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| Legal Services Bill [Lords]
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| [SEVENTH AND EIGHTH SITTINGS]
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| Clause 83, page 48, line 24, leave out paragraph (e).
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| | Clause, as amended, Agreed to. |
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| Schedule 11, page 183, line 8, at end insert— |
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| | ‘( ) | Licensing rules may provide for fees to cover the whole cost to the licensing |
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| | authority of dealing with the application, whether the application is granted or |
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| Schedule 11, page 189, line 43, leave out ‘an interest in shares in the body’ and |
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| insert ‘a shareholding in the licensed body, or a parent undertaking of the licensed body,’. |
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| Schedule 11, page 189, line 44, at end insert— |
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| | ‘( ) | if the relevant licensing rules make the provision mentioned in |
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| | paragraph 38(1)(aa) of that Schedule, a non-authorised person has |
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| | under those rules an entitlement to exercise, or control the exercise of, |
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| | voting rights in the licensed body or a parent undertaking of the |
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| | licensed body which exceeds the voting limit,’. |
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| Schedule 11, page 190, line 1, leave out ‘in which non-authorised persons have an |
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| interest’ and insert ‘or a parent undertaking of the licensed body held by non-authorised |
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| Schedule 11, page 190, line 2, at end insert— |
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| | ‘( ) | if the relevant licensing rules make the provision mentioned in |
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| | paragraph 38(1)(c) of that Schedule, the total proportion of voting |
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| | rights in the licensed body or a parent undertaking of the licensed body |
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| | which non-authorised persons are entitled to exercise, or control the |
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| | exercise of, exceeds the limit specified in the rules.’. |
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| | Schedule, as amended, Agreed to. |
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| | Agreed to on division 138 |
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| Schedule 12, page 191, line 24, leave out ‘a’ and insert ‘an independent’. |
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| Schedule 12, page 193, line 24, leave out ‘in shares’. |
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| Schedule 12, page 193, line 26, leave out ‘in shares’. |
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| Schedule 12, page 193, line 29, leave out ‘in shares’. |
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| Schedule 12, page 193, line 31, leave out ‘in shares’. |
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| Schedule 12, page 193, line 32, at end insert— |
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| | ‘( ) | the kinds of non-authorised persons who have an indirect interest in |
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| | Schedule, as amended, Agreed to. |
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| Clause 85, page 49, line 39, leave out ‘persons having an interest in shares,’ and |
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| insert ‘non-authorised persons having an interest or an indirect interest,’. |
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| | Clause, as amended, Agreed to. |
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| | Clauses 86 to 89 Agreed to. |
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| Schedule 13, page 194, line 25, leave out ‘has an interest in’ and insert ‘holds’. |
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| Schedule 13, page 194, line 27, leave out ‘interest in shares’ and insert |
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| Schedule 13, page 194, line 28, leave out ‘has an interest in’ and insert ‘holds’. |
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| Schedule 13, page 194, line 31, leave out ‘interest in shares’ and insert |
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| Schedule 13, page 194, line 32, leave out paragraph (e) and insert— |
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| | ‘( ) | is entitled to exercise, or control the exercise of, voting power in B |
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| | which, if it consists of voting rights, constitutes at least 10% of the |
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| Schedule 13, page 194, line 35, leave out ‘voting power in B’ and insert |
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| ‘entitlement to exercise, or control the exercise of, voting rights in B’. |
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| Schedule 13, page 194, line 36, leave out paragraph (g) and insert— |
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| | ‘( ) | is entitled to exercise, or control the exercise of, voting power in P |
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| | which, if it consists of voting rights, constitutes at least 10% of the |
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| Schedule 13, page 194, line 39, leave out ‘voting power in P’ and insert |
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| ‘entitlement to exercise, or control the exercise of, voting rights in P’. |
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| Schedule 13, page 195, line 15, leave out ‘has an interest in’ and insert ‘holds’. |
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| Schedule 13, page 195, line 16, leave out ‘has an interest in’ and insert ‘holds’. |
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| Schedule 13, page 195, line 19, leave out ‘power’ and insert ‘rights’. |
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| Schedule 13, page 195, line 21, leave out ‘power’ and insert ‘rights’. |
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| Schedule 13, page 196, line 1, leave out ‘an interest in the shares of’ and insert ‘a |
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| Schedule 13, page 196, line 20, after ‘V’, insert ‘(whether or not they are interests |
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| within the meaning of section 72(2A))’. |
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| | Negatived on division 212 |
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| Schedule 13, page 197, line 11, at end insert ‘Licensing rules must provide that, in |
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| determining whether the requirements of sub-paragraph 1 are met, the burden of proof |
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| rests on the person who wishes to hold the restricted interest.’. |
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| Schedule 13, page 197, line 15, leave out ‘an interest in’ and insert ‘holding’. |
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| Schedule 13, page 197, line 18, leave out ‘power’ and insert ‘rights’. |
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| Schedule 13, page 197, line 24, leave out ‘an interest in’ and insert ‘holding’. |
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| Schedule 13, page 197, line 27, leave out ‘power’ and insert ‘rights’. |
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| Schedule 13, page 208, line 29, leave out ‘an interest in shares in a licensed body’ |
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| and insert ‘a shareholding in a licensed body, or in a parent undertaking of a licensed |
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| Schedule 13, page 208, line 31, at end insert— |
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| | ‘(aa) | a non-authorised person may not have an entitlement to exercise, or |
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| | control the exercise of, voting rights in a licensable body, or a parent |
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| | undertaking of a licensable body, which exceeds a limit specified in |
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| | the rules (“the voting limit”);’. |
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| Schedule 13, page 208, line 32, leave out ‘in which non-authorised persons have an |
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| interest’ and insert ‘, or a parent undertaking of a licensed body, held by non-authorised |
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| Schedule 13, page 208, line 34, at end insert— |
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| | ‘(c) | the total proportion of voting rights in a licensed body, or a parent |
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| | undertaking of a licensed body, which non-authorised persons are |
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| | entitled to exercise or control the exercise of, may not exceed a limit |
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| | ( ) | Rules made under any paragraph of sub-paragraph (1) in relation to a licensed |
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| | body and a parent undertaking may specify different limits in relation to the |
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| | licensed body and the parent undertaking.’. |
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| Schedule 13, page 208, line 35, leave out from ‘(1)(a)’ to end of line 37 and insert |
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| ‘or (aa) may provide that references in those rules to a person, in relation to a person’s |
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| shareholding or entitlement to exercise or control the exercise of voting rights, are to— |
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| | (b) | any of the person’s associates, or |
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| | (c) | the person and any of the person’s associates taken together.’. |
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| Schedule 13, page 209, line 2, after ‘body’, insert ‘, or a parent undertaking of a |
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| Schedule 13, page 209, line 4, at end insert ‘or (aa) in relation to the body.’. |
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| Schedule 13, page 209, line 5, leave out from ‘acquires’ to ‘and’ in line 6 and insert |
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| | (a) | a shareholding in the body which exceeds the share limit, or |
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| | (b) | an entitlement to exercise, or control the exercise of, voting rights in |
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| | the body which exceeds the voting limit, |
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| | | must notify the body (and, if the body is a parent undertaking of a licensed |
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| | body, the licensed body)’. |
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| Schedule 13, page 209, line 21, leave out ‘licensed body’ and insert ‘body (and, if |
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| the body is a parent undertaking of a licensed body, the licensed body)’. |
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| Schedule 13, page 209, line 33, leave out paragraph 41. |
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| Schedule 13, page 209, line 38, leave out ‘relevant’. |
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| Schedule 13, page 210, line 2, leave out ‘interest in shares in any body’ and insert |
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| ‘shareholding in a body corporate with a share capital’. |
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| Schedule 13, page 210, line 12, leave out sub-paragraph (3) and insert— |
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| | ‘() | In sub-paragraph (1)(b), references to a person’s shareholding are to be read in |
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| | accordance with paragraph 3(3) or 4(2) (as the case may be).’. |
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| Schedule 13, page 210, line 15, after ‘38(1)(a)’, insert ‘or (aa)’. |
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| Schedule 13, page 210, line 16, leave out from ‘a’ to end of line 17 and insert |
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| | (a) | the person’s shareholding in the body, or a parent undertaking of the |
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| | body, exceeds the share limit, and the body or parent undertaking (as |
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| | the case may be) is a body corporate with a share capital, or |
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| | (b) | the person’s entitlement to exercise or control the exercise of voting |
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| | rights in the body, or a parent undertaking of the body, exceeds the |
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| | voting limit by virtue of the person holding shares in a body corporate |
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| Schedule 13, page 210, line 18, leave out from ‘means’ to end of line 19 and |
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| | ‘(a) | in a case within sub-paragraph (1)(a), the number of shares by which |
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| | the person’s shareholding exceeds the share limit, and |
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| | (b) | in a case within sub-paragraph (1)(b), the number of shares held by the |
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| | person in excess of the number of shares the person could hold without |
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| | the person’s entitlement to exercise, or control the exercise of, voting |
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| | rights exceeding the voting limit.’. |
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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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| Schedule 13, page 210, line 25, leave out ‘relevant’. |
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| Schedule 13, page 213, line 20, at end insert ‘or (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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| 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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| 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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| | Schedule, as amended, Agreed to. |
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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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