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

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Clause 254
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254X*     Page 129, line 32, leave out from ("give") to end of line and insert ("separate written notices of its decision to the manager and the trustee of the scheme") 
  
Clause 255
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254Y*     Page 129, line 37, after ("that") insert ("it is desirable in order to protect the interests of participants or potential participants that") 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 255 stand part of the Bill. 
  
Clause 259
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254YA     Page 133, line 34, leave out subsection (5) 
254YB     Page 133, line 38, leave out subsection (7) 
  
Clause 261
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254YC     Page 134, line 19, leave out subsections (4) to (9) 
254YD     Page 135, line 10, at end insert ("and sections (Procedure on giving directions under section 261 and varying them on Authority's own initiative) and (Procedure on application for variation or revocation of direction)") 
  
After Clause 261
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254YE     Insert the following new Clause-- 
     ("  .--(1)  A direction under section 261 takes effect--
    (a)  immediately, if the notice given under subsection (3)(a) 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 its reasons for exercising its power under section 261, 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 261, or gives such a direction with immediate effect, it must--
    (a)  give the operator of the scheme concerned written notice; and
    (b)  inform the competent authorities in the scheme's home State of its proposal or (as the case may be) of the direction.
    (4)  The notice must--
    (a)  give details of the direction;
    (b)  inform the operator 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 operator 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)  Subsection (7) applies if, having considered any representations made by the operator, the Authority decides--
    (a)  to give the direction in the way proposed, or
    (b)  if it has been given, not to revoke the direction.
    (7)  The Authority must--
    (a)  give the operator of the scheme concerned written notice; and
    (b)  inform the competent authorities in the scheme's home State of the direction.
    (8)  Subsection (9) applies 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.
    (9)  The Authority must--
    (a)  give the operator of the scheme concerned written notice; and
    (b)  inform the competent authorities in the scheme's home State of its decision.
    (10)  A notice given under subsection (7)(a) must inform the operator of his right to refer the matter to the Tribunal.
 
    (11)  A notice under subsection (9)(a) given as a result of subsection (8)(b) must comply with subsection (4).
 
    (12)  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.
 
    (13)  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 261 and varying them on Authority's own initiative.
254YF     Insert the following new Clause-- 
     ("  .--(1)  If, on an application under subsection (10) or (11) of section 261, the Authority proposes--
    (a)  to vary a direction otherwise than in accordance with the application, or
    (b)  to refuse the application,
it must give the operator of the scheme concerned a warning notice.
 
    (2)  If, on such an application, the Authority decides--
    (a)  to vary a direction otherwise than in accordance with the application, or
    (b)  to refuse the application,
it must give the operator of the scheme concerned a decision notice.
 
    (3)  If, on such an application, the Authority decides to grant the application it must give the operator of the scheme concerned written notice.
 
    (4)  If the Authority decides on its own initiative to revoke a direction given under section 261 it must give the operator of the scheme concerned written notice.
 
    (5)  The Authority must inform the competent authorities in the scheme's home State of any notice given under this section.")
Procedure on application for variation or revocation of direction.
  
Clause 262
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254YG     Page 135, line 30, after ("Authority") insert (", by written notice,") 
  
Clause 263
 
  
BY THE LORD McINTOSH OF HARINGEY
 
254YH     Page 136, line 36, leave out ("refuses") and insert ("decides to refuse") 
254YJ     Page 136, line 39, leave out subsection (4) 
  
Clause 264
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254YK*     Page 137, line 26, at end insert--
 
    ("( ) If the scheme takes the form of an open-ended investment company it must have a depository or, if it does not take that form, a trustee or depository.")
 
  
Clause 265
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
254YL*     Page 138, line 14, leave out ("person exercising influence over") and insert ("controller of") 
254YM*     Page 138, line 19, leave out ("person exercising influence over") and insert ("controller of") 
  
Clause 266
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255     Page 138, line 32, leave out ("further information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 267
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255A     Page 138, line 45, at end insert--
 
    ("(  )  If the Authority makes an order under section 264(1), it must give written notice of the order to the applicant.")
 
  
Clause 268
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255B     Page 139, line 3, leave out ("refuses") and insert ("decides to refuse") 
  
Clause 269
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255C     Page 139, line 10, after ("Authority") insert (", by written notice,") 
255D     Page 139, line 12, leave out ("notified") insert ("given written notice to") 
255E     Page 139, line 13, leave out ("the proposal is not approved") and insert ("it has decided to refuse approval") 
  
Clause 272
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255F     Page 140, line 7, leave out subsection (3) 
  
After Clause 273
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255G     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 273, 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 273, or gives such a direction with immediate effect, it must give separate written notice to the operator and (if any) the trustee or depositary 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 operator and (if any) the trustee or depositary 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 operator and (if any) the trustee or depositary 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 273 and varying them otherwise than as requested.
  
Clause 274
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 274 stand part of the Bill. 
  
Clause 275
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 275 stand part of the Bill. 
  
Clause 282
 
  
BY THE LORD McINTOSH OF HARINGEY
 
256     Page 145, line 43, leave out ("additional information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 284
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
256A*     Page 146, line 33, at end insert (", reckless or negligent") 
256B*     Page 146, line 36, at end insert ("or was in breach of Community law") 
  
Clause 290
 
  
BY THE LORD McINTOSH OF HARINGEY
 
257     Page 150, line 2, after first ("it") insert ("reasonably") 
  
Clause 292
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
257A*     Page 151, line 12, at end insert--
 
    ("(  )  During the period for making representations, the recognised body shall be given access to the information and documents which the Authority has relied on in deciding on its proposed action.")
 
  
Clause 293
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
257B*     Page 151, line 41, leave out ("of any relevant complaint") and insert ("by an independent person of complaints") 
257C*     Page 151, line 43, leave out subsection (2) and insert--
 
    ("(  )  The arrangements made by the Authority must provide for the investigator to report to the Authority on the result of his investigation and, if he considers a complaint to be well-founded, to make recommendations to the Authority on the steps (if any) which the recognised body should take to remedy the matter complained of.
 
    (  )  If the investigator reports to the Authority that a complaint is well-founded, the Authority may direct the recognised body to take specified steps in response to the investigator's report.
 
    (  )  Specified steps may include the payment by the recognised body of a specified sum or specified sums to a specified person or specified persons.
 
    (  )  Independent" means appearing to the Authority to be independent of the recognised body.
 
    (  )  Specified" means specified by the Authority.")
 
  
Clause 301
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
257D*     Page 156, line 29, at beginning insert ("in his view reasonably") 
257E*     Page 156, line 32, after ("information") insert ("which in the Director's view reasonably relates to any matter relevant to the investigation") 
  
BY THE LORD McINTOSH OF HARINGEY
 
258     Page 156, line 36, leave out subsection (4) 
 
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