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| Thursday 6th November 2008 |
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| New Amendments handed in are marked thus  |
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| Amendments which will comply with the required notice period at their next appearance
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| | The Amendments have been arranged in accordance with the Order of the |
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| | Committee [21st October]. |
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| | Amendment (No. 81) proposed, in page 3, line 35, at the end, to insert the words— |
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| | ‘(ca) | how to determine whether the threshold conditions under section 41(1) |
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| | of the Financial Services and Markets Act 2000 will be breached,’.
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| | Question proposed, That the Amendment be made. |
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| Clause 5, page 3, line 39, leave out paragraph (f). |
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| Clause 5, page 4, line 3, leave out ‘have regard to the code’ and insert ‘comply with |
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| the code or publish an explanation of why they were unable to comply with the code in |
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| good time after their actions,’. |
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| Clause 6, page 4, line 11, leave out ‘and’. |
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| Clause 6, page 4, line 14, at end insert ‘, and |
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| | (d) | those persons whom it considers to have relevant knowledge of those |
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| Clause 6, page 4, line 17, at end insert ‘only after complying with the requirements |
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| set out in subsection (1).’. |
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| Clause 6, page 4, line 18, at end add— |
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| | ‘(5) | The code shall not come into force unless it has been approved by a resolution of |
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| | each House of Parliament.’. |
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| Clause 7, page 4, line 27, leave out ‘not reasonably likely’ and insert ‘highly |
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| Clause 7, page 4, line 38, leave out subsection (6). |
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| Clause 12, page 7, leave out line 4. |
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| Clause 12, page 7, line 5, leave out ‘transferees under share transfer orders’ and |
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| insert ‘banks taken into temporary public ownership under this section’. |
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| Clause 16, page 8, line 10, at end insert— |
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| | ‘(3A) | Subsection (3) has effect notwithstanding any provision in European Union law.’. |
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| Clause 25, page 11, line 23, at end insert ‘— |
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| | (a) | provides for the transfer of securities which were issued by the bank |
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| | before the original instrument and have not been transferred by the |
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| | original instrument or another supplemental share transfer instrument; |
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| Clause 26, page 12, line 2, leave out paragraph (a) and insert— |
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| | ‘(a) | provides for the transfer of securities which were issued by the bank |
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| | before the original order and have not been transferred by the original |
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| | order or another supplemental share transfer order;’. |
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| Clause 26, page 12, line 18, leave out ‘10(2)’ and insert ‘12(2)’. |
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| Clause 27, page 12, line 25, leave out paragraph (a) and insert— |
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| | ‘(a) | provides for the transfer of— |
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| | (i) | securities which were issued by the bank before the original |
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| | order and have been transferred by the original order or a |
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| | supplemental share transfer order, or |
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| | (ii) | securities which were issued by the bank after the original |
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| Clause 31, page 14, line 7, at end insert— |
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| | ‘(3A) | Subsection (3) has effect notwithstanding any provision in European Union law.’. |
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| Clause 39, page 17, line 39, leave out subsection (5). |
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| Clause 41, page 19, line 4, leave out subsection (4). |
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| Clause 44, page 21, line 6, leave out ‘establishing a scheme for’. |
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| Clause 44, page 21, line 7, leave out ‘determining’ and insert ‘establishing a |
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| Clause 44, page 21, line 7, after ‘compensation,’, insert ‘or providing for |
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| transferors to be paid compensation,’. |
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| Clause 44, page 21, line 8, at beginning insert ‘establishing a scheme for’. |
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| Clause 48, page 22, line 13, at end insert— |
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| | ‘(aa) | the Treasury makes a reverse share transfer order under section [Reverse |
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| Clause 48, page 22, line 15, at end insert— |
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| | ‘(ba) | the Bank of England makes a bridge bank reverse share transfer |
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| | instrument under section [Bridge bank: reverse share transfer],’. |
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| Clause 48, page 22, line 17, leave out ‘or’ and insert— |
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| | ‘(ca) | the Bank of England makes a reverse property transfer instrument under |
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| | section [Reverse property transfer],’. |
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| Clause 48, page 22, line 18, at end insert— |
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| | (da) | the Treasury make a reverse property transfer order under section |
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| | [Temporary public ownership: reverse property transfer],’. |
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| Clause 49, page 22, line 23, leave out ‘must’ and insert ‘may’. |
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| Clause 49, page 22, line 25, at end insert ‘; and subsections (2) to (5) apply to an |
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| order which includes provision for an independent valuer.’. |
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| Clause 51, page 23, line 38, leave out ‘and’. |
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| Clause 51, page 23, line 39, at end insert ‘, and— |
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| Clause 52, page 24, line 26, at end insert— |
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| Clause 52, page 24, line 28, leave out from ‘must’ to end of line 31 and insert ‘take |
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| into account such financial assistance provided by the Bank of England or the Treasury |
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| as would have been likely to have been provided to the bank if the SRR powers had not |
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| Clause 53, page 25, line 8, at end insert— |
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| | ‘(2A) | A resolution fund order may include provision for— |
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| | (a) | an independent valuer to make a determination under the order (in which |
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| | case sections 49(2) to (5), 50 and 51 shall apply); |
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| | (b) | valuation principles to be applied in making a determination (in which |
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| | case section 52(2) shall apply).’. |
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| Clause 53, page 25, line 31, at end insert— |
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| | ‘(7) | A resolution fund order and any action taken as a consequence of subsection (3) |
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| | must be consistent with fairness.’. |
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| Clause 54, page 25, line 35, leave out ‘persons other than a transferor’ and insert |
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| ‘pre-transfer creditors and shareholders’. |
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| Clause 54, page 25, line 40, leave out ‘and 50’ and insert ‘to 51’. |
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| Clause 55, page 26, line 35, at end insert— |
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| | ‘(d) | to be determined fairly.’. |
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| Clause 56, page 27, line 6, after ‘order’, insert— |
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| | ‘(a) | shall be made by statutory instrument, and |
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| Clause 65, page 32, line 10, at end insert ‘, where the Treasury is satisfied that not |
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| to do so threatens the stability of, or confidence in, the UK financial system’. |
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| Clause 65, page 32, line 22, leave out subsection (5). |
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| Clause 65, page 32, line 39, after ‘(8)(b),’, insert ‘in order to protect the stability of, |
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| or confidence in, the UK financial systems’. |
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| Clause 65, page 32, line 42, leave out from ‘days’ to ‘beginning’ in line 44. |
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| Page 32, line 7, leave out Clause 65. |
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| Clause 157, page 83, line 3, at end insert— |
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| | ‘(2) | At the end of section 223(3) of the Financial Services and Markets Act 2000 |
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| | (management expenses) add “; |
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| | (c) | under section 214B.”’. |
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| Clause 109, page 57, line 25, leave out subsection (2). |
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