| Previous Section | Index | Home Page |
9.15 pm
The provisions of the Bill are compatible with the European convention on human rights. They were compatible with article 6 relating to civil matters before the Joint Committee deliberated, but the changes made after the Joint Committee will provide the additional safeguards required in the regime if it were found to be criminal. Those extra safeguards make it absolutely sure that people will have recourse to the elements that will make the provision compliant with the European convention.
A number of offences contain no element of intent. That point was raised by the right hon. Member for Wells. I refer to section 4 of the Financial Services Act 1986, which covers investment business without authorisation, about which a similar point may be made.
The key differences between us are small. It is worth while running through the differences between the Lords amendments and the Opposition amendments. The amendment carried in the Lords is concerned with safe harbours and allows the FSA to provide a safe harbour for behaviour when the panel thinks it is in conformity with the code, whereas the Opposition amendment before us would provide a gatekeeper to enforcement action and would prevent the FSA from taking any action during a takeover unless the panel requested it to do so.
I have outlined why I believe that the arrangements that we have put in place for the takeover panel are the rights ones. We accept that there is a difficulty to be dealt with. We believe that we have dealt with it properly and in a way that maintains the coherence and integrity of the market abuse regime while allowing the takeover panel to continue its work, as we expect it to do, in dealing rapidly and effectively with takeovers. That is what we believe will be the upshot of the support that I hope the House will give to our amendment.
Lords amendments Nos. 128 to 130 agreed to.
Clause 113
Lords amendment: No. 131, in page 54, line 6, at end insert--
("( ) But the Authority may not impose a penalty on a person if, having considered any representations made to it in response to a warning notice, there are reasonable grounds for it to be satisfied that--
(a) he believed, on reasonable grounds, that his behaviour did not fall within paragraph (a) or (b) of subsection (1); or
(b) he took all reasonable precautions and exercised all due diligence to avoid behaving in a way which fell within paragraph (a) or (b) of that subsection.")
Amendment proposed to the Lords amendment: in line 9, after final 'subsection', insert '; or--
(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.'.--[Mr. Heathcoat-Amory.]
Question put, That the amendment to the Lords amendment be made:--
The House divided: Ayes 112, Noes 301.
AYES
Ainsworth, Peter (E Surrey)
Arbuthnot, Rt Hon James
Baldry, Tony
Bercow, John
Beresford, Sir Paul
Blunt, Crispin
Boswell, Tim
Bottomley, Peter (Worthing W)
Bottomley, Rt Hon Mrs Virginia
Brady, Graham
Brazier, Julian
Brooke, Rt Hon Peter
Browning, Mrs Angela
Bruce, Ian (S Dorset)
Burns, Simon
Butterfill, John
Cash, William
Clappison, James
Collins, Tim
Cran, James
Curry, Rt Hon David
Davies, Quentin (Grantham)
Day, Stephen
Duncan Smith, Iain
Evans, Nigel
Faber, David
Fabricant, Michael
Fallon, Michael
Flight, Howard
Forth, Rt Hon Eric
Fowler, Rt Hon Sir Norman
Fox, Dr Liam
Fraser, Christopher
Gale, Roger
Gill, Christopher
Gillan, Mrs Cheryl
Gray, James
Grieve, Dominic
Gummer, Rt Hon John
Hammond, Philip
Hawkins, Nick
Heald, Oliver
Heathcoat-Amory, Rt Hon David
Hogg, Rt Hon Douglas
Horam, John
Howard, Rt Hon Michael
Howarth, Gerald (Aldershot)
Jack, Rt Hon Michael
Jenkin, Bernard
Key, Robert
King, Rt Hon Tom (Bridgwater)
Laing, Mrs Eleanor
Lansley, Andrew
Leigh, Edward
Letwin, Oliver
Lewis, Dr Julian (New Forest E)
Lidington, David
Lloyd, Rt Hon Sir Peter (Fareham)
Loughton, Tim
Lyell, Rt Hon Sir Nicholas
MacGregor, Rt Hon John
McIntosh, Miss Anne
Maclean, Rt Hon David
McLoughlin, Patrick
Madel, Sir David
Mates, Michael
Mawhinney, Rt Hon Sir Brian
May, Mrs Theresa
Moss, Malcolm
Nicholls, Patrick
O'Brien, Stephen (Eddisbury)
Ottaway, Richard
Page, Richard
Paice, James
Paterson, Owen
Pickles, Eric
Portillo, Rt Hon Michael
Randall, John
Redwood, Rt Hon John
Robathan, Andrew
Robertson, Laurence
Roe, Mrs Marion (Broxbourne)
Rowe, Andrew (Faversham)
Ruffley, David
Sayeed, Jonathan
Shephard, Rt Hon Mrs Gillian
Shepherd, Richard
Simpson, Keith (Mid-Norfolk)
Soames, Nicholas
Spelman, Mrs Caroline
Spicer, Sir Michael
Spring, Richard
Stanley, Rt Hon Sir John
Swayne, Desmond
Syms, Robert
Tapsell, Sir Peter
Taylor, Ian (Esher & Walton)
Taylor, John M (Solihull)
Taylor, Sir Teddy
Tredinnick, David
Trend, Michael
Tyrie, Andrew
Viggers, Peter
Walter, Robert
Wells, Bowen
Whitney, Sir Raymond
Whittingdale, John
Willetts, David
Winterton, Mrs Ann (Congleton)
Winterton, Nicholas (Macclesfield)
Yeo, Tim
Young, Rt Hon Sir George
Tellers for the Ayes:
Mr. Geoffrey Clifton-Brown and
Mr. Peter Luff.
NOES
Adams, Mrs Irene (Paisley N)
Ainger, Nick
Ainsworth, Robert (Cov'try NE)
Alexander, Douglas
Allen, Graham
Anderson, Janet (Rossendale)
Armstrong, Rt Hon Ms Hilary
Ashdown, Rt Hon Paddy
Atherton, Ms Candy
Austin, John
Battle, John
Bayley, Hugh
Beard, Nigel
Beckett, Rt Hon Mrs Margaret
Begg, Miss Anne
Bell, Martin (Tatton)
Benn, Hilary (Leeds C)
Benn, Rt Hon Tony (Chesterfield)
Bennett, Andrew F
Benton, Joe
Bermingham, Gerald
Berry, Roger
Best, Harold
Betts, Clive
Blackman, Liz
Blears, Ms Hazel
Blizzard, Bob
Boateng, Rt Hon Paul
Borrow, David
Bradley, Keith (Withington)
Bradley, Peter (The Wrekin)
Bradshaw, Ben
Brinton, Mrs Helen
Brown, Russell (Dumfries)
Buck, Ms Karen
Burgon, Colin
Burstow, Paul
Butler, Mrs Christine
Byers, Rt Hon Stephen
Caborn, Rt Hon Richard
Campbell, Rt Hon Menzies
(NE Fife)
Campbell, Ronnie (Blyth V)
Campbell-Savours, Dale
Cann, Jamie
Caplin, Ivor
Casale, Roger
Caton, Martin
Chapman, Ben (Wirral S)
Clapham, Michael
Clark, Rt Hon Dr David (S Shields)
Clark, Paul (Gillingham)
Clarke, Charles (Norwich S)
Clarke, Eric (Midlothian)
Clarke, Rt Hon Tom (Coatbridge)
Clarke, Tony (Northampton S)
Clelland, David
Clwyd, Ann
Coffey, Ms Ann
Coleman, Iain
Connarty, Michael
Cook, Frank (Stockton N)
Corbett, Robin
Cotter, Brian
Cousins, Jim
Crausby, David
Cryer, Mrs Ann (Keighley)
Cryer, John (Hornchurch)
Cummings, John
Cunningham, Rt Hon Dr Jack
(Copeland)
Cunningham, Jim (Cov'try S)
Darvill, Keith
Davey, Valerie (Bristol W)
Davidson, Ian
Davies, Rt Hon Denzil (Llanelli)
Davies, Geraint (Croydon C)
Dawson, Hilton
Dean, Mrs Janet
Denham, John
Dismore, Andrew
Dobbin, Jim
Donohoe, Brian H
Doran, Frank
Dowd, Jim
Drew, David
Eagle, Maria (L'pool Garston)
Edwards, Huw
Efford, Clive
Ellman, Mrs Louise
Ennis, Jeff
Field, Rt Hon Frank
Fisher, Mark
Fitzpatrick, Jim
Fitzsimons, Mrs Lorna
Foster, Michael Jabez (Hastings)
Foster, Michael J (Worcester)
Foulkes, George
Galloway, George
Gapes, Mike
Gardiner, Barry
George, Bruce (Walsall S)
Gerrard, Neil
Gibson, Dr Ian
Godman, Dr Norman A
Godsiff, Roger
Goggins, Paul
Golding, Mrs Llin
Gordon, Mrs Eileen
Griffiths, Jane (Reading E)
Griffiths, Nigel (Edinburgh S)
Grocott, Bruce
Grogan, John
Gunnell, John
Hain, Peter
Hall, Patrick (Bedford)
Hamilton, Fabian (Leeds NE)
Hanson, David
Harman, Rt Hon Ms Harriet
Heal, Mrs Sylvia
Healey, John
Heath, David (Somerton & Frome)
Henderson, Ivan (Harwich)
Heppell, John
Hinchliffe, David
Hodge, Ms Margaret
Hoey, Kate
Hoon, Rt Hon Geoffrey
Hope, Phil
Hopkins, Kelvin
Howarth, George (Knowsley N)
Howells, Dr Kim
Hughes, Ms Beverley (Stretford)
Hughes, Kevin (Doncaster N)
Humble, Mrs Joan
Hurst, Alan
Hutton, John
Iddon, Dr Brian
Illsley, Eric
Ingram, Rt Hon Adam
Jackson, Ms Glenda (Hampstead)
Jackson, Helen (Hillsborough)
Jamieson, David
Jenkins, Brian
Johnson, Alan (Hull W & Hessle)
Johnson, Miss Melanie
(Welwyn Hatfield)
Jones, Rt Hon Barry (Alyn)
Jones, Jon Owen (Cardiff C)
Jones, Dr Lynne (Selly Oak)
Jones, Martyn (Clwyd S)
Keeble, Ms Sally
Keen, Alan (Feltham & Heston)
Keen, Ann (Brentford & Isleworth)
Keetch, Paul
Kemp, Fraser
Khabra, Piara S
Kidney, David
Kilfoyle, Peter
King, Andy (Rugby & Kenilworth)
King, Ms Oona (Bethnal Green)
Kirkwood, Archy
Lawrence, Mrs Jackie
Laxton, Bob
Lepper, David
Leslie, Christopher
Levitt, Tom
Lewis, Ivan (Bury S)
Linton, Martin
Llwyd, Elfyn
Love, Andrew
McAvoy, Thomas
McCabe, Steve
McCartney, Rt Hon Ian
(Makerfield)
McDonagh, Siobhain
Macdonald, Calum
McDonnell, John
McGuire, Mrs Anne
McIsaac, Shona
McKenna, Mrs Rosemary
McNamara, Kevin
McNulty, Tony
Mactaggart, Fiona
McWilliam, John
Mahon, Mrs Alice
Marsden, Gordon (Blackpool S)
Marsden, Paul (Shrewsbury)
Martlew, Eric
Maxton, John
Meacher, Rt Hon Michael
Michael, Rt Hon Alun
Michie, Bill (Shef'ld Heeley)
Miller, Andrew
Moffatt, Laura
Moonie, Dr Lewis
Moran, Ms Margaret
Morley, Elliot
Morris, Rt Hon Ms Estelle
(B'ham Yardley)
Morris, Rt Hon Sir John (Aberavon)
Mountford, Kali
Mowlam, Rt Hon Marjorie
Mudie, George
Mullin, Chris
Murphy, Jim (Eastwood)
Murphy, Rt Hon Paul (Torfaen)
Naysmith, Dr Doug
Oaten, Mark
O'Brien, Mike (N Warks)
Olner, Bill
Öpik, Lembit
Organ, Mrs Diana
Palmer, Dr Nick
Pearson, Ian
Pendry, Tom
Perham, Ms Linda
Pickthall, Colin
Pike, Peter L
Plaskitt, James
Pollard, Kerry
Pond, Chris
Pound, Stephen
Prentice, Ms Bridget (Lewisham E)
Prentice, Gordon (Pendle)
Prescott, Rt Hon John
Purchase, Ken
Quin, Rt Hon Ms Joyce
Quinn, Lawrie
Reed, Andrew (Loughborough)
Reid, Rt Hon Dr John (Hamilton N)
Rendel, David
Roche, Mrs Barbara
Rooker, Rt Hon Jeff
Rooney, Terry
Ross, Ernie (Dundee W)
Rowlands, Ted
Roy, Frank
Ruddock, Joan
Russell, Bob (Colchester)
Russell, Ms Christine (Chester)
Ryan, Ms Joan
Salter, Martin
Sanders, Adrian
Sarwar, Mohammad
Savidge, Malcolm
Sawford, Phil
Sedgemore, Brian
Shaw, Jonathan
Simpson, Alan (Nottingham S)
Singh, Marsha
Skinner, Dennis
Smith, Rt Hon Andrew (Oxford E)
Smith, Angela (Basildon)
Smith, John (Glamorgan)
Smith, Llew (Blaenau Gwent)
Smith, Sir Robert (W Ab'd'ns)
Soley, Clive
Southworth, Ms Helen
Spellar, John
Squire, Ms Rachel
Steinberg, Gerry
Stewart, Ian (Eccles)
Stoate, Dr Howard
Strang, Rt Hon Dr Gavin
Stringer, Graham
Stunell, Andrew
Sutcliffe, Gerry
Swinney, John
Taylor, Rt Hon Mrs Ann
(Dewsbury)
Taylor, Ms Dari (Stockton S)
Taylor, David (NW Leics)
Temple-Morris, Peter
Thomas, Gareth R (Harrow W)
Thomas, Simon (Ceredigion)
Timms, Stephen
Tipping, Paddy
Todd, Mark
Touhig, Don
Trickett, Jon
Turner, Dennis (Wolverh'ton SE)
Turner, Dr Desmond (Kemptown)
Turner, Dr George (NW Norfolk)
Turner, Neil (Wigan)
Twigg, Derek (Halton)
Twigg, Stephen (Enfield)
Tyler, Paul
Tynan, Bill
Walley, Ms Joan
Ward, Ms Claire
Wareing, Robert N
White, Brian
Whitehead, Dr Alan
Wicks, Malcolm
Williams, Rt Hon Alan
(Swansea W)
Williams, Alan W (E Carmarthen)
Williams, Mrs Betty (Conwy)
Willis, Phil
Wills, Michael
Winnick, David
Winterton, Ms Rosie (Doncaster C)
Wood, Mike
Woodward, Shaun
Woolas, Phil
Worthington, Tony
Wright, Anthony D (Gt Yarmouth)
Tellers for the Noes:
Mr. Greg Pope and
Mr. Mike Hall.
Question accordingly negatived.
Lords amendments Nos. 132 to 179 agreed to.
| Next Section
| Index | Home Page |