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

back to previous amendments
 
  
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
 
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 224
 
  
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") 
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) 
  
Clause 247
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254L*     Page 126, line 32, leave out ("person exercising influence over") and insert ("controller of") 
254M*     Page 126, line 35, leave out ("person exercising influence over") and insert ("controller of") 
  
Clause 248
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254N     Page 126, line 41, leave out from ("Tribunal") to end of line 2 on page 127 
  
Clause 249
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254P     Page 127, line 4, at end insert--
 
    ("(  )  If the Authority makes an order under subsection (1), it must give written notice of the order to the manager and trustee of the scheme concerned.")
 
254Q     Page 127, line 14, leave out ("refuses") and insert ("decides to refuse") 
254R     Page 127, line 16, leave out from ("Tribunal") to end of line 18 
  
After Clause 251
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254S     Insert the following new Clause-- 
     (".--(1) A direction 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 direction 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 under section 250, considers that it is necessary for the direction to take effect immediately (or on that date).
 
    (3)  If the Authority proposes to give a direction under section 250, or gives such a direction with immediate effect, it must give separate written notice to the manager and the trustee of the scheme concerned.
 
    (4)  The notice must--
    (a)  give details of the direction;
    (b)  inform the person to whom it is given of when the direction takes effect;
    (c)  state the Authority's reasons for giving the direction and for its determination as to when the direction takes effect;
    (d)  inform the person to whom it is given that he may make representations to the Authority within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
    (e)  inform him of his 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 a person to whom the notice was given, the Authority decides--
    (a)  to give the direction in the way proposed, or
    (b)  if it has been given, not to revoke the direction,
it must give separate written notice to the manager and the trusteee of the scheme concerned.
 
    (7)  If, having considered any representations made by a person to whom the notice was given, the Authority decides--
    (a)  not to give the direction in the way proposed,
    (b)  to give the direction in a way other than that proposed, or
    (c)  to revoke a direction which has effect,
it must give separate written notice to the manager and the trustee of the scheme concerned.
 
    (8)  A notice given under subsection (6) must inform the person to whom it is given of his 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.
 
    (11)  This section applies to the variation of a direction on the Authority's own initiative as it applies to the giving of a direction.")
Procedure on giving directions under section 250 and varying them on Authority's own initiative.
  
Clause 252
 
  
BY THE LORD MCINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 252 stand part of the Bill. 
  
Clause 253
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254T     Page 129, line 18, after ("proposes") insert ("--
    (a)  to vary the direction otherwise than in accordance with the application, or
    (b)")  
 
254U     Page 129, line 20, leave out subsection (2) 
254V     Page 129, line 22, leave out ("refuses") and insert ("decides to refuse") 
254W     Page 129, line 25, leave out subsection (4) 
 
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