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

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Clause 109
 
  
BY THE LORD EATWELL
THE LORD LIPSEY
 
209*     Page 51, line 4, after ("a") insert ("reasonable and ethical") 
210*     Page 51, line 15, leave out from beginning to second ("the") 
211*     Page 51, line 16, leave out ("as behaviour which") 
  
BY THE LORD McINTOSH OF HARINGEY
 
212     Page 51, line 18, leave out subsection (3) 
  
BY THE LORD EATWELL
THE LORD LIPSEY
 
213*     Page 51, line 22, leave out ("believed") and insert ("held a reasonable belief") 
  
BY THE LORD McINTOSH OF HARINGEY
 
214     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 110
 
  
BY THE LORD EATWELL
THE LORD LIPSEY
 
215*     Page 52, line 15, leave out ("amounts") and insert ("is to be regarded as amounting") 
  
Clause 113
 
  
BY THE LORD McINTOSH OF HARINGEY
 
216*     Page 54, line 2, at end insert ("("A")") 
217*     Page 54, line 5, leave out ("market abuse") and insert ("behaviour which, if engaged in by A, would amount to market abuse") 
218     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.")
 
219     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
 
220     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
 
221     Page 55, line 13, leave out ("impose a penalty on") and insert ("take action against") 
  
Clause 117
 
  
BY THE LORD McINTOSH OF HARINGEY
 
222     Page 55, line 20, leave out ("impose a penalty on") and insert ("take action against") 
223     Page 55, line 27, leave out ("impose a penalty on") and insert ("take action against") 
  
Clause 121
 
  
BY THE LORD McINTOSH OF HARINGEY
 
224     Page 56, leave out lines 37 and 38 
225     Page 56, line 41, at end insert--
 
    ("(  )  Subsections (1) to (3) do not apply to Scotland.
 
    (  )  In relation to Scotland, the Lord Advocate may from time to time, after consultation with the Treasury, issue written guidance for the purpose of helping the Authority to determine the action to be taken in cases where behaviour mentioned in subsection (1) occurs.")
 
  
Schedule 12
 
  
BY THE LORD McINTOSH OF HARINGEY
 
226*     Page 254, line 7, leave out sub-paragraph (6) 
  
Clause 129
 
  
BY THE LORD McINTOSH OF HARINGEY
 
227     Page 60, line 8, leave out from ("of") to end of line 15 and insert ("consumers.") 
  
BY THE BARONESS TURNER OF CAMDEN
 
228     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.")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
229     Page 60, line 35, at end insert--
 
    ("(7)  Consumers" means persons--
    (a)  who use, have used, or are or may be contemplating using, any of the services provided by--
          (i)  authorised persons in carrying on regulated activities; or
          (ii)  persons acting as appointed representatives; or
    (b)  who have rights or interests which--
          (i)  are derived from, or are otherwise attributable to, or
          (ii)  may be adversely affected by,
 
 the use of any such services by other persons. 
     (8)  If an authorised person is carrying on a regulated activity in his capacity as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or are or may be contemplating using services provided by the authorised person in his carrying on of that activity.
 
    (9)  For the purposes of subsection (7) a person who deals with an authorised person in the course of the authorised person's carrying on of a regulated activity is to be treated as using services provided by the authorised person in carrying on those activities.")
 
  
After Clause 129
 
  
BY THE LORD JOFFE
 
230     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 141
 
  
BY THE LORD McINTOSH OF HARINGEY
 
231     Page 66, line 35, after ("include") insert ("--
    (a)  listing rules; or
    (b)")  
 
  
Clause 150
 
  
BY THE LORD McINTOSH OF HARINGEY
 
232     Page 70, line 22, leave out paragraph (c) 
233     Page 70, line 24, leave out paragraph (e) 
  
Clause 152
 
  
BY THE LORD McINTOSH OF HARINGEY
 
234     Page 72, line 3, leave out subsection (4) 
  
Clause 165
 
  
BY THE LORD McINTOSH OF HARINGEY
 
235     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--") 
  
Clause 166
 
  
BY THE LORD McINTOSH OF HARINGEY
 
236*     Page 82, line 30, leave out from beginning to ("a") in line 32 
237*     Page 82, line 32, after ("required") insert ("under this Part") 
  
Clause 173
 
  
BY THE LORD McINTOSH OF HARINGEY
 
238     Page 88, line 10, after ("may") insert ("reasonably") 
239     Page 88, line 12, leave out ("considers reasonable") and insert ("reasonably considers necessary in order to enable it to determine what action it is to take in response to the notice") 
  
Clause 177
 
  
BY THE LORD McINTOSH OF HARINGEY
 
240     Page 89, line 28, leave out from ("of") to ("would") in line 30 and insert ("consumers") 
241     Page 89, line 44, at end insert--
 
    ("(  )  Consumers" means persons who are consumers for the purposes of section 129.")
 
  
Clause 193
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 193 stand part of the Bill. 
  
Clause 209
 
  
BY THE LORD McINTOSH OF HARINGEY
 
242     Page 106, line 27, after ("who") insert ("or an entity which") 
243     Page 106, line 38, at end insert ("; or
    (  )  under section 6 of the 1985 Act for the sequestration of the estate belonging to or held for or jointly by the members of an entity mentioned in subsection (1) of that section.")
 
  
Clause 213
 
  
BY THE LORD McINTOSH OF HARINGEY
 
244*     Page 109, line 37, leave out subsection (6) 
  
Clause 214
 
  
BY THE LORD McINTOSH OF HARINGEY
 
245*     Page 110, line 15, leave out subsection (4) 
  
Clause 216
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
246*     Page 110, line 41, after ("faith") insert ("or reckless") 
  
Schedule 16
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
247*     Page 258, line 23, after ("Authority") insert ("and the Treasury") 
248*     Page 258, line 25, after ("Authority") insert ("and the Treasury") 
249*     Page 259, line 33, leave out sub-paragraph (4) and insert--
 
    ("(4)  The Treasury must lay before each House of Parliament a copy of each report received by them under this paragraph.")
 
250*     Page 260, line 9, after ("faith") insert ("or reckless") 
  
Clause 224
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
251*     Page 115, line 34, leave out subsection (4) 
 
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