| Previous Section | Index | Home Page |
Lords Amendments
1. Proceedings on Consideration of Lords Amendments shall be completed at today's sitting and, if not previously concluded, shall be brought to a conclusion at Eleven o'clock.
2.--(1) This paragraph applies for the purpose of bringing any proceedings to a conclusion in accordance with paragraph 1.
(2) The Speaker shall first put forthwith any Question which has already been proposed from the Chair and not yet decided.
(3) If that Question is for the amendment of a Lords Amendment, the Speaker shall then put forthwith--
(a) the Question on any further Amendment of the Lords Amendment moved by a Minister of the Crown, and
(b) the Question on any Motion made by a Minister of the Crown, That this House agrees or disagrees with the Lords in the Amendment or (as the case may be) in the Amendment as amended.
(4) The Speaker shall then put forthwith--
(a) the Question on any Amendment moved by a Minister of the Crown to a Lords Amendment, and
(b) the Question on any Motion made by a Minister of the Crown, That this House agrees or disagrees with the Lords in the Amendment or (as the case may be) in the Amendment as amended.
(5) The Speaker shall then put forthwith the Question on any Motion made by a Minister of the Crown, that this House disagrees with the Lords in a Lords Amendment.
(6) The Speaker shall then put forthwith the Question, That this House agrees with the Lords in all the remaining Lords Amendments.
(7) As soon as the House has agreed or disagreed with the Lords in any of their Amendments, or disposed of an Amendment relevant to a Lords Amendment which has been disagreed to, the Speaker shall put forthwith a single Question on any Amendments moved by a Minister of the Crown relevant to the Lords Amendment.
Subsequent Stages
3.--(1) The Speaker shall put forthwith the Question on any Motion made by a Minister of the Crown for the consideration forthwith of any further Message from the Lords on the Bill.
(2) The proceedings on any further Message from the Lords shall, if not previously concluded, be brought to a conclusion one hour after their commencement.
(3) Sub-paragraphs (4) to (7) apply for the purpose of bringing those proceedings to a conclusion.
(4) The Speaker shall first put forthwith any Question which has already been proposed from the Chair and not yet decided.
(5) The Speaker shall then put forthwith the Question on any Motion made by a Minister of the Crown which is related to the Question already proposed from the Chair.
(6) The Speaker shall then put forthwith the Question on any Motion made by a Minister of the Crown on or relevant to any item.
(7) The Speaker shall then put forthwith the Question, That this House agrees with the Lords in all the remaining Lords Proposals.
Reasons Committee
4. The Speaker shall put forthwith the Question on any Motion made by a Minister of the Crown for the appointment, nomination and quorum of a Committee to draw up Reasons and the appointment of its Chairman.
5.--(1) A Committee appointed to draw up Reasons shall report before the conclusion of the sitting at which it is appointed.
(2) Proceedings in the Committee shall, if not previously brought to a conclusion, be brought to a conclusion 30 minutes after their commencement.
(3) For the purpose of bringing any proceedings to a conclusion in accordance with sub-paragraph (2) the Chairman shall--
(a) first put forthwith any Question which has already been proposed from the Chair and has not yet been decided; and
(b) then put forthwith successively Questions on motions which may be made by a Minister of the Crown for assigning a Reason for disagreeing with the Lords in any of their Amendments.
(4) The proceedings of the Committee shall be reported without any further Question being put.
Miscellaneous
6. If the House is adjourned, or the sitting is suspended, before the expiry of the period at the end of which any proceedings are to
7.--(1) In this paragraph "the proceedings" means proceedings on Consideration of Lords Amendments, on any further Message from the Lords on the Bill, on the appointment and quorum of a Committee to draw up Reasons and the Report of such a Committee.
(2) Standing Order No. 15(1) (Exempted business) shall apply to the proceedings.
(3) The proceedings shall not be interrupted under any Standing Order relating to the sittings of the House.
(4) No dilatory Motion with respect to, or in the course of, the proceedings shall be made except by a Minister of the Crown, and the Question on any such Motion shall be put forthwith.
8. If proceedings on a Motion for the Adjournment of the House would, by virtue of Standing Order No. 24 (Urgent matters), commence at a time when proceedings to which paragraph 7 applies are in progress, proceedings on the Motion shall be postponed to the conclusion of those proceedings.
Financial Services and Markets Bill
Clause 2
Lords amendment: No. 1, in page 2, line 18, leave out ("any exercise of its general functions") and insert ("anything done in the discharge of those functions").
4.28 pm
The Economic Secretary to the Treasury (Miss Melanie Johnson): I beg to move, That this House agrees with the Lords in the said amendment.
Madam Speaker: With this we may discuss Lords amendments Nos. 7 and 82.
Miss Johnson: Amendment No. 1 is a technical change to clause 2, which sets out the general duties of the Financial Services Authority. Subsection (2) sets out its regulatory objectives while subsection (3) lists a number of principles to which it must have regard in discharging its general functions. Subsection (3)(f) makes it clear that the authority needs to minimise any adverse effects on competition that may result from its work. The amendment makes it clear that this requirement applies to any action that the authority takes in the discharge of its functions.
Amendment No. 7 concerns value-for-money reviews. Clause 10 enables the Treasury to appoint an independent person to carry out value-for-money reviews of the FSA in its competent authority function, as well as its other functions under the Bill. The amendment simply makes it clear that under reviews of the authority generally, reviews of the competent authority cannot cover the merits of its general policy or principles but only the competent authority's use of resources in discharging its functions under part VI.
Amendment No. 82 introduces a new clause after clause 72, requiring the competent authority to have regard to a number of things in discharging its general functions. Those general functions are defined in subsection (2). The new provision is similar to clause 2(3). The requirements of subsection (1) are intended to
act as constraints on the way in which the competent authority carries out its functions under part VI. Unlike clause 2(3), the new provision does not include a principle on the responsibilities of senior management. The competent authority is not responsible for the conduct of business or the prudential regulation of listed companies.Clause 5
Lords amendment: No. 2, in page 3, line 16, leave out from ("persons") to end of line 21 and insert ("--
(a) who are consumers for the purposes of section 129; or
(b) who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
Miss Melanie Johnson: I beg to move, That this House agrees with the Lords in the said amendment.
Mr. Deputy Speaker (Sir Alan Haselhurst): With this we may discuss Lords amendments Nos. 4, 5, 8, 51, 52, 154, 156, 237, 238, 240, 410 to 415 and 605.
Miss Johnson: The amendments fulfil a commitment made in Committee to review the provisions on consumers. When clause 5 was considered in Committee, the hon. Member for Arundel and South Downs (Mr. Flight) said:
- The Bill advances different definitions of consumer, but it would be much simpler if it contained the same definition throughout. I can imagine muddle developing in the future as a result of the different definitions.
- we shall consider whether it is possible to have a more consistent definition throughout the Bill. That might be helpful.--[Official Report, Standing Committee A, 15 July 1999; c.205-06.]
The amendments will enable the Financial Services Authority to give appropriate protection to those who use the services of non-authorised persons who nevertheless carry on regulated activities--some lawfully, others unlawfully--such as Lloyd's underwriters, recognised exchanges, clearing houses and persons acting in contravention of the general prohibition.
As well as introducing greater consistency, the amendments bring greater precision to the definition of consumers. They make it clear that the authority's rule-making powers extend to those whose rights or interests may be adversely affected by the use of services by another person only where that person is acting on their behalf or in a fiduciary capacity in relation to them. The amendments make corresponding changes to the definition of "client" for the purposes of clause 319.
Minor consumer-related changes to part IV and part XIII will help to meet a commitment given by the Government in Committee to improve and rationalise the supervisory procedures and the authority's decision-making procedures under the Bill more generally.
Amendments Nos. 51 and 52 deal with part VI and bring the reference to consumers in clause 42 into line with clause 43(1) and 185(1)(c). Amendment No. 240 broadens the category of consumers in whose interests the authority can intervene in the business of an incoming European Economic Area or treaty firm under clause 185. That change will mean that the definition can cover all the consumers and potential consumers of regulated activities. It is necessary to ensure that the authority can act as necessary to avert systemic risks arising from such firms activities.
| Next Section
| Index | Home Page |