising insurance companies in the place to which the business is to be transferred that, taking the proposed transfer into account
(4) "Necessary margin of solvency" means the margin of solvency required in relation to the transferee, taking the proposed transfer into account, under the law which it is the responsibility of the relevant authority to apply. (5) "Margin of solvency" means the excess of the value of the assets of the transferee over the amount of its liabilities. (6) "Relevant authority" means
(7) In sub-paragraph (6), any reference to a transferee of a particular description includes a reference to a transferee who will be of that description if the proposed scheme takes effect. (8) "Swiss general insurance company" means a company
Certificates as to consent 3. A certificate under this paragraph is one given by the Authority and certifying that the host State regulator has been notified of the proposed scheme and that
Certificates as to long-term business 4. A certificate under this paragraph is one given by the Authority and certifying that the authority responsible for supervising insurance companies in the State of the commitment has been notified of the proposed scheme and that
Certificates as to general business 5. A certificate under this paragraph is one given by the Authority and certifying that the authority responsible for supervising insurance companies in the EEA State in which the risk is situated has been notified of the proposed scheme and that
Interpretation of Part I 6.(1) "State of the commitment", in relation to a commitment entered into at any date, means
(2) "Commitment" means a commitment represented by insurance business of a prescribed class. (3) References to the EEA State in which a risk is situated are
Part IIBanking Business Transfer Schemes7.(1) For the purposes of section (Sanction of the court for business transfer schemes)(3) the appropriate certificates, in relation to a banking business transfer scheme, are
(2) This sub-paragraph applies if the authorised person concerned or the transferee is an EEA firm falling within paragraph 5(b) of Schedule j05036.s.
Certificates as to financial resources 8.(1) A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.(2) "Relevant authority" means
(3) In sub-paragraph (2), any reference to a transferee of a particular description of person includes a reference to a transferee who will be of that description if the proposed banking business transfer scheme takes effect.
Certificates as to consent of home state regulator 9. A certificate under this paragraph is one given by the Authority and certifying that the home State regulator of the authorised person concerned or of the transferee has been notified of the proposed scheme and that
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