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Notices of Amendments given up to and including Friday 24th November 2006 Committee of the whole House Investment Exchanges and Clearing Houses Bill Mr Mark Hoban 1 Clause 1, page 1, line 6, after ‘where’, insert ‘, from the effective date of this section and following a change of governance of a recognised body, such’. Mr Mark Hoban 2 Clause 1, page 1, line 6, after ‘any’, insert ‘material’. Mr Mark Hoban 8 Clause 1, page 2, leave out line 5 and insert ‘need to maintain the competitiveness of United Kingdom markets,’. Mr Mark Hoban 3 Clause 2, page 2, line 16, after ‘that’, insert ‘, following a change of governance’. Mr Mark Hoban 4 Clause 2, page 2, line 16, after ‘any’, insert ‘material’. Mr Mark Hoban 5 Clause 2, page 3, line 13, after ‘where’, insert ‘, following a change of governance in respect of a recognised body,’. Mr Mark Hoban 7 Clause 2, page 3, line 20, at end insert ‘, and (d) specifying those persons which the Authority believes may be affected by the proposal.’. Mr Mark Hoban 9 Clause 2, page 4, leave out lines 10 and 11. Mr Mark Hoban 6 Clause 2, page 4, line 11, at end add— ‘(4) In sections 300A and 300D “change of governance” means, in respect of a recognised body, the obtaining of material influence by a person who did not previously exercise material influence over— (a) the board of the recognised body, or (b) the board of any person who (whether directly or by means of holding control over one or more other persons) has control over the recognised body. (5) For the purposes of subsection (4) the obtaining of material influence by a person who is— (a) a new holding company where the interests of the members of the new holding company are the same as, and held in the same proportions as, the members of the recognised body (or the holding company of the recognised body, as the case may be) immediately prior to such company becoming the new holding company, or (b) a wholly owned subsidiary of the recognised body or any such new holding company, is not a change of governance. (6) For the purposes of subsections (4) and (5) “material influence”— (a) means the power (whether directly or indirectly and whether by the ownership of share capital, the possession of voting power, contract or otherwise) to appoint or remove all such members of the board of directors or other governing body of a person as are able to cast 50 per cent. or more of the votes capable off being cast by the members of the board or governing body on all, or substantially all, matters, or otherwise to have (or have the power to have) material influence over the policies and affairs of that person; and (b) is demonstrated if the person exercising material influence acts in a way otherwise than in accordance with United Kingdom corporate governance standards.’. |
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| © Parliamentary copyright 2006 | Prepared: 27 November 2006 |