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

back to previous amendments
 
  
Clause 308
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259     Page 160, line 41, leave out paragraph (b) 
  
Clause 314
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259SA     Page 164, line 24, at end insert--
 
    ("(  )  The Authority may extend the period allowed under the notice for making representations.")
 
259TA     Page 164, line 33, at end insert--
 
    ("(  )  If the Authority decides to grant an application by A for the variation or revocation of a requirement, it must give him written notice of its decision.")
 
259UA     Page 164, line 36, at beginning insert ("If") 
259VA     Page 164, line 37, leave out from first ("notice") to end of line 38 and insert ("decides to refuse the application, it must give A a decision notice.") 
259WA     Page 164, line 42, at end insert--
 
    ("(  )  If an application for a variation or revocation of the requirement is refused, the applicant may refer the matter to the Tribunal.
 
    (  )  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.")
 
  
Clause 316
 
  
BY THE LORD FRASER OF CARMYLLIE
 
259XA     Page 165, line 30, leave out ("and in other ways") 
259YA     Page 165, line 31, at end insert--
 
    ("(5)  The Authority shall for the purposes of obtaining the information referred to under subsection (4) above apply for an order from the court which will detail the information sought, the person to whom it is to be provided and the timescale in which it should be given.
 
    (6)  A designated professional body which complies with such an order shall not be liable in any court for any damages arising from breach of contract or tort or any obligation in restitution.")
 
  
Clause 317
 
  
BY THE LORD FRASER OF CARMYLLIE
 
259ZA     Page 166, line 16, at end insert--
 
    ("(  )  If a designated professional body wishes to cease to be designated for the purposes of this Act, it may request the Treasury to revoke its designation as a designated professional body and the Treasury shall comply with such a request.")
 
  
Clause 318
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
259A     Page 166, line 27, leave out ("(7)") and insert ("(6)") 
  
BY THE LORD FRASER OF CARMYLLIE
 
259AA     Page 166, line 37, leave out ("for") 
259AB     Page 166, line 37, leave out ("account") and insert ("disclose") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
259AC*     Page 166, line 38, at end insert ("for or on behalf of his client") 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
259B     Page 166, line 42, leave out from beginning to ("one") in line 43 and insert ("The regulated activity is") 
259C     Page 167, line 4, leave out subsection (7) 
  
Clause 319
 
  
BY THE LORD McINTOSH OF HARINGEY
 
260     Page 167, line 14, at end insert--
 
    ("(  )  A direction under subsection (1) must be published in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
 
    (  )  The Authority may charge a reasonable fee for providing a person with a copy of the direction.
 
    (  )  The Authority must, without delay, give the Treasury a copy of any direction which it gives under this section.")
 
261     Page 167, line 29, after ("use,") insert ("have used or are") 
262     Page 167, line 34, at end insert--
 
    ("(  )  If a member of a profession is carrying on an exempt 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 that person in his carrying on of that activity.")
 
  
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.") 
 
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