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

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Mr Chancellor of the Exchequer

171

Page     214,     line     20     [Schedule     5],     leave out from 'scheme' to end of line 21 and insert 'is an authorised person'.

   

Mr Chancellor of the Exchequer

172

Page     214,     line     23     [Schedule     5],     leave out 'operator of an'.

   

Mr Chancellor of the Exchequer

173

Page     214,     line     23     [Schedule     5],     leave out 'qualifies for authorisation' and insert 'is an authorised person'.

   

Mr Chancellor of the Exchequer

174

Page     214,     line     25     [Schedule     5],     leave out sub-paragraph (4).

   

Mr Chancellor of the Exchequer

175

Page     214,     line     28     [Schedule     5],     leave out from 'person' to 'paragraph' and insert 'authorised as a result of'.

   

Mr Chancellor of the Exchequer

176

Page     214,     line     30     [Schedule     5],     after 'activity,' insert 'appropriate to the capacity in which he acts'.

   

Mr Chancellor of the Exchequer

177

Page     214,     line     33     [Schedule     5],     leave out from 'person' to 'paragraph' and insert 'authorised as a result of'.

   

Mr Chancellor of the Exchequer

442

Page     214,     line     38     [Schedule     5],     leave out from beginning to end of line 41.


   

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

200

Page     215,     line     4     [Schedule      6],     after '36', insert 'PERMISSION AND'.

   

Mr Chancellor of the Exchequer

178

Page     215,     line     5     [Schedule     6],     leave out paragraph 1.

   

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

201

Page     215,     line     5     [Schedule      6],     after second 'to', insert 'the continuance of'.

   

Mr Chancellor of the Exchequer

179

Page     215,     line     9     [Schedule     6],     leave out from 'If' to 'or' in line 11, and insert 'the regulated activity concerned is the effecting or carrying out of insurance contracts, the authorised person must be a body corporate, a registered friendly society'.

   

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

202

Page     215,     line     27     [Schedule      6],     leave out 'or territory'.

   

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

203

Page     215,     line     31     [Schedule      6],     leave out from 'office' to end of line 32 and insert 'or carry on business in the United Kingdom; and

      (b) comply with such other requirements as the Authority may impose generally for the purposes of prudential supervision.'.


   

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

204

Page     216,     line     33     [Schedule      6],     leave out 'an additional permission' and insert 'a permission under Part IV.'

   

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

205

Page     216,     line     35     [Schedule      6],     leave out 'additional' and insert 'a Part IV'.


   

Mr Chancellor of the Exchequer

443

Page     218,     line     23     [Schedule     7],     leave out 'enactment' and insert 'primary or subordinate legislation (including any provision of, or made under, this Act)'.


   

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

56

Page     227     [Schedule     11],     leave out lines 14 to 21 and insert—

      '(a) is a judge of the High Court; or

      (b) is a judge of the Court of Session.'.

   

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

57

Page     227,     line     34     [Schedule     11],     leave out 'seven' and insert 'ten'.

   

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

58

Page     227,     line     36     [Schedule     11],     leave out 'seven' and insert 'ten'.

   

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

59

Page     227,     line     38     [Schedule     11],     leave out 'seven' and insert 'ten'.

   

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

60

Page     227,     line     41     [Schedule     11],     leave out 'seven' and insert 'ten'.

   

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

61

Page     227,     line     41     [Schedule     11],     at end insert—

    '(d) he is a judge of the High Court or of the Court of Session.'.'

   

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

62

Page     227,     line     42     [Schedule     11],     after 'is', insert 'a judge of the Court of Session or'.


   

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

63

Page     228,     line     11     [Schedule     11],     leave out from 'The' to 'determine' in line 15 and insert 'Secretary of State shall pay—

      (a) the members of the panel of chairmen who are not judges of the High Court or Court of Session;

      (b) the members of the lay panel; and

      (c) any person appointed under paragraph 7(4),

    such remuneration and such travelling and other allowances as he may, with the approval of the Treasury,'.


   

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

64

Page     230,     line     21     [Schedule     11],     after 'unreasonable', insert 'or based on an ill founded view'.


   

Mr Chancellor of the Exchequer

180

Page     234,     line     37     [Schedule     14],     leave out 'received or anticipated from fees' and insert 'of the scheme operator arising or expected to arise from the operation of the scheme'.


   

Mr Chancellor of the Exchequer

181

Page     237,     line     11     [Schedule     14],     at end insert—

    '( ) The standard terms may, in particular—

      (a) require the making of payments to the scheme operator by participants in the scheme of such amounts, and at such times, as may be determined by the scheme operator;

      (b) make provision as to the award of costs on the determination of a complaint.'.


   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

1

Page     239,     line     5     [Schedule     15]     at end insert—

    '7A. In section 13 (control of subsidiaries and other bodies corporate),—

      (a) in subsection (2)(a) for "of the activities specified in Schedule 7 to this Act" substitute "activities authorised by the Commission"; and

      (b) omit subsection (8).

    7B. In section 52 (applications to court), in subsection (2)(d) for "mentioned in Schedule 7 to" substitute "authorised by virtue of section 13(2)(a) of".

    7C. Omit Schedule 7 (activities which may be carried on by a subsidiary of or body jointly controlled by an incorporated friendly society).'.


   

Mr Chancellor of the Exchequer

182

Page     240,     line     14     [Schedule     16],     at end insert—

'The Income and Corporation Taxes Act 1988 (c. 1)

    .—(1) The Income and Corporation Taxes Act 1988 is amended as follows.

    (2) In section 76 (expenses of management: insurance companies), in subsection (8), omit the definitions of—

      "the 1986 Act";

      "authorised person";

      "investment business";

      "investor";

      "investor protection scheme";

      "prescribed"; and

      "recognised self-regulating organisation".

    (3) In section 468 (authorised unit trusts), in subsections (6) and (8), for "78 of the Financial Services Act 1986" substitute "217 of the Financial Services and Markets Act 2000".

    (4) In section 469(7) (other unit trust schemes), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

    (5) In subsection (1) of section 632 (establishment of personal pension schemes)—

      (a) in paragraph (a), for the words from "authorised" to "business" substitute "an authorised person for the purposes of the Financial Services and Markets Act 2000 and who has permission under that Act to carry on a regulated activity";

      (b) for paragraph (aa) substitute—

            "(aa) an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Schedule 3 to that Act to carry on a regulated activity consisting of long-term insurance business (within the meaning of that Act);"

      (c) in paragraph (c), for "authorised under the Banking Act 1987" substitute "which is an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Part IV of that Act to carry on a regulated activity consisting of accepting deposits";

      (d) in paragraph (cc), for "authorised under the Banking Act 1987" substitute "of a kind mentioned in paragraph (c)";

      (e) for paragraph (e), substitute—

            "(e) an EEA firm falling within paragraph 5(b) or (c) of Schedule 3 to the Financial Services and Markets Act 2000 lawfully carrying on in the United Kingdom any activity falling within item 1, 7 or 11 of the annex to the second banking co-ordination directive (as defined by that Schedule);"

    (6) In subsection (2) of that section—

      (a) for "business" substitute "regulated activity"; and

      (b) in paragraph (b), for "78(1) of the Financial Services Act 1986" substitute "217 of the Financial Services and Markets Act 2000".

    (7) Omit subsections (2ZA) and (2B) of that section.

    (8) In section 728 (information in relation to transfers of securities), in subsection (7)(a), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

    (9) In section 840A (meaning of "bank")—

      (a) in subsection (1), for paragraphs (b) and (c) substitute—

            "(b) an institution which is an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Part IV of that Act to carry on a regulated activity consisting of accepting deposits;

            (c) an EEA firm falling within paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which satisfies the establishment conditions and qualifies for authorisation under that Schedule;"; and

      (b) omit subsection (2).

    (10) In section 841(3) (power to apply certain provisions of the Tax Acts to recognised investment exchange), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

The Finance Act 1991 (c. 31)

    .—(1) The Finance Act 1991 is amended as follows.

    (2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4).

    (3) In section 116 (investment exchanges and clearing houses: stamp duty), in subsection (4)(b), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".'.

 
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Prepared 9 Feb 2000