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House of Commons


Tuesday 28th November 2006


Committee of the whole House




Investment Exchanges and Clearing Houses Bill


Mr Mark Hoban


Withdrawn  1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


Not called  2


Clause  1,  page  1,  line  6,  after ‘any’, insert ‘material’.


Mr Mark Hoban


Withdrawn  8


Clause  1,  page  2,  leave out line 5 and insert ‘need to maintain the competitiveness of


United Kingdom markets,’.


Clause Agreed to.



Mr Mark Hoban


Not called  3


Clause  2,  page  2,  line  16,  after ‘that’, insert ‘, following a change of governance’.


Mr Mark Hoban


Not called  4


Clause  2,  page  2,  line  16,  after ‘any’, insert ‘material’.


Mr Mark Hoban


Not called  5


Clause  2,  page  3,  line  13,  after ‘where’, insert ‘, following a change of governance


in respect of a recognised body,’.


Mr Mark Hoban


Withdrawn  7


Clause  2,  page  3,  line  20,  at end insert ‘, and


Committee of the whole House Proceedings: 28th November 2006



Investment Exchanges and Clearing Houses Bill, continued



specifying those persons which the Authority believes may be affected


by the proposal.’.


Mr Mark Hoban


Withdrawn  9


Clause  2,  page  4,  leave out lines 10 and 11.


Mr Mark Hoban


Not called  6


Clause  2,  page  4,  line  11,  at end add—



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—



the board of the recognised body, or



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





For the purposes of subsection (4) the obtaining of material influence by a person


who is—



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



a wholly owned subsidiary of the recognised body or any such new


holding company,



is not a change of governance.



For the purposes of subsections (4) and (5) “material influence”—



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



is demonstrated if the person exercising material influence acts in a way


otherwise than in accordance with United Kingdom corporate


governance standards.’.


Clause Agreed to.


Clauses 3 to 5 Agreed to.


Bill reported, without Amendment.


Bill read the third time, and passed.


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Revised 29 November 2006