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

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Clause 23
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
104     Page 10, line 30, at end insert--
 
    ("(  )  Subsection (1) does not apply in the case of an oral communication which does not constitute an invitation to engage in investment activity.")
 
  
Clause 24
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
105     Page 10, line 34, leave out ("purchaser")") and insert ("counter-party")") 
106     Page 10, line 35, leave out ("purchaser") and insert ("counter-party") 
  
Clause 25
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
107     Page 11, line 8, leave out ("purchaser")") and insert ("counter-party")") 
108     Page 11, line 9, leave out ("purchaser") and insert ("counter-party") 
  
Clause 26
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
109     Page 11, line 26, leave out ("conditions are") and insert ("condition is") 
110     Page 11, line 31, leave out ("conditions are") and insert ("condition is") 
111     Page 11, line 33, leave out from ("retained") to end of line 39 
112     Page 11, line 40, leave out ("purchaser") and insert ("counter-party") 
  
Clause 27
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
113     Page 12, line 8, after ("deposit-taker")") insert ("made") 
114     Page 12, line 16, leave out from ("returned") to end of line 18 
115     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
 
116     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
 
117     Page 13, line 7, leave out ("conditions are") and insert ("condition is") 
118     Page 13, line 8, leave out ("conditions are") and insert ("condition is") 
119     Page 13, line 10, leave out from ("retained") to end of line 16 
  
Schedule 3
 
  
BY THE LORD McINTOSH OF HARINGEY
 
120*     Page 230, line 49, leave out paragraph (b) 
121     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
 
122     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
 
123     Page 233, line 5, leave out ("or its proposed main agent") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
124     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 McINTOSH OF HARINGEY
 
125     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") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
126     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)")
 
127     Page 234, line 37, at beginning insert ("except where the firm is an EEA credit institution,") 
128     Page 234, line 43, after ("right") insert (", or is not entitled to use its EEA right,") 
  
BY THE LORD McINTOSH OF HARINGEY
 
129*     Page 234, line 43, at end insert ("in the manner in which it is seeking to carry it on") 
130     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
 
131     Page 235, line 15, leave out ("regulated") and insert ("permitted") 
  
BY THE LORD McINTOSH OF HARINGEY
 
132*     Page 235, line 20, leave out sub-paragraph (3) 
  
Clause 30
 
  
BY THE LORD McINTOSH OF HARINGEY
 
133     Page 14, leave out line 24 
  
Clause 31
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
134     Page 14, line 28, leave out ("This section applies") and insert ("A person ceases to be an authorised person") 
135     Page 14, line 29, leave out ("an authorised person's") and insert ("his") 
136     Page 14, line 31, leave out subsection (2) 
  
Clause 36
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
137    Page 15, line 30, at end insert-- 
("(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 McINTOSH OF HARINGEY
 
138*     Page 237, line 25, leave out from beginning to ("the") in line 26 and insert--
 
    ("(2)  In reaching that opinion, the Authority may--
    (a)  take into account the person's membership of a group and any effect which that membership may have; and
    (b)  have regard to--
          (i)")  
 
139*     Page 237, line 26, after ("makes") insert ("and, if he is a member of a group, which other members of the group make") 
140*     Page 237, line 28, after ("manages") insert ("and, if he is a member of a groups, which other members of the group manage") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
141     Page 238, line 4, leave out ("an additional permission") and insert ("permission under Part IV") 
142     Page 238, line 6, leave out ("additional") and insert ("a Part IV") 
  
BY THE LORD McINTOSH OF HARINGEY
 
143     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 40
 
  
BY THE LORD McINTOSH OF HARINGEY
 
144*     Page 17, line 25, at end insert--
 
    ("(  )  If the applicant--
    (a)  is a person to whom, in relation to a particular regulated activity, the general prohibition does not apply as a result of Part XIX, but
    (b)  has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.")
 
  
Clause 41
 
  
BY THE LORD McINTOSH OF HARINGEY
 
145*     Page 17, line 43, at end insert--
 
    ("(  )  A requirement may be imposed by reference to the person's relationship with--
    (a)  his group; or
    (b)  other members of his group.")
 
  
Clause 42
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
146     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
 
147     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
 
148     Page 19, line 27, leave out ("at the request") and insert ("on the application") 
149     Page 20, line 1, leave out ("does not consider") and insert ("considers") 
150     Page 20, line 2, after ("is") insert ("not") 
  
Clause 46
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
151     Page 20, line 45, after ("A") insert ("or contravene any other obligation or duty the institution may owe A") 
152     Page 21, line 4, after ("instruction") insert ("without reasonable excuse") 
153     Page 21, line 15, leave out ("the liquidator") and insert ("a liquidator of A") 
154     Page 21, line 18, leave out ("A") and insert ("the Authority") 
  
Clause 49
 
  
BY THE LORD McINTOSH OF HARINGEY
 
155     Page 22, line 28, after ("may") insert ("reasonably") 
156     Page 22, line 30, leave out ("further information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
 
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