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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 Fourth 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 129 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.
 
  
Clause 129
 
  
BY THE LORD McINTOSH OF HARINGEY
 
226D*     Page 60, line 6, after ("activities") insert ("or
    (b)  with respect to the carrying on by them of activities which are not regulated activities,")
 
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
 
228A*     Page 60, line 24, leave out from ("rules") to ("may") in line 25 
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--
 
        9
        10
    (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.")
 
  
BY THE LORD HUNT OF WIRRAL
[As an amendment to Amendment 229]
 
229A     Line 9, leave out from ("to") to end of line 10 
  
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 130
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 130 stand part of the Bill 
  
Clause 131
 
  
BY THE LORD McINTOSH OF HARINGEY
 
230ZA*     Page 61, line 13, leave out subsections (1) and (2) 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
230A     Page 61, line 21, at end insert--
 
    ("(  )  The Authority must give the authorised person written notice of its intention to notify him of an appropriate level under subsection (2)(a) and the provisions of subsections (3) and (4) of section 52 shall apply as if the imposition of that requirement is the taking of action.
 
    (  )  An authorised person who is aggrieved by the imposition of a financial resources requirement under subsection (2)(a) may refer the matter to the Tribunal.")
 
230B*     Page 61, line 39, after ("person") insert ("carrying on a deposit-taking business") 
  
BY THE LORD McINTOSH OF HARINGEY
 
230C*     Page 62, line 4, leave out ("or non-regulated activity rules") 
  
Clause 135
 
  
BY THE LORD McINTOSH OF HARINGEY
 
230D*     Page 63, line 14, at end insert--
 
    ("(2A)  At any time when endorsing rules are in force, and if asked to do so by the Panel, the Authority may exercise its powers under Part IV or section 65 as if failure to comply with an endorsed provision was a ground entitling the Authority to exercise those powers.")
 
230E*     Page 63, line 16, leave out ("IV,") 
230F*     Page 63, line 18, at end insert--
 
    ("(  )  For the purposes of subsections (2A) and (3), a failure to comply with a requirement imposed, or ruling given, under an endorsed provision is to be treated as a failure to comply with the endorsed provision under which that requirement was imposed or ruling was given.")
 
  
Clause 139
 
  
BY THE LORD McINTOSH OF HARINGEY
 
230G*     Page 65, line 6, leave out paragraph (d) 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
230H*     Page 65, line 18, leave out from ("may") to ("the") in line 22 and insert ("only give a direction if it is satisfied that") 
  
Clause 141
 
  
BY THE LORD McINTOSH OF HARINGEY
 
231     Page 66, line 35, after ("include") insert ("--
    (a)  listing rules; or
    (b)")  
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
231XA*     Page 66, line 36, at end insert ("or a non-regulated activity rule") 
  
Clause 146
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
231YA*     Page 68, line 6, after ("2;") insert--
    ("(  )  a statement of the extent to which the Authority has taken into account the matters in section 2(3) in making the proposed rules;")
 
  
After Clause 146
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
231ZA*     Insert the following new Clause-- 
     ("  .--(1)  Within three years of any rules (other than rules which impose fees) being made under this Part, the Authority must carry out a review of such rules to determine whether they continue to be appropriate for the purpose for which they were made.
 
    (2)  If, following such a review, the Authority concludes that the rules in question should be changed in a way which is, in the opinion of the Authority, significant, the Authority must make new rules and the provisions of section 129 shall apply to them.
 
    (3)  If, following a review, the Authority concludes that the rules in question should be approved in the form then in force, or in a form which does not differ from such rules in a way which is, in the opinion of the Authority, significant, it must publish a statement of its conclusions in the way appearing to be best calculated to bring it to the attention of the public.
 
    (4)  The statement of the Authority's conclusions must be accompanied by--
    (a)  a cost benefit analysis;
    (b)  an explanation of the purpose of the rules;
    (c)  a schedule of the changes (if any) proposed to be made to the rules;
    (d)  a statement of the Authority's reasons for believing that the rules continue to be compatible with its general duties under section 2; and
    (e)  a statement that representations about the rules may be made to the Authority within a specified time.
    (5)  Before approving any rules to which subsection (3) applies, the Authority must have regard to any representations made to it in accordance with subsection (4)(e).
 
    (6)  If the rules are approved by the Authority, it must make a statement as to the representations (if any) made to it and its response in general terms.
 
    (7)  If the rules approved by the Authority differ from the rules under review (taking account of the changes referred to in subsection (4)(c)) in a way which is, in the opinion of the Authority, significant--
    (a)  the Authority must publish a statement of the differences; and
    (b)  the statement must be accompanied by a cost benefit analysis.
    (8)  Cost benefit analysis" means an estimate of the costs together with an analysis of the benefits that will arise if the rules under review are approved.
 
    (9)  Rules approved under this section shall be deemed to be made on the date on which the rules are approved.")
Review of Authority rules.
  
Clause 148
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
231A     Page 69, line 39, at end insert--
 
    ("(  )  An authorised person who acts in compliance with guidance given by the Authority shall not be treated as contravening the rules to which it relates or as thereby contravening rules.")
 
  
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) 
233A     Page 70, line 28, leave out from ("a") to end of line 30 and insert ("significantly adverse effect on competition if--
    (a)  they have, or are intended or likely to have, that effect; or
    (b)  the effect that they have, or are intended or likely to have, is to require or encourage behaviour which has, or is intended or likely to have, a significantly adverse effect on competition.
    (  )  If regulating provisions or practices have the effect of requiring or encouraging exploitation of the strength of a market position they are to be taken, for the purposes of this Chapter, to have an adverse effect on competition.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
233B*     Page 70, line 30, at end insert ("or prejudicing the competitive position of the United Kingdom") 
  
Clause 151
 
  
BY THE LORD McINTOSH OF HARINGEY
 
233C     Page 70, line 38, leave out ("significant anti-competitive effect") and insert ("significantly adverse effect on competition") 
233D     Page 71, line 2, leave out ("any significant anti-competitive effect") and insert ("a significantly adverse effect on competition") 
233E     Page 71, line 8, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
  
Clause 152
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
233F*     Page 71, line 42, after ("information") insert ("relevant to the investigation") 
  
BY THE LORD McINTOSH OF HARINGEY
 
234     Page 72, line 3, leave out subsection (4) 
  
Clause 153
 
  
BY THE LORD McINTOSH OF HARINGEY
 
234A     Page 72, line 20, leave out ("consider") and insert ("investigate") 
234B     Page 72, line 27, leave out ("whether, in the opinion of the Commission") and insert ("the Commission's conclusion as to whether") 
234C     Page 72, line 30, leave out ("significant anti-competitive effect") and insert ("significantly adverse effect on competition") 
234D     Page 72, line 34, leave out from ("section") to ("must") in line 35 and insert ("stating the Commission's conclusion that there is a significantly adverse effect on competition") 
234E     Page 72, line 39, leave out ("opinion as to the action, if any, that") and insert ("conclusion as to what action, if any,") 
234F     Page 72, line 42, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234G*     Page 72, line 44, leave out from ("ensure") to second ("the") in line 45 and insert ("that the conclusion it reaches takes into account") 
  
BY THE LORD McINTOSH OF HARINGEY
 
234H     Page 73, line 3, leave out paragraphs (a) and (b) and insert ("its conclusions") 
234J     Page 73, line 7, leave out ("that conclusion or opinion") and insert ("them") 
  
Clause 154
 
  
BY THE LORD McINTOSH OF HARINGEY
 
234K     Page 73, line 12, leave out from ("section") to end of line 13 and insert (" 154(2) which states its conclusion that there is a significantly adverse effect on competition") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234L*     Page 73, line 12, leave out ("153(3)") and insert ("153(2)") 
  
BY THE LORD McINTOSH OF HARINGEY
 
234M     Page 73, line 14, leave out ("opinion,") and insert ("conclusion,") 
234N     Page 73, line 14, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
234P     Page 73, line 24, leave out from ("to") to ("section") in line 25 and insert ("any conclusion of the Commission included in the report because of") 
234Q     Page 73, line 27, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234R*     Page 73, line 40, leave out paragraph (b) 
  
Clause 155
 
  
BY THE LORD McINTOSH OF HARINGEY
 
234S     Page 74, line 25, leave out ("is required or contemplated") and insert ("in the agreement is encouraged") 
234T     Page 74, line 26, leave out ("or practices") 
234U     Page 74, line 29, leave out ("required or contemplated") and insert ("encouraged") 
234V     Page 74, line 30, leave out ("or practices") 
234W     Page 74, line 35, leave out ("required or contemplated") and insert ("encouraged") 
234X     Page 74, line 36, leave out ("or practices") 
 
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