NOTICES OF AMENDMENTS
given up to and including
Thursday 1st June 2000
New Amendments handed in are marked thus *
CONSIDERATION OF LORDS AMENDMENTS
FINANCIAL SERVICES AND MARKETS BILL
On Consideration of Lords Amendments to the Financial Services and Markets Bill
Lords Amendment No. 3
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 2, leave out from 'to' to end of the Lords Amendment and insert 'all relevant generally accepted principles of good corporate governance and in discharging its functions the Authority must act in a way which is fair, reasonable, open and proportionate'.
Lords Amendment No. 6
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 8, at end insert—
'(4) The Authority's statement must be published in such manner as the Authority considers appropriate.'.
Lords Amendment No. 59
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 30, at end insert—
'(10) Subsections (6) and (9) and section 383(1) do not apply if the exercise of the Authority's power under section 40(7)(a) or (b) or 41(1) is made at the request of the applicant.'.
Lords Amendment No. 131
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 9, at end insert—
'(c) he did not intend to give anyone a false or misleading impression falling within section 109(2)(b) and in engaging in the relevant behaviour he was not reckless as to whether he might give anyone that false or misleading impression; or
(d) where the relevant behaviour fell within section 109(2)(b) and was engaged in by a person other than an individual, the impression given by his behaviour was misleading only because of information which the individual who engaged in that behaviour on his behalf did not know about and that individual was an individual to whom subsection ( ) applies.
( ) This subsection applies to an individual if the information was withheld from him in circumstances permitted by control of information rules and he was not directly or indirectly required to engage in that behaviour by a person who did know the information.'.
Lords Amendment No. 180
Mr Chancellor of the Exchequer
To move, That this House disagrees with the Lords in their Amendment.
Mr Chancellor of the Exchequer
To move the following amendment to the Bill in lieu of Lords Amendment 180:—
(a)
*Page 52, line 35, at end insert the following new Clause:—
'Provisions included in the Authority's Code by reference to the City Code
.—(1) The Authority may include in the code issued by it under section j29084 ("the Authority's code") provision to the effect that in its opinion behaviour conforming with the City Code—
(a) does not amount to market abuse;
(b) does not amount to market abuse in specified circumstances; or
(c) does not amount to market abuse if engaged in by a specified description of person.
(2) But the Treasury's approval is required before any such provision may be included in the Authority's code.
(3) If the Authority's code includes provision of a kind authorised by subsection (1), the Authority must keep itself informed of the way in which the Panel on Takeovers and Mergers interprets and administers the relevant provisions of the City Code.
(4) "City Code" means the City Code on Takeovers and Mergers issued by the Panel as it has effect at the time when the behaviour occurs.
(5) "Specified" means specified in the Authority's code.'.
Mr David Heathcoat-Amory
Mr Howard Flight
To move the following amendment to the Bill in Lieu:—
(b)
*Page 70, line 12, at end insert the following new Clause:—
CHAPTER IIA
Policies relating to takeover regulation
(1) Except at the request or with the consent of the Panel, the Authority may not during the course of an offer exercise its powers under this Act in respect of behaviour which it considers may amount to market abuse and which it believes or suspects is, was or will be engaged in in connection with the offer.
(2) Except at the request or with the consent of the Panel, the Authority may not during the course of an offer make public or otherwise indicate that it is proposing to take any such action or considering whether or not to do so.
( ) If the Panel becomes aware of any behaviour which it considers may amount to market abuse, it shall notify the Authority as soon as practicable about that behaviour and after the offer has closed or has lapsed shall co-operate in any investigation by or on behalf of the Authority or the Secretary of State into whether market abuse may have taken place.
(3) Subsections (1) and (2) do not apply in respect of behaviour which the Authority considers may satisfy the condition set out in section 114(2)(a).
(4) In this Part—
"City Code" means the City Code on Takeovers and Mergers issued by the Panel as it has effect at the relevant time;
"offer" means an offer to which the City Code applies;
"the Panel" means the Panel on Takeovers and Mergers.'.
Lords Amendment No. 183
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 9, after 'position', insert ', or of prejudicing the competitive position of the United Kingdom.'.
Lords Amendment No. 270
Mr David Heathcoat-Amory
Mr Howard Flight
(a)
As Amendments to the Lords Amendment:—
*Line 12, (subsection (3)), leave out from 'would' to 'his' in line 14 and insert 'at the time he decides to participate in the scheme—
(a) expect that he would be able to realise within a reasonable period (otherwise than on a liquidation or default of BC or a default of the investor)'.
Mr David Heathcoat-Amory
Mr Howard Flight
(b)
*Line 19, (subsection (3)), after 'arrangement', insert—
'(3A) "Realise his investment" means by way of redemption or repurchase by BC, or out of funds provided by BC, or a sale on an investment exchange under arrangements made by BC.'.
Lords Amendment No. 489
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 9, at end insert—
'(c) he did not intend to give anyone a false or misleading impression falling within section 109(2)(b) and in engaging in the relevant behaviour he was not reckless as to whether he might give anyone that false or misleading impression; or
(d) where the relevant behaviour fell within section 109(2)(b) and was engaged in by a person other than an individual, the impression given by his behaviour was misleading only because of information which the individual who engaged in that behaviour on his behalf did not know about and that individual was an individual to whom subsection ( ) applies.
( ) This subsection applies to an individual if the information was withheld from him in circumstances permitted by control of information rules and he was not directly or indirectly required or requested to engage in that behaviour by a person who did know the information.'.
Lords Amendment No. 526
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 32, after subsection (5) insert—
'(5A) If the Authority does not allow, or refuses to allow, A access to material and the notice is about a penalty, it must give him a fair summary of the material concerned.'.
Lords Amendment No. 589
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 2, leave out from '(4)' to end of the Lords Amendment and insert—
'If the investigator considers that a complaint of which he has been notified under sub-paragraph (3) ought to be investigated, he may proceed as if the complaint had been referred to him under the complaints scheme.
(4A) The complaints scheme must confer on the investigator the power to recommend, if he thinks it appropriate, that the Authority—
(a) makes a compensatory payment to the complainant
(b) remedies the matter complained of
or takes both of those steps.'.
Lords Amendment No. 594
Mr David Heathcoat-Amory
Mr Howard Flight
As an Amendment to the Lords Amendment:—
*Line 4, leave out from 'not' to end of the Lords Amendment and insert 'an authorised person and is not qualified for authorisation under paragraph 12.
(2) Section 24 does not apply to an agreement entered into by the firm in the course of carrying on a permitted activity.
(3) Section 25 does not apply to an agreement in relation to which the firm is a third party for the purposes of that section and the relevant activity it is carrying on is a permitted activity.
(4) "Permitted activity" has the same meaning, in the case of establishment, as in paragraph 13(4) and, in the case of services, as in paragraph 14(4).'.
