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| | shares” to reflect the changes made in these provisions. |
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| Schedule 13, page 210, line 20, leave out sub-paragraph (3) and insert— |
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| | ‘() | References in this paragraph to a person’s shareholding (or holding of shares) |
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| | or entitlement are to be read in accordance with any applicable licensing rules |
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| | made under paragraph 38(2).’. |
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| |
| | Members’ explanatory statement
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| | This amendment brings the reference to associates into line with the changes made to paragraph |
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| | 38(2) pursuant to amendment 166. |
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| |
| | |
| Schedule 13, page 210, line 25, leave out ‘relevant’. |
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| | Members’ explanatory statement
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| | This amendment is related to amendment 171, which deleted the concept of “relevant licensed |
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| | |
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| Schedule 13, page 213, line 20, at end insert ‘or (aa).’. |
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| |
| | Members’ explanatory statement
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| | This amendment is related to amendment 163. It provides that paragraph 50 applies both where |
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| | licensing rules have been made under paragraph 38(1)(a) and paragraph 38(1)(aa). |
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| |
| | |
| Schedule 13, page 213, line 22, leave out from ‘where’ to end of line 24 and insert |
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| ‘a non-authorised person acquires— |
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| | (a) | a shareholding in a licensed body or parent undertaking of a licensed |
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| | body which exceeds the share limit, or |
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| | (b) | an entitlement to exercise, or control the exercise of, voting rights in a |
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| | licensed body or parent undertaking of a licensed body which exceeds |
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| | |
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| | Members’ explanatory statement
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| | This amendment is related to amendment 163 and 180. It provides that the licensing authority may |
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| | notify the Board both where a non-authorised person exceeds the share limit or exceeds the voting |
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| | |
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| Schedule 13, page 213, line 36, at end insert— |
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| | ‘( ) | If the share limit or voting limit is breached in relation to a parent undertaking of |
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| | a licensed body, references in sub-paragraphs (3) and (6) to the licensed body |
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| | include the parent undertaking.’. |
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| |
| | Members’ explanatory statement
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| | This amendment is related to amendments 162 and 163 and 180 and 181. It provides that the par |
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| | ent undertaking must also be notified in the circumstances set out in the amendment. |
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| |
| | |
| Schedule 13, page 214, line 7, at end insert— |
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| | ‘( ) | If the share limit or voting limit is breached in relation to a parent undertaking of |
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| | a licensed body, references in sub-paragraphs (1) and (5) to the licensed body |
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| | include the parent undertaking.’. |
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| |
| | Members’ explanatory statement
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| | This amendment is related to amendments 162 and 163 and 180 and 181. It provides that the par |
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| | ent undertaking must also be notified in the circumstances set out in the amendment. |
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| |
| |
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| Clause 90, page 51, line 10, leave out ‘or has an interest in shares’ and insert ‘or has |
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| an interest or an indirect interest’. |
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| |
| | Members’ explanatory statement
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| | This amendment is related to amendment 111, replacing the reference to a non-authorised person |
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| | who has an interest in shares with a reference to a non-authorised person who has an interest or |
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| | |
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| |
| | |
| Schedule 14, page 214, line 35, leave out paragraph (b). |
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| |
| | Members’ explanatory statement
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| | This amendment removes licensing authorities' power to intervene where a person is appointed |
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| | manager or receiver of a licensed body's property, because insolvency is covered by paragraph |
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| | 1(2)(c). This is consistent with the Law Society’s powers in relation to recognised bodies, as |
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| | amended by Schedule 16 paragraph 113. |
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| Clause 104, page 56, line 30, after ‘body’, insert ‘which is not licensed by the Law |
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| | Members’ explanatory statement
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| | This amendment is intended to reduce any possible ambiguity in this section, to prevent regulatory |
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| | conflict and to simplify the regulatory system while maintaining public protection. |
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| Clause 104, page 56, line 33, after ‘body’, insert ‘which is not licensed by the |
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| Council for Licensed Conveyancers’. |
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| |
| | Members’ explanatory statement
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| | See Members’ explanatory statement to amendment 296. |
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| |
| |
| | |
| Clause 105, page 57, line 5, leave out ‘a’ and insert ‘an independent’. |
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| |
| | Members’ explanatory statement
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| | This amendment is part of a set of amendments that change the Bill’s references to trade unions to |
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| | independent trade unions, as defined in amendment 126. This amendment provides that independ |
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| | ent trade unions have the exemption set out in Clause 105(1). |
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| |
| | |
| Clause 105, page 57, line 7, leave out second ‘a’ and insert ‘an independent’. |
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| |
| | Members’ explanatory statement
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|
| | This amendment is part of a set of amendments that change the Bill’s references to trade unions to |
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| | independent trade unions, as defined in amendment 126. This amendment provides that independ |
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| | ent trade unions have the exemption set out in Clause 105(2). |
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| |
| |
| | |
| Clause 106, page 57, line 10, leave out ‘a’ and insert ‘an independent’. |
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| |
| | Members’ explanatory statement
|
|
| | This amendment is part of a set of amendments that change the Bill’s references to trade unions to |
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| | independent trade unions, as defined in amendment 126. This amendment provides that independ |
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| | ent trade unions may apply for modifications of licensing rules under Clause 106. |
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| |
| | |
| Clause 106, page 57, line 36, leave out ‘in shares’ and insert ‘or an indirect |
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| |
| |
| | Members’ explanatory statement
|
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| | This amendment is related to amendment 111, replacing the reference to non-authorised persons |
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| | who have an interest in shares, with a reference to non-authorised persons who have an interest |
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| | |
| Clause 108, page 59, line 4, leave out subsection (2) and insert— |
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| | ‘(2) | The management condition is that— |
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| | (a) | the number of managers of the body who are non-authorised persons is |
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| | less than 10% of the total number of managers; or |
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| | (b) | the managers who are non-authorised persons who provide services |
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| | directly or indirectly to clients within their own professional training, are |
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| | members of one or more recognised professional bodies.’. |
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| |
| | Members’ explanatory statement
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| | This amendment would create a new low risk category; practices where well regulated profession |
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| | als come together providing services within their own areas of expertise. This amendment would |
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| | provide for the flexibility which could lead to new structures on a low risk first basis and within a |
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| | proportionate regulatory framework. |
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| |
| |
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| |
| | |
| Clause 108, page 59, line 6, leave out subsection (3) and insert— |
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| | ‘(3) | The ownership condition for B satisfying the management condition set out in |
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| | |
| | (a) | the proportion of shares in B in which non-authorised non managers have |
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| | an interest is less than 10%, and |
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| | (b) | the proportion of the voting power in B which non-authorised non |
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| | managers are entitled to exercise, or control the exercise of, is less than |
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| | |
| | (c) | if B has a parent undertaking (“P”)— |
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| | (i) | the proportion of shares in P in which non-authorised non- |
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| | managers have an interest is less than 10%, and |
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| | (ii) | the proportion of the voting power in P which non-authorised |
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| | non-managers are entitled to exercise, or control the exercise of, |
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| | |
| |
| | Members’ explanatory statement
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| | See Members’ explanatory statement for amendment 271. |
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| |
| | |
| Clause 108, page 59, line 7, leave out ‘in which non-authorised persons have an |
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| interest’ and insert ‘held by non-authorised persons’. |
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| |
| | Members’ explanatory statement
|
|
| | This amendment is related to amendment 111. It refines the first branch of the ownership condition |
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| |
| |
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| | for a low risk body, providing that the proportion of shares in B held by non-authorised persons is |
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| | |
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| | |
| Clause 108, page 59, line 9, leave out ‘power’ and insert ‘rights’. |
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| |
| | Members’ explanatory statement
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| | This amendment refines the second branch of the ownership condition for a low risk body, provid |
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| | ing that the proportion of voting rights, rather than voting power, in B which non-authorised per |
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| | sons are entitled to exercise, or control the exercise of, is less than 10%. |
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| |
| | |
| Clause 108, page 59, line 12, leave out ‘in which non-authorised persons have an |
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| interest’ and insert ‘held by non-authorised persons’. |
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| |
| | Members’ explanatory statement
|
|
| | This amendment is related to amendment 111. It refines the third branch of the ownership condi |
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| | tion for a low risk body, providing that the proportion of shares held by a non-authorised person |
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| | in a parent undertaking of B is less than 10%. |
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| |
| | |
| Clause 108, page 59, line 14, leave out ‘power’ and insert ‘rights’. |
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| |
| | Members’ explanatory statement
|
|
| | This amendment refines the third branch of the ownership condition for a low risk body, providing |
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| | that the proportion of voting rights, rather than voting power, in a parent undertaking of B which |
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| | non-authorised persons are entitled to exercise, or control the exercise of, is less than 10%. |
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| |
| |
| |
| |
| | |
| Clause 108, page 59, line 16, at end insert— |
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| | ‘(3A) | The ownership condition for B satisfying the management condition set out in |
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| | paragraph 2(b) is that shares and voting power in B are only held by authorised |
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| | persons or members of recognised professional bodies.’. |
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| |
| | Members’ explanatory statement
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|
| | See Members’ explanatory statement for amendment 271. |
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| |
| |
| |
| |
| | |
| Clause 108, page 59, line 19, at end insert— |
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| | ‘“recognised professional body” means a body (other than an approved |
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| | regulator), incorporated by Royal Charter, which makes provision for— |
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| | (a) | testing the competence of those seeking admission to |
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| | membership of the body as a condition for such admission; and |
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| |
| |
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| | (b) | imposing and maintaining professional and ethical standards for |
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| | its members, as well as imposing sanctions for non-compliance |
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| | |
| |
| | Members’ explanatory statement
|
|
| | See Members’ explanatory statement for amendment 271. |
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| |
| | |
| Clause 108, page 59, leave out lines 20 to 23. |
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| |
| | Members’ explanatory statement
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| | This amendment is related to amendments 120 and 122, which replace the concept of voting power. |
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| | A definition of voting power is therefore no longer needed. |
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| |
| |
| |
| |
| | |
| Clause 108, page 59, line 23, at end add— |
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| | ‘(5) | For the purposes of subsection (4)— |
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| | “member” means a member or member firm as defined by the appropriate |
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| | |
| |
| | Members’ explanatory statement
|
|
| | See Members’ explanatory statement for amendment 271. |
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| |
| |
| | |
| Clause 111, page 60, line 21, leave out ‘in shares’. |
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| |
| | Members’ explanatory statement
|
|
| | This amendment is related to amendment 111. It refines the test for whether a body falls under sub- |
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| | paragraph (d), by replacing the reference to persons “with an interest in shares” with a reference |
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| | to persons “with an interest”. |
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| |
| | |
| Clause 111, page 60, line 24, leave out sub-paragraph (ii) and insert— |
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| | ‘(ii) | are bodies in which persons within paragraphs (a) to (c) are |
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| | entitled to exercise, or control the exercise of, more than 90% of |
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| | |
| |
| | Members’ explanatory statement
|
|
| | This amendment is related to amendment 111. It refines the test for whether a body falls under sub- |
|
| | paragraph (d), providing that where a manager or person with an interest is a body, persons within |
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| | (a) – (c) must exercise or control the exercise of more than 90% of voting rights. |
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| |
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| |
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| |
| | |
| Clause 113, page 61, line 35, at end add— |
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| | ‘(6) | Nothing in this Part is intended to prevent an application to the Solicitors’ |
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| | Compensation Fund for redress in respect of a determination by an ombudsman |
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| | with which a solicitor respondent is unable or unwilling to comply.’.
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| | |
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| |
| |
| | |
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| Schedule 15, page 222, line 35, leave out sub-paragraph (2). |
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| |
| | |
| Schedule 15, page 224, line 29, at end insert— |
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| | | ‘The terms of appointment of the chairman or any other member may provide |
|
| | for the Board to pay, or make payments towards the provision of, a pension, |
|
| | allowance or gratuity to or in respect of that person. |
|
| | | If the Board thinks there are circumstances that make it right for a person |
|
| | ceasing to hold office as chairman or another member to receive compensation, |
|
| | the OLC may pay that person such compensation as the Board may |
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| | |
| |
| | Members’ explanatory statement
|
|
| | This amendment provides that the terms of appointment of the chairman or other ordinary mem |
|
| | bers of the OLC may provide for pensions, allowances or gratuities. It also allows the OLC to pay |
|
| | compensation to the chairman or other ordinary members in certain circumstances. |
|
| |
| | |
| Schedule 15, page 224, line 42, at end insert— |
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| | | ‘The OLC may pay compensation for loss of employment to or in respect of an |
|
| | ombudsman (or former ombudsman), or a member (or former member) of staff |
|
| | appointed under paragraph 11.’. |
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| |
| | Members’ explanatory statement
|
|
| | This amendment allows the OLC to pay compensation to its ombudsmen or former ombudsmen, or |
|
| | to its staff appointed under paragraph 11 of Schedule 15 or former staff, for loss of employment |
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| | |
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| |
| | |
| Schedule 15, page 226, line 15, leave out paragraphs 21 and 22.
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|
| |
| | Members’ explanatory statement
|
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|