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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 Second 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 2 to 20
Schedule 2
Clauses 21 to 29
Schedules 3 and 4
Clauses 30 to 34
Schedule 5
Clauses 35 to 39
Schedule 6
Clauses 40 to 72
Schedule 7
Clauses 73 to 85
Schedule 8
Clause 86
Schedule 9
Clauses 87 to 98
Schedule 10
Clauses 99 to 106
Schedule 11
Clauses 107 to 123
Schedule 12
Clauses 124 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 2
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
47     Page 2, line 2, at end insert ("and market abuse") 
48     Page 2, line 14, leave out from ("markets") to end of line 16 
  
BY THE LORD McINTOSH OF HARINGEY
 
49     Page 2, line 18, leave out ("any exercise of its general functions") and insert ("anything done in the discharge of those functions") 
  
BY THE LORD EATWELL
THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
50     Page 2, line 19, leave out paragraph (g) 
  
BY THE BARONESS TURNER OF CAMDEN
 
51     Page 2, line 20, at end insert--
    ("(h)  the desirability of facilitating as far as possible access to financial services for disadvantaged consumers.")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
52     Page 2, line 20, at end insert--
    ("(  )  the risks to the financial system as a whole arising from the circumstances of an individual institution")
 
  
Clause 3
 
  
BY THE BARONESS UDDIN
 
53     Page 2, line 31, at end insert ("monetary and") 
  
BY THE LORD EATWELL
 
54     Page 2, line 32, at end insert ("by preserving both actual stability in the financial system and the reasonable expectation that it will remain stable") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
55     Page 2, line 32, at end insert ("and minimising risks to the stability of the financial system") 
  
BY THE BARONESS UDDIN
 
56     Page 2, line 37, at end insert ("; and
    (  )  all monetary activities transacted by any financial institution including banking institutions")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
57     Page 2, line 37, at end insert--
 
    ("(  )  Regulated activities" includes authorised persons in so far as they engage in regulated activites.")
 
  
Clause 4
 
  
BY THE BARONESS UDDIN
 
58     Page 2, line 39, leave out ("understanding of the") and insert ("confidence in the monetary and") 
  
Clause 5
 
  
BY THE LORD BORRIE
THE BARONESS WILCOX
 
59     Page 3, line 14, after ("take") insert ("reasonable") 
  
BY THE BARONESS TURNER OF CAMDEN
 
60     Page 3, line 15, at end insert ("; and
    (e)  the responsibility of the seller for ensuring that, as far as possible, a proposed product is suitable for the consumer")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
61     Page 3, line 15, at end insert ("; and
    (e)  the interests of--
          (i)  individuals who are disabled or chronically sick;
          (ii)  individuals who are of pensionable age;
          (iii)  individuals with low incomes; and
          (iv)  individuals residing in rural areas,
but that is not to be taken as implying that regard may not be had to the interests of other descriptions of consumer")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
62     Page 3, line 16, leave out from ("persons") to end of line 21 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
Clause 6
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
63     Page 3, line 22, after ("crime") insert ("and market abuse") 
64     Page 3, line 26, at end insert ("or market abuse") 
65     Page 3, line 30, at end insert ("or market abuse") 
66     Page 3, line 33, leave out ("prevent") and insert ("reduce the risk of their businesses being used for") 
67     Page 3, line 33, at end insert ("or market abuse") 
68     Page 3, line 36, at end insert--
 
    ("(  )  In considering that objective the Authority must also, so far as practicable, alert regulated persons to the activities and identities of those engaged in financial crime or market abuse.")
 
  
BY THE BARONESS UDDIN
 
69     Page 3, line 41, at end insert ("; or
    (d) improperly obtaining a pecuniary advantage by delaying or failing to clear bills of exchange in an expeditious manner")
 
  
Clause 7
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
70     Page 4, line 5, leave out ("practitioners and consumers") and insert ("authorised persons, consumers and other practitioners") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
71     Page 4, line 5, after ("on") insert--
    ("(a)  whether any proposed rules, codes, general guidance or statements, or amendments to them, are appropriate in light of the Authority's general duties; and
    (b)")
 
  
Clause 8
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
72     Page 4, line 16, leave out subsection (5) and insert--
 
    ("(5) The Authority must appoint to the Practitioner Panel persons including those individuals who are--
    (a)  authorised persons;
    (b)  approved persons;
    (c)  persons representing the interests of authorised persons through trade associations or trade bodies or other similar bodies;
    (d)  persons representing the interests of recognised investment exchanges;
    (e)  persons representing recognised clearing houses; and
    (f)  such other persons as the Authority may from time to time consider appropriate.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
73     Page 4, line 21, at end insert--
 
    ("(  )  Before appointing any person to the Practitioner Panel, the Authority must consult such persons representing the interests of practitioners as it considers appropriate, with a view to identifying candidates for appointment to the Practitioner Panel.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
74     Page 4, line 21, at end insert--
 
    ("(  )  No rule, code, general guidance, statement, scheme or other matter which, under this Act, is required to be published in draft for public consultation shall be so published unless the Practitioner Panel has been given a reasonable opportunity to make representations on the draft rule, code, general guidance, statement, scheme or other matter proposed to be published.")
 
  
BY THE LORD KINGSLAND
 
74A     Page 4, line 21, at end insert--
 
    ("(  )  The Authority shall give reasons in circumstances where it intends to proceed against the Practitioner Panel's advice.")
 
  
Clause 9
 
  
BY THE LORD McINTOSH OF HARINGEY
 
75     Page 4, line 35, after ("or") insert ("are or may be") 
  
BY THE LORD KINGSLAND
 
75A     Page 4, line 36, at end insert--
 
    ("(  )  The Authority shall give reasons in circumstances where it intends to proceed against the Consumer Panel's advice.")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
76     Page 4, line 37, leave out from second ("persons") to end of line 39 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
77     Page 4, line 39, at end insert--
 
    ("(  )  No rule, code, general guidance, statement, scheme or other matter which, under this Act, is required to be published in draft for public consultation shall be so published unless the Consumer Panel has been given a reasonable opportunity to make representations on the draft rule, code, general guidance, statement, scheme or other matter proposed to be published.")
 
  
After Clause 9
 
  
BY THE BARONESS WILCOX
 
78     Insert the following new Clause-- 
     ("  .--(1)  The Authority shall, subject to subsection (2), publish or disclose information to any person on request with a view to enabling members of the public to make informed judgements about the way in which it is carrying out its functions.
 
    (2)  Before deciding not to publish or disclose information, the Authority must decide that the public interest is outweighed by any considerations of confidentiality attaching to it.")
Publication of information by the authority.
  
Clause 10
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
79     Page 4, line 41, leave out ("may") and insert ("must on the second anniversary of the day on which section 1 comes into force and every two years thereafter") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
80     Page 4, line 41, leave out ("an independent person") and insert ("the Comptroller and Auditor General") 
81     Page 4, line 43, at end insert ("in the previous two-year period") 
82     Page 5, line 1, leave out subsections (2) and (3) 
  
BY THE LORD McINTOSH OF HARINGEY
 
83     Page 5, line 5, at end insert ("or in exercising functions under Part VI") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
84     Page 5, line 6, leave out ("person conducting it") and insert ("Comptroller and Auditor General") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
85     Page 5, line 15, leave out subsection (7) 
  
Clause 11
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
86     Page 5, line 17, leave out ("A person") and insert ("The Comptroller and Auditor General when") 
  
Clause 12
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
87     Page 5, line 40, leave out ("serious") 
  
BY THE LORD McINTOSH OF HARINGEY
 
88     Page 6, line 11, leave out from ("persons") to end of line 16 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
Clause 14
 
  
BY THE LORD McINTOSH OF HARINGEY
 
89     Page 7, line 8, leave out subsection (4) 
  
Clause 15
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
90     Page 7, line 18, leave out ("may publish the whole, or any part,") and insert ("shall publish the whole") 
91     Page 7, line 20, leave out from ("applies") to ("contains") in line 21 and insert ("to a report which the Treasury consider") 
92     Page 7, line 22, after ("person") insert ("(other than the Authority)") 
93     Page 7, line 28, at end insert ("but, in such a case, shall publish a statement that material relating to a particular person has been removed under this subsection") 
 
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Prepared 17 March 2000