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

back to previous amendments
 
  
After Clause 323
 
  
BY THE LORD McINTOSH OF HARINGEY
 
262A     Insert the following new Clause-- 
     ("  .--(1)  A person who--
    (a)  describes himself (in whatever terms) as a person to whom the general prohibition does not apply, in relation to a particular regulated activity, as a result of this Part, or
    (b)  behaves, or otherwise holds himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is such a person,
is guilty of an offence if he is not such a person.
 
    (2)  In proceedings for an offence under this section it is a defence for the accused to show that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.
 
    (3)  A person guilty of an offence under this section is liable on summary conviction to imprisonment for a term not exceeding six months or a fine not exceeding level 5 on the standard scale, or both.
 
    (4)  But where the conduct constituting the offence involved or included the public display of any material, the maximum fine for the offence is level 5 on the standard scale multiplied by the number of days for which the display continued.")
False claims to be a person to whom the general prohibition does not apply.
  
Clause 331
 
  
BY THE LORD McINTOSH OF HARINGEY
 
263     Page 173, line 32, leave out ("thinks") and insert ("reasonably considers") 
  
Clause 337
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
263A     Page 176, line 8, at end insert--
    ("(  )  approved persons within the meaning of section 63(13);")
 
263B     Page 176, line 24, at end insert--
    ("(  )  in the case of an approved person--
          (i)  his name; and
          (ii)  the name and address of the authorised person for which the approved person performs a controlled function;")
 
  
Clause 338
 
  
BY THE LORD McINTOSH OF HARINGEY
 
264     Page 178, line 15, at end insert--
    ("(  )  a competent person appointed by the competent authority under section (Appointment by competent authority of persons to carry out investigations);")
 
  
After Clause 342
 
  
BY THE LORD McINTOSH OF HARINGEY
 
265     Insert the following new Clause-- 
     ("  .--(1)  The Authority must take such steps as it considers appropriate to co-operate with other persons (whether in the United Kingdom or elsewhere) who have functions--
    (a)  similar to those of the Authority, or
    (b)  in relation to the prevention or detection of financial crime.
    (2)  Co-operation may include the sharing of information which the Authority is not prevented from disclosing.
 
    (3)  Financial crime" has the same meaning as in section 6.")
Authority's duty to co-operate with others.
  
After Clause 345
 
  
BY THE LORD McINTOSH OF HARINGEY
 
266     Insert the following new Clause-- 
     ("  .--(1)  This section applies where a trust deed has been granted by or on behalf of a debtor who is an authorised person.
 
    (2)  The trustee must, as soon as practicable after he becomes aware that the debtor is an authorised person, send to the Authority--
    (a)  in every case, a copy of the trust deed;
    (b)  where any other document or information is sent to every creditor known to the trustee in pursuance of paragraph 5(1)(c) of Schedule 5 to the 1985 Act, a copy of such document or information.
    (3)  Paragraph 7 of that Schedule applies to the Authority as if it were a qualified creditor who has not been sent a copy of the notice as mentioned in paragraph 5(1)(c) of the Schedule.
 
    (4)  The Authority must be given the same notice as the creditors of any meeting of creditors held in relation to the trust deed.
 
    (5)  A person appointed for the purpose by the Authority is entitled to attend and participate in (but not to vote at) any such meeting of creditors as if the Authority were a creditor under the deed.
 
    (6)  This section does not affect any right the Authority has as a creditor of a debtor who is an authorised person.
 
    (7)  Expressions used in this section and in the 1985 Act have the same meaning in this section as in that Act.")
Authority's powers to participate in proceedings: trust deeds for creditors in Scotland.
  
Clause 360
 
  
BY THE LORD McINTOSH OF HARINGEY
 
267     Page 188, line 13, at end insert--
 
    ("(  )  Individual" includes an entity mentioned in section 361(1)(c).")
 
  
Clause 361
 
  
BY THE LORD McINTOSH OF HARINGEY
 
268     Page 188, line 19, at end insert ("; or
    (c)  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")
 
269     Page 188, line 22, after ("individual") insert ("or entity") 
270     Page 188, line 29, at end insert ("or entity") 
271     Page 188, line 39, at end insert--
 
    ("(  ) "Entity" means an entity which--
    (a)  is, or has been, an authorised person; or
    (b)  is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.")
 
  
Clause 363
 
  
BY THE LORD McINTOSH OF HARINGEY
 
272     Page 190, line 6, leave out ("Schedule 2C to the 1982 Act") and insert ("Part VII") 
  
Clause 367
 
  
BY THE LORD McINTOSH OF HARINGEY
 
273     Page 192, line 4, at end insert--
 
    ("(  )  In the application of subsection (6) to Scotland--
    (a)  in paragraph (a)(ii) for "which the Authority has power to prosecute under this Act" substitute "mentioned in paragraph (a) or (b) of section 384(1)"; and
    (b)  in paragraph (b) omit "which the Secretary of State has power to prosecute under this Act".")
 
  
Clause 369
 
  
BY THE LORD McINTOSH OF HARINGEY
 
274     Page 193, line 39, at end insert--
 
    ("(  )  In the application of subsection (9) to Scotland--
    (a)  in paragraph (a)(ii) for "which the Authority has power to prosecute under this Act" substitute "mentioned in paragraph (a) or (b) of section 384(1); and
    (b)  in paragraph (b) omit "which the Secretary of State has power to prosecute under this Act".")
 
  
Clause 370
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
274A     Page 194, line 6, at end insert--
    ("(  )  in a case within paragraph (b) of that subsection, to whether the person concerned intended, or might reasonably be presumed to have intended, to commit market abuse;")
 
  
Clause 371
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
274B     Page 195, line 14, at end insert--
    ("(  )  in a case within paragraph (b) of subsection (2), to whether the person concerned intended, or might reasonably be presumed to have intended, to commit market abuse")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
275     Page 195, line 25, at end insert--
 
    ("(  )  In the application of subsection (5) to Scotland, in paragraph (b) for "in relation to which this Act confers power to prosecute on the Authority" substitute "mentioned in paragraph (a) or (b) of section 384(1)".")
 
  
Clause 372
 
  
BY THE LORD McINTOSH OF HARINGEY
 
275RA     Page 195, line 31, leave out subsection (3) 
  
Clause 373
 
  
BY THE LORD McINTOSH OF HARINGEY
 
275SA     Page 196, line 1, leave out subsection (3) 
  
Clause 375
 
  
BY THE LORD McINTOSH OF HARINGEY
 
275TA     Page 196, line 25, at end insert--
    ("(  )  state the action which the Authority proposes to take;")
 
275UA     Page 196, line 28, leave out paragraph (c) and insert--
    ("(  )  state whether section (Access to Authority material) applies; and
    (  )  if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.")
 
275VA     Page 196, line 29, leave out subsection (2) 
275WA     Page 196, line 36, leave out ("or copied") 
275XA     Page 196, line 37, at end insert--
 
    ("(  )  The Authority may extend the period specified in the notice.")
 
275YA     Page 196, line 39, leave out ("carry out its proposal") and insert ("give the person concerned a decision notice") 
275ZA     Page 196, line 40, leave out subsection (5) 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
275A     Page 196, line 41, leave out from ("evidence") to end of line 42 and insert ("relating to the matters covered by the warning notice.") 
  
Clause 376
 
  
BY THE LORD McINTOSH OF HARINGEY
 
275B     Page 197, line 5, leave out (", or not to take,") 
275C     Page 197, line 6, after ("relates") insert--
    ("(  )  state whether section (Access to Authority material) applies; and
    (  )  if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it;")
 
275D     Page 197, line 10, at end insert--
 
    ("(1A)  If the decision notice was preceded by a warning notice, the action to which the decision notice relates must be action under the same Part as the action proposed in the warning notice.")
 
275E     Page 197, line 11, leave out subsections (2) and (3) 
275F     Page 197, line 36, leave out subsections (5) to (7) 
275G     Page 198, line 6, at end insert--
 
    ("(8)  The Authority may, before it takes the action to which a decision notice ("the original notice") relates, give the person concerned a further decision notice which relates to different action in respect of the same matter.
 
    (9)  The Authority may give a further decision notice as a result of subsection (8) only if the person to whom the original notice was given consents.
 
    (10)  If the person to whom a decision notice is given under subsection (8) had the right to refer the matter to which the original decision notice related to the Tribunal, he has that right as respects the decision notice under subsection (8).")
 
 
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