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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 Marshalled List of Amendments to the Financial Services and Markets Bill to be moved in Committee in the House of Lords.

 The amendments have been marshalled in accordance with the instruction of 6th March 2000, as follows-- 
 Clause 1
Schedule 1
Clauses 2 to 20
Schedule 2
Clauses 21 to 29
Schedules 3 and 4
Clauses 30 to 34
Schedule 5
Clauses 35 to 39
Schedule 6
Clauses 40 to 72
Schedule 7
Clauses 73 to 85
Schedule 8
Clause 86
Schedule 9
Clauses 87 to 98
Schedule 10
Clauses 99 to 106
Schedule 11
Clauses 107 to 123
Schedule 12
Clauses 124 to 153
Schedule 13
Clauses 154 to 156
Schedule 14
Clauses 157 to 196
Schedule 15
Clauses 197 to 219
Schedule 16
Clauses 220 to 324
Schedule 17
Clauses 325 to 407
Schedules 18 and 19
Clause 408
 
 [Amendments marked * are new or have been altered] 
Amendment
No.
 
  
Schedule 1
 
  
BY THE LORD McINTOSH OF HARINGEY
 
1     Page 216, line 15, leave out paragraph (b) 
2     Page 216, line 16, after ("section") insert (" 63 or") 
3     Page 216, line 17, leave out ("publishing statements of policy") and insert ("issuing statements") 
4     Page 216, line 17, after ("section") insert (" 63,") 
5     Page 216, line 18, leave out ("or 311") and insert (", 311 or 319") 
6     Page 216, line 19, leave out ("guidance under section 69 or") 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
7*     Page 216, line 24, after ("chairman;") insert--
    ("(  )  a chief executive;")
 
8*     Page 216, line 26, at end insert ("and the chief executive") 
9*     Page 216, line 28, at end insert--
 
    ("(  )  The chief executive must be appointed and be liable to removal from office by the governing body, after consultation with the Treasury.")
 
10*     Page 216, line 30, after ("chairman") insert ("or chief executive") 
11*     Page 216, line 31, leave out from ("person") to end of line 32 and insert ("under this Schedule") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
12     Page 216, line 32, at end insert-- 
 (Director General of the Authority 
     .  The person holding the office of Chief Executive shall be called the "Director General of the Financial Services Authority".") 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
13*     Page 216, line 32, at end insert-- 
 ("Functions of the chairman 
     .--(1)  In this paragraph "the chairman" means the chairman of the Authority appointed under paragraph 2(1)(a) above.
 
    (2)  The chairman shall at least twice in every calendar year consult the Governor of the Bank of England in relation to those matters affecting the general duties of the Authority under this Act.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
14     Page 216, line 34, leave out sub-paragraph (1) and insert--
 
    ("(1)  The Treasury must secure, after consulting the Authority, that the majority of the members of the Authority's governing body are non-executive members.
 
    (1A)  The Authority must secure that a committee of its governing body, consisting solely of the non-executive members, is set up and maintained for the purposes of discharging the functions conferred by paragraph 4.")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
15*     Page 216, line 37, leave out from beginning to end of line 23 on page 217 and insert--
    ("(b)  the non-executive members are to be appointed by the Authority for a term of four years.
 
 Functions of the non-executive members 
     4.--(1)  The non-executive functions are--
    (a)  keeping under review the question of whether the Authority is discharging its functions in accordance with the general duties under this Act;
    (b)  keeping under review the question whether the Authority is, in discharging its functions in accordance with decisions of its governing body, using its resources in the most efficient and economic way;
    (c)  keeping under review the question whether the Authority's internal financial controls secure the proper conduct of its financial affairs; and
    (d)  determining the remuneration of--
          (i)  the chairman of the Authority's governing body; and
          (ii)  the executive members of that body.
    (2)  The functions mentioned in sub-paragraph (1)(c) and those mentioned in sub-paragraph (1)(d) may be discharged by a committee of the non-executive directors.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
16     Page 216, line 40, after ("committee") insert ("referred to in sub-paragraph (1A)") 
17     Page 216, line 42, after ("committee") insert ("referred to in sub-paragraph (1A)") 
18     Page 216, line 43, at end insert--
 
    ("(4)  Sub-paragraph (1A) does not affect the power of the governing body to set up and maintain other committees of the governing body for purposes other than those referred to in sub-paragraph (1A) consisting solely of or of a majority of non-executive members of the governing body.
 
    (5)  The Authority must make arrangements, at its own cost, for the non-executive members of its governing body to obtain independent legal advice in relation to their responsibilities and the performance of their duties as members of the Authority's governing body.")
 
19     Page 217, line 2, at end insert ("referred to in paragraph 3(1A)") 
20     Page 217, line 3, leave out ("non-executive") and insert ("committee's") 
21     Page 217, line 5, leave out ("non-executive") and insert ("committee's") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
22*     Page 217, line 13, at end insert ("; and
    (d)  keeping under review the question of whether in discharging its general functions, the Authority is acting in the way required by sections 2(1) and 2(3)")
 
23     Page 217, line 25, leave out ("The Authority") and insert ("In discharging its functions the Authority may act through its governing body, but it") 
24     Page 217, line 28, leave out ("But") 
25     Page 218, line 40, leave out ("Authority") and insert ("investigator") 
26     Page 218, line 41, leave out ("it") and insert ("he") 
27     Page 218, line 45, leave out ("which the Authority is investigating") and insert ("received by the Authority") 
28     Page 219, line 6, leave out sub-paragraph (3) and insert--
 
    ("(3)  If the investigator decides not to investigate a complaint he must notify the complainant.")
 
29     Page 219, line 8, leave out sub-paragraph (4) and insert--
 
    ("(4)  In a case where the investigator--
    (a)  has reported that a complaint is well-founded, or
    (b)  has criticised the Authority in his report,
the investigator may include in his report a recommendation to the Authority that it takes steps to remedy the matter complained of including, where appropriate, by making an ex-gratia payment.")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
30     Page 219, line 19, leave out from ("person") to ("to") in line 20 
31     Page 219, line 21, at end insert--
 
    ("(  )  Neither an officer nor an employee of the Authority may be appointed under sub-paragraph (7).")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
32     Page 219, line 22, leave out sub-paragraph (8) 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
33     Page 219, line 34, after ("2(3);") insert--
    ("(  )  the costs and expenses incurred by the Authority in the period covered by the report, a break-down of those costs and expenses and a comparison with the corresponding costs and expenses incurred in the previous year;
    (  )  the fees paid to the Authority under rules made under paragraph 17 in the period covered by the report and a comparison with the fees paid in the previous year;
    (  )  a review of the costs incurred by the Authority in the period covered by the report in comparison with the costs incurred by regulators in other jurisdictions;
    (  )  the work of the investigator and any action taken by the Authority in response to criticisms of the Authority's conduct made by the investigator;
    (  )  the operation of the penalties scheme referred to in paragraph 16 in the period covered by the report and a comparison with the operation of the penalties scheme in the previous year;")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
34*     Page 219, line 35, leave out from ("the") to end of line and insert ("Authority may consider relevant") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
35     Page 219, line 37, at end insert--
    ("(  )  any report prepared by the Practitioner Panel or the Consumer Panel which the relevant Panel requests the Authority to include with its report;
    (  )  a report by the investigator on the operation of the complaints scheme in the period covered by the Authority's report;")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
36*     Page 219, line 37, at end insert--
    ("(  )  a report setting out the recommendations of the Practitioner Panel and Consumer Panel established under section 8 of this Act and a statement by the Authority regarding the implementation of those recommendations;")
 
37*     Page 219, line 39, leave out ("the Treasury") and insert ("Parliament") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
38     Page 219, line 42, at end insert--
 
    ("(  )  In exercising its powers and discretions under this Act, the Treasury shall have regard to any representations made and, in particular, to any resolution or report of, or of any committee of, either House of Parliament with regard to any report made by the Authority.")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
39*     Page 219, line 42, at end insert--
 
    ("(  )  A joint committee of both Houses of Parliament will examine all the reports submitted under this section at least once a year.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
40     Page 221, line 43, leave out ("incidental purpose") and insert ("purpose which is necessary or desirable for carrying out its functions") 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
41*     Page 222, line 19, after ("Authority") insert ("or any person acting in the capacity of an agent of the Authority under any provision of this Act") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
THE LORD NEWBY
THE LORD SHARMAN
 
42     Page 222, line 26, after ("faith") insert ("or reckless") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
43     Page 222, line 29, at end insert ("or was in breach of Community law") 
44*     Page 222, line 29, at end insert--
    ("(  )  in the case of the Authority, if the act or omission is shown to have been negligent")
 
  
Clause 2
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
45     Page 1, line 19, at end insert ("; and
    (  )  which does not unnecessarily impair the competitive position of the United Kingdom")
 
  
BY THE BARONESS UDDIN
 
46*     Page 1, line 22, leave out ("awareness") and insert ("confidence") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
47     Page 2, line 2, at end insert ("and market abuse") 
48     Page 2, line 14, leave out from ("markets") to end of line 16 
  
BY THE LORD McINTOSH OF HARINGEY
 
49     Page 2, line 18, leave out ("any exercise of its general functions") and insert ("anything done in the discharge of those functions") 
  
BY THE LORD EATWELL
THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
50     Page 2, line 19, leave out paragraph (g) 
  
BY THE BARONESS TURNER OF CAMDEN
 
51     Page 2, line 20, at end insert--
    ("(h)  the desirability of facilitating as far as possible access to financial services for disadvantaged consumers.")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
52*     Page 2, line 20, at end insert--
    ("(  )  the risks to the financial system as a whole arising from the circumstances of an individual institution")
 
  
Clause 3
 
  
BY THE BARONESS UDDIN
 
53*     Page 2, line 31, at end insert ("monetary and") 
  
BY THE LORD EATWELL
 
54     Page 2, line 32, at end insert ("by preserving both actual stability in the financial system and the reasonable expectation that it will remain stable") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
55     Page 2, line 32, at end insert ("and minimising risks to the stability of the financial system") 
  
BY THE BARONESS UDDIN
 
56*     Page 2, line 37, at end insert ("; and
    (  )  all monetary activities transacted by any financial institution including banking institutions")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
57     Page 2, line 37, at end insert--
 
    ("(  )  Regulated activities" includes authorised persons in so far as they engage in regulated activites.")
 
 
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