House of Lords portcullis
House of Lords
Session 1999-2000
Publications on the internet
Other Bills before Parliament
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 Fifth 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-- 
 Clauses 202 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.
 
  
Clause 202
 
  
BY THE LORD FRASER OF CARMYLLIE
 
241N     Page 102, line 12, at end insert ("unless an appeal has been made to the Tribunal") 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 202 stand part of the Bill. 
  
Clause 203
 
  
BY THE LORD McINTOSH OF HARINGEY
 
241P     Page 102, line 20, leave out ("376(2)") and insert ("(Third party rights)(4)") 
241Q     Page 102, line 21, leave out subsections (2) and (3) 
  
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 222
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
250ZA*    ("(2)  The Ombudsman shall only make a determination in favour of a complainant where he is satisfied that the respondent has breached either or both of-- 
 
    (a)  the Authority's general rules;
    (b)  any relevant provision of the law.")
 
250A     Page 114, line 17, at end insert--
 
    ("(  )  The ombudsman's determination shall be binding on the respondent and the complainant and shall be final.")
 
250B     Page 114, line 20, leave out from ("him") to end of line 29 
  
Clause 223
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
250C*     Page 115, line 3, at end insert ("or negligence") 
  
Clause 224
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
250D*     Page 115, line 32, leave out subsection (3) 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
251     Page 115, line 34, leave out subsection (4) 
  
Clause 225
 
  
BY THE LORD McINTOSH OF HARINGEY
 
252     Page 116, line 27, leave out subsection (6) 
  
After Clause 229
 
  
BY THE LORD McINTOSH OF HARINGEY
 
252VA     Insert the following new Clause-- 
     ("  .--(1)  In this Part "an open-ended investment company" means a collective investment scheme which satisfies both the property condition and the investment condition.
 
    (2)  The property condition is that the property belongs beneficially to, and is managed by or on behalf of, a body corporate ("BC") having as its purpose the investment of its funds with the aim of--
    (a)  spreading investment risk; and
    (b)  giving its members the benefit of the results of the management of those funds by or on behalf of that body.
    (3)  The investment condition is that, in relation to BC, a reasonable investor would, if he were to participate in the scheme--
    (a)  expect that he would be able to realize, within a period appearing to him to be reasonable, his investment in the scheme (represented, at any given time, by the value of shares in, or securities of, BC held by him as a participant in the scheme); and
    (b)  be satisfied that his investment would be realized on a basis calculated wholly or mainly by reference to the value of property in respect of which the scheme makes arrangements.
    (4)  In determining whether the investment condition is satisfied, no account is to be taken of any actual or potential redemption or repurchase of shares or securities under--
Open-ended investment companies.
 
    (a)  Chapter VII of Part V of the Companies Act 1985;
1985 c. 6.
 
    (b)  Chapter VII of Part VI of the Companies (Northern Ireland) Order 1986;
    (c)  corresponding provisions in force in another EEA State; or
    (d)  provisions in force in a country or territory other than an EEA state which the Treasury have, by order, designated as corresponding provisions.
    (5)  The Treasury may by order amend the definition of "an open-ended investment company" for the purposes of this Part.")
S.I. 1986/1032 (N.I.6.)
  
Clause 230
 
  
BY THE LORD McINTOSH OF HARINGEY
 
252WA     Page 118, line 6, leave out subsections (2) and (3) 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
252XA     Page 118, line 15, at end insert ("(otherwise than under other provisions)") 
252YA     Page 118, line 17, after ("repurchased") insert ("in accordance with the scheme") 
252YAA       Page 118, line 17, after ("repurchased") insert ("in accordance with the body corporate's instrument of incorporation") 
252ZA     Page 118, line 17, leave out ("(otherwise than under other provisions)") 
252A     Page 118, line 18, after ("are") insert ("at the request of the participant") 
252AA     Page 118, line 21, leave out ("related to") and insert ("not significantly different from") 
252AB     Page 118, line 22, at end insert--
 
    ("(  )  In subsection (2)(b)(i) participants are only to be regarded as having an entitlement to have their shares or securities redeemed or repurchased where the entitlement is exercisable by the participants.")
 
252AC     Page 118, line 27, at end insert ("or such other territory or country outside the United Kingdom as the Treasury may by order specify") 
252AD     Page 118, line 40, at end insert ("and in relation to any other collective investment scheme means the person, if any, having responsibility under the arrangements constituting the scheme for the day to day management of the property of the scheme") 
  
Clause 231
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
252B     Page 119, line 10, leave out from ("communicate") to end of line 11 and insert ("to a person in the United Kingdom--
    (a)  an invitation to participate in a collective investment scheme; or
    (b)  information which is intended or might reasonably be presumed to be intended to induce any person to do so.")
 
252C     Page 119, line 15, leave out ("capable of having an effect") and insert ("intended or might reasonably be presumed to be intended to be acted on by a person") 
252D     Page 119, line 24, leave out ("otherwise than to the general public") and insert ("to persons of specified descriptions") 
  
BY THE LORD McINTOSH OF HARINGEY
 
253     Page 119, line 25, at end insert--
 
    ("(5A)  The Treasury may by order specify circumstances in which subsection (1) does not apply.
 
    (5B)  An order under subsection (5A) may, in particular, provide that subsection (1) does not apply in relation to communications--
    (a)  of a specified description;
    (b)  originating in a specified country or territory outside the United Kingdom;
    (c)  originating in a country or territory which falls within a specified description of country or territory outside the United Kingdom; or
    (d)  originating outside the United Kingdom.
    (5C)  The Treasury may by order repeal subsection (3).")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
253A     Page 119, line 27, leave out subsection (7) 
  
Clause 235
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
253B     Page 120, line 36, after ("information") insert ("or documents") 
  
BY THE LORD McINTOSH OF HARINGEY
 
254     Page 120, line 40, leave out ("further information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 236
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254A     Page 121, line 10, leave out paragraph (c) 
  
BY THE LORD McINTOSH OF HARINGEY
 
254B     Page 121, line 14, at end insert--
 
    ("(  )  If the Authority makes an order under subsection (1), it must give written notice of the order to the applicant.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254C     Page 121, line 34, leave out from ("redeemed") to end of line 41 and insert ("or be able to realise their units in accordance with and on the terms contained in the trust scheme rules") 
  
Clause 238
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254D     Page 122, line 10, leave out ("refuses") and insert ("decides to refuse") 
254E     Page 122, line 12, leave out ("against the refusal") 
254F     Page 122, line 14, leave out subsection (3) 
  
Clause 244
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254G     Page 125, line 17, leave out from ("by") to ("trust") in line 19 and insert ("such information or documents as may be prescribed by") 
  
BY THE LORD McINTOSH OF HARINGEY
 
254H     Page 125, line 24, after ("Authority") insert (", by written notice,") 
  
Clause 245
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254J     Page 125, line 43, leave out ("refuses") and insert ("decides to refuse") 
254K     Page 126, line 2, leave out subsection (5) 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254KA     Page 126, line 3, at end insert--
 
    ("(  )  If both the trustee and the manager are given a warning or decision notice, neither of them is to be treated as a third party for the purposes of section 375(2) or 376(2).")
 
 
continue to next page
 
House of Lords home page Parliament home page House of Commons home page search page enquiries

© Parliamentary copyright 2000
Prepared 29 March 2000