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Session 1999-2000
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Amendments to the Financial Services and Markets Bill

Financial Services and Markets Bill -
Amendments to be debated in the House of Lords

Here you can browse the Amendments to the Financial Services and Markets Bill to be moved in Committee in the House of Lords.

  
Schedule 1
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 216, line 15, leave out paragraph (b) 
     Page 216, line 16, after ("section") insert (" 63 or") 
     Page 216, line 17, leave out ("publishing statements of policy") and insert ("issuing statements") 
     Page 216, line 17, after ("section") insert (" 63,") 
     Page 216, line 18, leave out ("or 311") and insert (", 311 or 319") 
     Page 216, line 19, leave out ("guidance under section 69 or") 
     Page 219, line 19, leave out from ("person") to ("to") in line 20 
     Page 219, line 21, at end insert--
 
    ("(  )  Neither an officer nor an employee of the Authority may be appointed under sub-paragraph (7).")
 
  
Clause 2
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 2, line 18, leave out ("any exercise of its general functions") and insert ("anything done in the discharge of those functions") 
  
Clause 5
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 3, line 16, leave out from ("persons") to end of line 21 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
Clause 9
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 4, line 35, after ("or") insert ("are or may be") 
     Page 4, line 37, leave out from second ("persons") to end of line 39 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
Clause 10
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 5, line 5, at end insert ("or in exercising functions under Part VI") 
  
Clause 12
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 6, line 11, leave out from ("persons") to end of line 16 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
Schedule 4
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 234, line 20, leave out ("has the same meaning as in section 5(3)") and insert ("means persons who are consumers for the purposes of section 129") 
  
Clause 72
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 33, line 5, leave out ("Stock Exchange") and insert ("Authority") 
     Page 33, line 6, at end insert--
 
    ("(  )  Schedule 6A modifies this Act in its application to the Authority when it acts as the competent authority.")
 
     Page 33, line 10, leave out subsections (3) to (8) 
  
Before Schedule 7
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Schedule-- 
 ("SCHEDULE 6A 
 THE AUTHORITY AS COMPETENT AUTHORITY FOR PART VI 
 General 
     1. This Act applies in relation to the Authority when it is exercising functions under Part VI as the competent authority subject to the following modifications. 
 The Authority's general functions 
     2. In section 2--
    (a)  subsection (4)(a) does not apply to listing rules;
    (b)  subsection (4)(c) does not apply to general guidance given in relation to Part VI; and
    (c)  subsection (4)(d) does not apply to functions under Part VI.
 
 Duty to consult 
     3. Section 7 does not apply. 
 Rules 
     4.--(1) Sections 140, 144, 145 and 147 do not apply.
 
    (2)  Section 146 has effect as if--
    (a)  the reference in subsection (2)(c) to the general duties of the Authority under section 2 were a reference to its duty under section (General duty of the competent authority); and
    (b)  section 95 were included in the provisions referred to in subsection (9).
 
 Statements of policy 
     5.--(1) Paragraph 5 of Schedule 1 has effect as if the requirement to act through the Authority's governing body applied also to the exercise of its functions of publishing statements under section 89.
 
    (2)  Paragraph 1 of Schedule 1 has effect as if section 89 were included in the provisions referred to in sub-paragraph (2)(d).
 
 Penalties 
     6. Paragraph 16 of Schedule 1 does not apply in relation to penalties under Part VI (for which separate provision is made by section (Penalties)). 
 Fees 
     7. Paragraph 17 of Schedule 1 does not apply in relation to fees payable under Part VI (for which separate provision is made by section 95). 
 Exemption from liability in damages 
     8. Schedule 1 has effect as if paragraph 19 were omitted (similar provision being made in relation to the competent authority by section 97).") 
  
Schedule 7
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 238, line 25, leave out from beginning to first ("that") in line 27 and insert--
    ("(b)  the Treasury are satisfied that the manner in which, or efficiency with which, the functions are discharged would be significantly improved if they were transferred to the transferee; or
    (c)  the Treasury are satisfied")
 
     Page 238, line 29, leave out paragraphs 2 to 6 
     Page 239, line 27, after ("VI") insert (", IX or XXVI") 
     Page 239, line 28, at end insert--
    ("(  )  for reviews similar to that made, in relation to the Authority, by section 10;
    (  )  imposing on the new authority requirements similar to those imposed, in relation to the Authority, by sections 143, 146 and (Authority's duty to co-operate with others);
    (  )  as to the giving of guidance by the new authority;
    (  )  for the delegation by the new authority of the exercise of functions under Part VI and as to the consequences of delegation;")
 
     Page 239, line 43, at end insert--
 
    ("  . If the Treasury have made an order under paragraph 1 ("the transfer order") they may, by a separate order made under this paragraph, make any provision of a kind that could have been included in the transfer order.")
 
  
After Clause 72
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     (".--(1) In discharging its general functions the competent authority must have regard to--
    (a)  the need to use its resources in the most efficient and economic way;
    (b)  the principle that a burden or restriction which is imposed on issuers of listed securities or on those seeking to have securities admitted to the official list should be proportionate to the benefits, considered in general terms, which are expected to arise from the imposition of that burden or restriction;
    (c)  the desirability of encouraging and facilitating innovation in respect of listed securities;
    (d)  the international character of capital markets and the desirability of maintaining the competitive position of the United Kingdom;
    (e)  the need to minimise the adverse effects on competition of anything done in the discharge of its general functions;
    (f)  the desirability of facilitating competition in relation to listed securities.
    (2)  The competent authority's general functions are--
    (a)  its function of making rules under this Part (considered as a whole);
    (b)  its functions in relation to the giving of general guidance in relation to this Part (considered as a whole);
    (c)  its function of determining the general policy and principles by reference to which it performs particular functions under this Part.")
 
  
Clause 73
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 33, line 30, leave out ("continue to") 
  
Clause 76
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 35, line 4, at end insert--
 
    ("(  )  If the competent authority discontinues or suspends the listing of any securities, the issuer may refer the matter to the Tribunal.")
 
  
Clause 83
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 38, line 25, leave out subsection (6) 
  
Clause 87
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 40, line 6, leave out from ("may") to ("impose") in line 7 
     Page 40, line 8, at end insert--
 
    ("(1A)  If the competent authority is entitled to impose a penalty on a person under subsection (1) in respect of a particular matter it may, instead of imposing a penalty on him in respect of that matter, publish a statement censuring him.
 
    (1B)  Nothing in subsection (1) or (1A) prevents the competent authority from taking any other steps which it has power to take under this Part.")
 
     Page 40, line 9, leave out subsection (2) 
     Page 40, line 14, leave out ("impose a penalty on a person under subsection (1)(b)") and insert ("take action against a person under this section") 
     Page 40, line 16, at end insert ("unless proceedings against that person, in respect of the contravention, were begun before the end of that period.") 
     Page 40, line 19, at end insert ("; and
    (b)  proceedings against a person in respect of a contravention are to be treated as begun when a warning notice is given to him under section 88.")
 
  
Clause 89
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 40, line 31, leave out ("publish") and insert ("issue") 
  
Clause 91
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 91 stand part of the Bill. 
  
Clause 93
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 42, line 7, leave out from beginning to ("if") in line 10 
     Page 42, line 10, after ("information,") insert ("they may include provision") 
 
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