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

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Clause 156
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234Y*     Page 75, line 4, leave out ("in writing") 
234YA*     Page 75, line 14, leave out ("without delay") and insert ("before the end of such reasonable period as may be specified") 
234YB*     Page 75, line 35, after ("time") insert ("within the previous six years") 
  
Clause 157
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234YC*     Page 76, line 29, at end insert--
 
    ("(7)  The first person referred to in subsection (5) shall not be liable to any other person for breach of fiduciary duty or any other duty or obligation by reason of his compliance with the obligation imposed by that subsection.")
 
  
Clause 159
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234YD*     Page 77, line 15, leave out ("circumstances suggesting") and insert ("reasonable grounds for suspecting") 
234YE*     Page 77, line 40, leave out ("circumstances suggesting") and insert ("reasonable grounds for suspecting") 
234YF*     Page 78, line 4, leave out ("circumstances suggesting") and insert ("reasonable grounds for suspecting") 
  
Clause 161
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234YG*     Page 79, line 36, after ("believes") insert ("on reasonable grounds") 
234YH*     Page 80, line 5, at end insert ("and provide a copy of such report to the person subject to investigation") 
  
Clause 162
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234YJ*     Page 80, line 35, at end insert--
 
    ("(  )  A requirement under subsection (1) or (2) may be imposed on a person ("A") who is not the person under investigation only after the investigator has given A a copy of a notice which--
    (a)  specifies the provisions under which, and as a result of which, the investigator was appointed; and
    (b)  states the reason for his appointment.")
 
  
Clause 163
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234YK*     Page 81, line 16, after ("satisfied") insert ("on reasonable grounds") 
234YL*     Page 81, line 17, at end insert--
 
    ("(  )  A requirement may only be imposed under subsection (2) on a person ("A") who is not the person under investigation only after the investigator has given A a copy of a notice which--
    (a)  specifies the provisions under which, and as a result of which, the investigator was appointed; and
    (b)  states the reason for his appointment.")
 
  
Clause 164
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
234YM*     Page 81, line 21, after ("considers") insert ("on reasonable grounds") 
234YN*     Page 81, line 30, leave out from ("description") to end of line 31 
234YP*     Page 81, line 34, at end insert--
 
    ("(  )  A requirement under subsection (2) or (3) may be imposed only so far as the investigator concerned reasonably considers the question, provision of information or production of document to be relevant to the purposes of the investigation.
 
    (  )  A requirement under subsection (2) or (3) may only be imposed on A after the investigator has given A a copy of a notice which--
    (a)  specifies the provisions under which, and as a result of which, the investigator was appointed; and
    (b)  states the reason for his appointment.")
 
  
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--") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
235A     Page 82, line 1, at end insert ("or to disciplinary measures taken under Part XIV") 
  
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") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
237A*     Page 82, line 33, at end insert--
 
    ("(  )  Where confidential information is produced or disclosed to an investigating authority under this Part the investigating authority shall keep such information confidential unless it is necessary to disclose such information for the purposes of the proper performance of its functions under this Act.")
 
237B*     Page 82, line 36, after ("banking") insert ("or by virtue of acting in a fiduciary capacity") 
237C*     Page 83, line 4, at end insert ("within the previous six years") 
  
Clause 167
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
237D*     Page 83, line 19, after ("it") insert ("within such reasonable period as is specified in the information request") 
  
BY THE LORD FRASER OF CARMYLLIE
 
237E     Page 84, line 29, leave out ("justice of the peace or a") 
  
Clause 169
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
237F*     Page 85, leave out lines 32 and 33 and insert ("A person may not acquire--") 
237G*     Page 85, leave out line 38 and insert ("unless he has first notified the Authority") 
237H*     Page 85, line 39, leave out ("such step") and insert ("action") 
  
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 181
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
241A*     Page 92, leave out lines 6 and 7 and insert ("A controller of a UK authorised person may not--") 
241B*     Page 92, line 8, leave out ("ceasing") and insert ("cease") 
241C*     Page 92, line 10, leave out ("reducing") and insert ("reduce") 
241D*     Page 92, leave out line 11 and insert ("unless he has first notified the Authority") 
241E*     Page 92, line 13, leave out ("step") and insert ("action") 
  
Clause 182
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
241F*     Page 92, line 33, leave out ("carries out the proposal") and insert ("acquires the control") 
  
Clause 185
 
  
BY THE LORD McINTOSH OF HARINGEY
 
241G*     Page 94, line 28, leave out ("in relation to a regulated activity carried on by the firm") 
  
Clause 188
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 188 stand part of the Bill. 
  
After Clause 188
 
  
BY THE LORD McINTOSH OF HARINGEY
 
241H*     Insert the following new Clause-- 
     (".--(1) A requirement takes effect--
    (a)  immediately, if the notice given under subsection (3) states that that is the case;
    (b)  on such date as may be specified in the notice; or
    (c)  if no date is specified in the notice, when the matter to which it relates is no longer open to review.
    (2)  A requirement may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its power of intervention, considers that it is necessary for the requirement to take effect immediately (or on that date).
 
    (3)  If the Authority proposes to impose a requirement under section 187 on an incoming firm, or imposes such a requirement with immediate effect, it must give the firm written notice.
 
    (4)  The notice must--
    (a)  give details of the requirement;
    (b)  inform the firm of when the requirement takes effect;
    (c)  state the Authority's reasons for imposing the requirement and for its determination as to when the requirement takes effect;
    (d)  inform the firm that it may make representations to the Authority within such period as may be specified in the notice (whether or not it has referred the matter to the Tribunal); and
    (e)  inform it of its right to refer the matter to the Tribunal.
    (5)  The Authority may extend the period allowed under the notice for making representations.
 
    (6)  If, having considered any representations made by the firm, the Authority decides--
    (a)  to impose the requirement proposed, or
    (b)  if it has been imposed, not to rescind the requirement,
it must give it written notice.
 
    (7)  If, having considered any representations made by the firm, the Authority decides--
    (a)  not to impose the requirement proposed,
    (b)  to impose a different requirement from that proposed, or
    (c)  to rescind a requirement which has effect,
it must give it written notice.
 
    (8)  A notice given under subsection (6) must inform the firm of its right to refer the matter to the Tribunal.
 
    (9)  A notice under subsection (7)(b) must comply with subsection (4).
 
    (10)  If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.")
Procedure on exercise of power of intervention.
  
Clause 189
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 189 stand part of the Bill. 
  
Clause 192
 
  
BY THE LORD McINTOSH OF HARINGEY
 
241J     Page 99, line 3, at end insert--
 
    ("(2A)  Section (Procedure on exercise of power of intervention) applies to the exercise of the power of the Authority on its own initiative to vary a requirement as it applies to the imposition of a requirement.
 
    (2B)  If the Authority proposes to refuse an application for the variation or rescission of a requirement, it must give the applicant a warning notice.")
 
241K     Page 99, line 4, leave out from ("Authority") to end of line 5 and insert ("decides to refuse an application for the variation or rescission of a requirement--") 
241L     Page 99, line 6, leave out ("that person written notice of the refusal") and insert ("the applicant a decision notice") 
  
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 199
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
241M*     Page 101, line 19, at end insert--
 
    ("(  )  The Authority may not in respect of any contravention of a statement of principle or code of practice with respect to the conduct expected of an authorised person or an approved person require a person to pay a penalty under this section.")
 
  
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.")
 
 
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