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

back to previous amendments
 
  
Clause 27
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 12, line 8, after ("deposit-taker")") insert ("made") 
     Page 12, line 16, leave out from ("returned") to end of line 18 
     Page 12, line 25, at end insert--
 
    ("(6)  Deposit taking" means the regulated activity of accepting deposits which is carried on by way of business.")
 
  
After Clause 27
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Insert the following new Clause-- 
     ("  .--(1)  This section applies to an agreement between a person ("depositor") and another person ("the deposit-taker") made--
    (a)  in the course of carrying on by the deposit-taker of deposit-taking (not in contravention of the general prohibition), but
    (b)  in consequence of something said or done by another person ("the third party") in the course of a regulated activity carried on by the third party in contravention of the general prohibition.
    (2)  If the depositor is not entitled under the agreement to recover without delay any money deposited by him, he may apply to the court for an order directing the deposit-taker to return the money to him.
 
    (3)  The court need not make such an order if it is satisfied that it would not be just and equitable for the money deposited to be returned.
 
    (4)  Agreement", "court" and "deposit-taking" have the respective meanings given in section 27.")
Agreement between depositor and deposit-taker.
  
Clause 28
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 13, line 7, leave out ("conditions are") and insert ("condition is") 
     Page 13, line 8, leave out ("conditions are") and insert ("condition is") 
     Page 13, line 10, leave out from ("retained") to end of line 16 
  
Schedule 3
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 232, line 7, leave out ("its proposed main agent") and insert ("the person proposed as the branch's authorised agent for the purposes of those directives") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 232, line 41, after ("specified;") insert--
    ("  if the EEA right in question derives from the investment services directive, the Authority has forwarded the notice of intention to the host state regulator and informed the firm of that fact;")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 233, line 5, leave out ("or its proposed main agent") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 233, line 17, leave out from ("must") to end of line 18 and insert ("forward the notice of intention to the host state regulator within one month after receiving it and must as soon as practicable inform the firm of that fact.") 
  
Schedule 4
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 234, line 27, at end insert ("; and
 
    (""EEA credit institution" means an EEA firm falling within paragraph 5(b) of Schedule 3 whose authorisation under the first and second banking co-ordination directives covers one or more investment services (within the meaning of the investment services directive).")
 
     Page 234, line 37, at beginning insert ("except where the firm is an EEA credit institution.") 
     Page 234, line 43, after ("right") insert (", or is not entitled to use its EEA right, 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 235, line 12, at end insert--
 
    ("(3)  If, on qualifying for authorisation under this Schedule, a firm has a Part IV permission which includes permission to carry on a permitted activity, the Authority must give a direction cancelling the permission so far as it relates to that activity.
 
    (4)  The Authority need not give a direction under sub-paragraph (3) if it considers that there are good reasons for not doing so.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 235, line 15, leave out ("regulated") and insert ("permitted") 
  
Clause 31
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 14, line 28, leave out ("This section applies") and insert ("A person ceases to be an authorised person") 
     Page 14, line 29, leave out ("an authorised person's") and insert ("his") 
     Page 14, line 31, leave out subsection (2) 
  
Clause 36
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
    ("(5)  The Treasury must publish a draft of any order proposed to be made under subsection (1) in the way appearing to them to be best calculated to bring it to the attention of the public. 
     (6)  The draft must be accompanied by--
    (a)  an explanation of the purpose of the proposed order; and
    (b)  notice that representations about the proposals may be made to the Treasury within a specified time.
    (7)  Before making the proposed order, the Treasury must publish an account in general terms of--
    (a)  the representations made to them in accordance with subsection (6)(b); and
    (b)  their response to them.
    (8)  If the order made by the Treasury differs from the draft published under subsection (5) in a way which is, in the opinion of the Treasury, significant, the Treasury must (in addition to complying with subsection (7)) publish details of the difference.
 
    (9)  Subsections (5) to (8) do not apply if the Treasury consider that the delay involved in complying with them would be prejudical to the interests of consumers.")
 
  
Schedule 6
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 238, line 4, leave out ("an additional permission") and insert ("permission under Part IV") 
     Page 238, line 6, leave out ("additional") and insert ("a Part IV") 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 238, line 15, at end insert--
 
    ("(3)  Specified" means specified in, or in accordance with, an order made by the Treasury.
 
    . The Treasury may by order--
    (a)  vary or remove any of the conditions set out in Parts I and II;
    (b)  add to those conditions.")
 
  
Clause 42
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 18, line 25, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
Clause 43
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 19, line 7, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
Clause 45
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 19, line 27, leave out ("at the request") and insert ("on the application") 
     Page 20, line 1, leave out ("does not consider") and insert ("considers") 
     Page 20, line 2, after ("is") insert ("not") 
  
Clause 46
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 20, line 45, after ("A") insert ("or contravene any other obligation or duty the institution may owe A") 
     Page 21, line 4, after ("instruction") insert ("without reasonable excuse") 
     Page 21, line 15, leave out ("the liquidator") and insert ("a liquidator of A") 
     Page 21, line 18, leave out ("A") and insert ("the Authority") 
  
Clause 52
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 23, line 33, at end insert--
 
    ("(  )  The Authority must allow the authorised person access to the evidence which it has in relation to the matters causing it to propose to exercise the power.
 
    (  )  The Authority's procedures in relation to the giving of warning notices as determined pursuant to section 375 shall apply in relation to the giving of the notice referred to in subsection (3) as if it was a warning notice.
 
    (  )  The Authority's procedures in relation to the giving of decision notices as determined pursuant to section 376 shall apply in relation to the giving of the notice referred to in subsection (4) as if it was a decision notice.")
 
  
Clause 53
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 24, line 13, at end insert--
 
    ("(  )  The Authority must allow the authorised person access to the evidence which it has in relation to the matters causing it to propose to exercise the power.
 
    (  )  The Authority's procedures in relation to the giving of warning notices as determined pursuant to section 375 (other than subsection (3)) shall apply in relation to the giving of the notice referred to in subsection (3) as if it was a warning notice.
 
    (  )  The Authority's procedures in relation to the giving of decision notices as determined pursuant to section 376 shall apply in relation to the giving of the notice referred to in subsection (4) as if it was a decision notice.")
 
  
After Clause 70
 
  
BY THE BARONESS TURNER OF CAMDEN
 
     Insert the following new Clause-- 
     ("  . The Authority may--
    (a)  require all authorised persons carrying on a regulated activity of a specified kind to review their conduct of the activity in relation to a specified category of consumers and report the results to the Authority; and
    (b)  if satisfied as a result of the review that an authorised person has contravened any requirement made by the Authority under this Act, order him to pay compensation to consumers who have suffered loss as a result of such a contravention.")
Review of conduct in regulated activities.
  
Clause 109
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 51, line 18, leave out subsection (3) 
     Page 52, line 1, leave out from ("Behaviour") to end of line 2 and insert ("does not amount to market abuse if it conforms with a rule which includes a provision to the effect that behaviour conforming with the rule does not amount to market abuse.") 
  
Clause 113
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 54, line 6, at end insert--
 
    ("(  )  But the Authority may not impose a penalty on a person if, having considered any representations made to it in response to a warning notice, there are reasonable grounds for it to be satisfied that--
    (a)  he believed, on reasonable grounds, that his behaviour did not amount to market abuse; or
    (b)  he took all reasonable precautions and exercised all due diligence to avoid engaging in market abuse.")
 
     Page 54, line 6, at end insert--
 
    ("(  )  If the Authority is entitled to impose a penalty on a person under this section it may, instead of imposing a penalty on him, publish a statement to the effect that he has engaged in market abuse.")
 
  
Clause 114
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 54, line 19, at end insert--
 
    ("(  )  A statement issued under this section must include an indication of the circumstances in which the Authority is to be expected to regard a person as--
    (a)  having a reasonable belief that his behaviour did not amount to market abuse; or
    (b)  having taken reasonable precautions and exercised due diligence to avoid engaging in market abuse.")
 
  
Clause 116
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 55, line 13, leave out ("impose a penalty on") and insert ("take action against") 
  
Clause 117
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 55, line 20, leave out ("impose a penalty on") and insert ("take action against") 
     Page 55, line 27, leave out ("impose a penalty on") and insert ("take action against") 
  
Clause 129
 
  
BY THE BARONESS TURNER OF CAMDEN
 
     Page 60, line 17, at end insert--
 
    ("(  )  The Authority may make rules under this section to require authorised persons to advise and inform persons referred to in subsection (1) about matters arising during the course of their use of the services referred to in that subsection.")
 
  
After Clause 129
 
  
BY THE LORD JOFFE
 
     Insert the following new Clause-- 
     (". The Authority shall make rules requiring an authorised person who has permission to carry on a regulated life assurance activity to consult and account to with-profits policyholders for--
    (a)  any appropriation of reserves or surplus assets to shareholders, and
    (b)  decisions on the application or investment of assets or reserves which could adversely affect the rights of such policyholders.")
Life assurance business rules.
  
Clause 152
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 72, line 3, leave out subsection (4) 
  
Clause 165
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 81, line 42, leave out from second ("to") to end of line 1 on page 82 and insert ("action to be taken against a person under section 113--") 
 
back to previous page
 
House of Lords home page Parliament home page House of Commons home page search page enquiries

© Parliamentary copyright 2000
Prepared 14 March 2000