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| | [Fifth and Sixth SittingS]
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| | Clause 14, page 19, line 4, after ‘person’, insert ‘or is carrying on a regulated |
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| | activity in a way that could undermine financial stability’. |
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| | Clause 14, page 19, line 20, leave out ‘12’ and insert ‘6’. |
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| | Clause 14, page 19, line 35, at end add— |
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| | | ‘(9) | The Authority must publish a statement that it has exercised powers under this |
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| | | (a) | the name of the authorised person; |
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| | | (b) | details of the permission suspended; and |
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| | | (c) | the period of the suspension.’. |
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| | Clause 14, page 19, line 35, at end add— |
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| | | ‘(9) | Where an unauthorised person refers this matter to the Tribunal in accordance |
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| | | with section 208, the Authority may suspend the permission until the Tribunal has |
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| | | (10) | Where the Authority has exercised its power under subsection (9), it must publish |
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| | | a statement that it has done so.’. |
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| | Clause 16, page 20, line 7, leave out ‘P’ and insert ‘the authorised person’. |
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| | Clause 16, page 20, line 8, leave out ‘P’ and insert ‘the authorised person’. |
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| | Clause 16, page 20, line 10, leave out from ‘P’ to end of line 14 and insert ‘either |
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| | | (ii) | could not reasonably be expected to have known, |
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| | | that P was at that time performing a controlled function without approval, |
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| | | (b) | was instructed to undertake these activities by an authorised person or |
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| | | where the authorised person was a company director or officer, who was |
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| | Clause 16, page 20, line 24, after ‘the’, insert ‘authorised’. |
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| | Clause 16, page 20, line 25, leave out ‘four years’ and insert ‘one year’. |
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| | Clause 16, page 20, line 34, leave out second ‘a’ and insert ‘an authorised’. |
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| | Clause 16, page 20, line 37, leave out second ‘a’ and insert ‘an authorised’. |
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| | Clause 16, page 20, line 40, leave out second ‘a’ and insert ‘an authorised’. |
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| | Clause 16, page 21, line 18, leave out subsection (5). |
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| | Clause 16, page 21, line 23, leave out subsection (7). |
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| | Clause 16, page 21, line 26, leave out from ‘must’ to ‘any’ in line 27 and insert |
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| | Clause 28, page 37, line 14, at end insert— |
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| | | ‘(5A) | The scheme manager may request the Treasury to appoint an auditor in |
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| | | accordance with the regulations set out in 214D(6) to confirm that the expenses |
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| | | have been incurred as a consequence of the exercise of a stabilisation power.’. |
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| | Clause 30, page 46, line 8, at end insert— |
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| | | ‘( ) | The powers in section (1) can only be exercised where the overseas regulator is |
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| | | also able to provide the Authority with corresponding information. |
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| | | ( ) | “Corresponding information” means information the overseas regulator can |
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| | | obtain in respect of financial stability from a person operating in the country or |
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| | | territory of the overseas regulator.’. |
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| | Clause 30, page 46, line 20, at end add— |
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| | | ‘( ) | In pursuit of these powers, the Authority will have regard to section 348.’. |
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| | Clause 31, page 47, line 4, at end add— |
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| | | ‘(10) | The Treasury will lay before Parliament a report on the losses incurred by the |
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| | | person participating in the scheme which are included within the qualifying |
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| | | (11) | The first report will be laid for the period from 26 February 2009 to 30 June 2009 |
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| | | and will be laid six monthly thereafter until the relevant scheme agreement has |
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