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| | | amendments relating to Clauses 71 to 111; amendments relating to Schedules |
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| | | 10 to 14; new Clauses relating to Part 6; amendments relating to Clauses 112 |
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| | | to 161; amendments relating to Schedule 15; remaining new Clauses; |
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| | | amendments relating to Clauses 162 to 214; new Schedules; amendments to |
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| | | Schedules 16 to 24; remaining proceedings on consideration. |
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| | | 3. | Proceedings on consideration shall (so far as not previously concluded) be |
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| | | brought to a conclusion at 9 p.m. at this day’s sitting. |
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| | | 4. | Proceedings on Third Reading shall (so far as not previously concluded) be |
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| | | brought to a conclusion at 10 p.m. at this day’s sitting. |
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| | | The following Notices have been withdrawn: |
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| | Page 59, line 33 [Clause 108], 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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| | Page 59, line 36 [Clause 108], 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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| | | (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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| | Page 59, line 36 [Clause 108], 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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| | Page 59, line 21 [Clause 108], 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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| | Page 59, line 23 [Clause 108], 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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| | | Low risk and professional bodies |
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| | To move the following Clause:— |
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| | | ‘(1) | A licensing authority may apply to the Board to determine the status of a |
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| | | recognised professional body if it is in any doubt as to whether that professional |
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| | | body meets the criteria set down in this Act. |
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| | | (2) | A licensing authority may apply to the Board to determine whether a body “B”, |
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| | | which is “low risk” under section 108(2)(b) should not be treated as low risk if it |
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| | | considers the services to be offered by B are inconsistent with the “professional |
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| | | principles” set out in section 1(3).’. |
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