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Lord McIntosh of Haringey moved Amendment No. 58:
- Page 72, line 24, leave out from ("have") to end of line 26 and insert ("to disclose to a person ("B") for or with whom A does business in the course of carrying on any regulated or other activity;
On Question, amendment agreed to.
Lord Bach moved Amendment No. 60:
On Question, amendment agreed to.
Clause 145 [Actions for damages]:
Lord Bach moved Amendment Nos. 61:
On Question, amendment agreed to.
Lord Kingsland moved Amendment No. 63:
(b) specify circumstances in which A may withhold information which he would otherwise have to disclose to B;
(c) require A not to use for the benefit of B information A holds which A would otherwise have to use in that way;
(d) specify circumstances in which A may decide not to use for the benefit of B information A holds which A would otherwise have to use in that way.").
Page 72, line 27, leave out subsections (3) and (4).
Page 74, line 21, leave out from beginning to ("subject") in line 23 and insert ("In prescribed cases, a contravention of a rule which would be actionable at the suit of a private person is actionable at the suit of a person who is not a private person,").
After Clause 153, insert the following new clause--
.--(1) Subject to subsections (2) and (3), the Authority is authorised to include in the code issued under section 115 a statement that behaviour of a person which is in conformity with the City Code does not amount to market abuse.
(2) Subsection (1) does not apply in respect of behaviour which satisfies the condition in subsection 114(2)(a).
(3) A statement made under subsection (1) may include such conditions and limitations as the Authority considers appropriate, including conditions and limitations specifying the behaviour and the persons covered by the statement.
(4) The Authority may at any time alter or replace any statement made under subsection (1).
(5) If a person behaves in a way which fulfils the requirements of any statement included pursuant to subsection (1) in the code issued under section 115, that behaviour of his is to be taken, for the purposes of this Act, as not amounting to market abuse.
(6) In this section--
"behaviour of a person which is in conformity with the City Code" means behaviour of a person which in the opinion of the Panel conforms with the responsibilities imposed on that person by the City Code;
"the opinion of the Panel" includes any revised opinion formed by the Panel as a result of any further consideration;
"City Code" means the City Code on Takeovers and Mergers issued by the Panel as applied by the Panel and as amended from time to time by the Panel;
"the Panel" means the Panel on Takeovers and Mergers.").
The noble Lord said: My Lords, I beg to move.
7.3 p.m.
On Question, Whether the said amendment (No. 63) shall be agreed to?
Their Lordships divided: Contents, 144; Not-Contents, 106.
Addington, L.
Alderdice, L.
Ampthill, L.
Anelay of St. Johns, B.
Arran, E.
Astor of Hever, L.
Attlee, E.
Barber, L.
Barker, B.
Bell, L.
Belstead, L.
Blackwell, L.
Blatch, B.
Boardman, L.
Bowness, L.
Brabazon of Tara, L.
Bradshaw, L.
Bridgeman, V.
Brougham and Vaux, L.
Burnham, L. [Teller]
Buscombe, B.
Byford, B.
Caithness, E.
Carnegy of Lour, B.
Carr of Hadley, L.
Cavendish of Furness, L.
Chadlington, L.
Chilver, L.
Clark of Kempston, L.
Colwyn, L.
Cope of Berkeley, L.
Courtown, E.
Cowdrey of Tonbridge, L.
Craigavon, V.
Cranborne, V.
Crathorne, L.
Crickhowell, L.
Cumberlege, B.
Darcy de Knayth, B.
Deedes, L.
Denham, L.
Denton of Wakefield, B.
Dixon-Smith, L.
Donaldson of Lymington, L.
Eccles of Moulton, B.
Eden of Winton, L.
Elliott of Morpeth, L.
Elton, L.
Falkland, V.
Feldman, L.
Fookes, B.
Forsyth of Drumlean, L.
Freeman, L.
Geddes, L.
Glentoran, L.
Goschen, V.
Greaves, L.
Hambro, L.
Hamwee, B.
Hanham, B.
Harris of Greenwich, L.
Haslam, L.
Hayhoe, L.
Henley, L. [Teller]
Hogg, B.
Holderness, L.
Holme of Cheltenham, L.
Howe, E.
Hunt of Wirral, L.
Inglewood, L.
Jacobs, L.
Jenkin of Roding, L.
Jopling, L.
Kelvedon, L.
Kingsland, L.
Kirkham, L.
Laing of Dunphail, L.
Lane of Horsell, L.
Lester of Herne Hill, L.
Luke, L.
McColl of Dulwich, L.
Maddock, B.
Mancroft, L.
Mayhew of Twysden, L.
Miller of Chilthorne Domer, B.
Miller of Hendon, B.
Monson, L.
Montrose, D.
Murton of Lindisfarne, L.
Naseby, L.
Newby, L.
Newton of Braintree, L.
Norfolk, D.
Northbrook, L.
Northesk, E.
Northover, B.
Norton of Louth, L.
Oakeshott of Seagrove Bay, L.
O'Cathain, B.
Onslow, E.
Onslow of Woking, L.
Oxfuird, V.
Park of Monmouth, B.
Parkinson, L.
Pearson of Rannoch, L.
Peel, E.
Pilkington of Oxenford, L.
Platt of Writtle, B.
Plummer of St. Marylebone, L.
Rawlings, B.
Reay, L.
Redesdale, L.
Rees, L.
Renfrew of Kaimsthorn, L.
Roberts of Conwy, L.
Rodgers of Quarry Bank, L.
Roper, L.
Rotherwick, L.
Russell, E.
Saatchi, L.
Scott of Needham Market, B.
Seccombe, B.
Selborne, E.
Selsdon, L.
Sharp of Guildford, B.
Sharples, B.
Shaw of Northstead, L.
Sheppard of Didgemere, L.
Shutt of Greetland, L
Soulsby of Swaffham Prior, L.
Stevens of Ludgate, L.
Stewartby, L.
Stodart of Leaston, L.
Swinfen, L.
Taylor of Warwick, L.
Thomas of Walliswood, B.
Trefgarne, L.
Trumpington, B.
Wallace of Saltaire, L.
Watson of Richmond, L.
Waverley, V.
Wilcox, B.
Willoughby de Broke, L.
Young, B.
Acton, L.
Allenby of Megiddo, V.
Alli, L.
Amos, B.
Archer of Sandwell, L.
Ashton of Upholland, B.
Bach, L. [Teller]
Bassam of Brighton, L.
Berkeley, L.
Billingham, B.
Blackstone, B.
Borrie, L.
Bragg, L.
Brett, L.
Brooke of Alverthorpe, L.
Brookman, L.
Burlison, L.
Burns, L.
Carter, L. [Teller]
Chandos, V.
Christopher, L.
Clarke of Hampstead, L.
Cocks of Hartcliffe, L.
Cohen of Pimlico, B.
Crawley, B.
David, B.
Desai, L.
Diamond, L.
Donoughue, L.
Dubs, L.
Elder, L.
Evans of Temple Guiting, L.
Farrington of Ribbleton, B.
Faulkner of Worcester, L.
Filkin, L.
Gale, B.
Gibson of Market Rasen, B.
Gilbert, L.
Goudie, B.
Gould of Potternewton, B.
Grabiner, L.
Graham of Edmonton, L.
Grenfell, L.
Harris of Haringey, L.
Haskel, L.
Hayman, B.
Hilton of Eggardon, B.
Hollis of Heigham, B.
Howells of St Davids, B.
Howie of Troon, L.
Hughes of Woodside, L.
Hunt of Chesterton, L.
Hunt of Kings Heath, L.
Irvine of Lairg, L. (Lord Chancellor)
Jay of Paddington, B. (Lord Privy Seal)
Jenkins of Putney, L.
Judd, L.
Kennedy of The Shaws, B.
King of West Bromwich, L.
Layard, L.
Lea of Crondall, L.
Lipsey, L.
Macdonald of Tradeston, L.
McIntosh of Haringey, L.
McIntosh of Hudnall, B.
MacKenzie of Culkein, L.
Mallalieu, B.
Marsh, L.
Massey of Darwen, B.
Merlyn-Rees, L.
Milner of Leeds, L.
Molloy, L.
Morris of Castle Morris, L.
Murray of Epping Forest, L.
Nicol, B.
O'Neill of Bengarve, B.
Paul, L.
Peston, L.
Pitkeathley, B.
Prys-Davies, L.
Ramsay of Cartvale, B.
Rendell of Babergh, B.
Renwick of Clifton, L.
Rogers of Riverside, L.
Sawyer, L.
Shepherd, L.
Simon, V.
Stoddart of Swindon, L.
Strabolgi, L.
Symons of Vernham Dean, B.
Tenby, V.
Thornton, B.
Tomlinson, L.
Turner of Camden, B.
Uddin, B.
Walker of Doncaster, L.
Warner, L.
Warwick of Undercliffe, B.
Wedderburn of Charlton, L.
Whitaker, B.
Whitty, L.
Williams of Elvel, L.
Williams of Mostyn, L.
Winston, L.
Young of Old Scone, B.
Resolved in the affirmative, and amendment agreed to accordingly.
7.12 p.m.
[Amendments Nos. 64 and 65 not moved.]
Clause 163 [Appointment of persons to carry out investigations in particular cases]:
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