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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 Third 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-- 
 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
 
("(5)  The Treasury must publish a draft of any order proposed to be made under subsection (1) in the way appearing to them to be best calculated to bring it to the attention of the public.
 [Amendments marked * are new or have been altered] 
Amendment
No.
 
  
Schedule 3
 
  
BY THE LORD McINTOSH OF HARINGEY
 
121     Page 232, line 7, leave out ("its proposed main agent") and insert ("the person proposed as the branch's authorised agent for the purposes of those directives") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
122     Page 232, line 41, after ("specified;") insert--
    ("(  )  if the EEA right in question derives from the investment services directive, the Authority has forwarded the notice of intention to the host state regulator and informed the firm of that fact;")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
123     Page 233, line 5, leave out ("or its proposed main agent") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
124     Page 233, line 17, leave out from ("must") to end of line 18 and insert ("forward the notice of intention to the host state regulator within one month after receiving it and must as soon as practicable inform the firm of that fact.") 
  
Schedule 4
 
  
BY THE LORD McINTOSH OF HARINGEY
 
125     Page 234, line 20, leave out ("has the same meaning as in section 5(3)") and insert ("means persons who are consumers for the purposes of section 129") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
126     Page 234, line 27, at end insert ("; and
    EEA credit institution" means an EEA firm falling within paragraph 5(b) of Schedule 3 whose authorisation under the first and second banking co-ordination directives covers one or more investment services (within the meaning of the investment services directive)")
 
127     Page 234, line 37, at beginning insert ("except where the firm is an EEA credit institution,") 
128     Page 234, line 43, after ("right") insert (", or is not entitled to use its EEA right,") 
  
BY THE LORD McINTOSH OF HARINGEY
 
129     Page 234, line 43, at end insert ("in the manner in which it is seeking to carry it on") 
130     Page 235, line 12, at end insert--
 
    ("(3)  If, on qualifying for authorisation under this Schedule, a firm has a Part IV permission which includes permission to carry on a permitted activity, the Authority must give a direction cancelling the permission so far as it relates to that activity.
 
    (4)  The Authority need not give a direction under sub-paragraph (3) if it considers that there are good reasons for not doing so.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
131     Page 235, line 15, leave out ("regulated") and insert ("permitted") 
  
BY THE LORD McINTOSH OF HARINGEY
 
132     Page 235, line 20, leave out sub-paragraph (3) 
  
Clause 30
 
  
BY THE LORD McINTOSH OF HARINGEY
 
133     Page 14, leave out line 24 
  
Clause 31
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
134     Page 14, line 28, leave out ("This section applies") and insert ("A person ceases to be an authorised person") 
135     Page 14, line 29, leave out ("an authorised person's") and insert ("his") 
136     Page 14, line 31, leave out subsection (2) 
  
Clause 36
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
137     
 
     (6)  The draft must be accompanied by--
    (a)  an explanation of the purpose of the proposed order; and
    (b)  notice that representations about the proposals may be made to the Treasury within a specified time.
    (7)  Before making the proposed order, the Treasury must publish an account in general terms of--
    (a)  the representations made to them in accordance with subsection (6)(b); and
    (b)  their response to them.
    (8)  If the order made by the Treasury differs from the draft published under subsection (5) in a way which is, in the opinion of the Treasury, significant, the Treasury must (in addition to complying with subsection (7)) publish details of the difference.
 
    (9)  Subsections (5) to (8) do not apply if the Treasury consider that the delay involved in complying with them would be prejudical to the interests of consumers.")
 
  
Schedule 6
 
  
BY THE LORD McINTOSH OF HARINGEY
 
138     Page 237, line 25, leave out from beginning to ("the") in line 26 and insert--
 
    ("(2)  In reaching that opinion, the Authority may--
    (a)  take into account the person's membership of a group and any effect which that membership may have; and
    (b)  have regard to--
          (i)")  
 
139     Page 237, line 26, after ("makes") insert ("and, if he is a member of a group, which other members of the group make") 
140     Page 237, line 28, after ("manages") insert ("and, if he is a member of a group, which other members of the group manage") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
141     Page 238, line 4, leave out ("an additional permission") and insert ("permission under Part IV") 
142     Page 238, line 6, leave out ("additional") and insert ("a Part IV") 
  
BY THE LORD McINTOSH OF HARINGEY
 
143     Page 238, line 15, at end insert--
 
    ("(3)  Specified" means specified in, or in accordance with, an order made by the Treasury.
 
    . The Treasury may by order--
    (a)  vary or remove any of the conditions set out in Parts I and II;
    (b)  add to those conditions.")
 
  
Clause 40
 
  
BY THE LORD McINTOSH OF HARINGEY
 
144     Page 17, line 25, at end insert--
 
    ("(  )  If the applicant--
    (a)  is a person to whom, in relation to a particular regulated activity, the general prohibition does not apply as a result of Part XIX, but
    (b)  has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.")
 
  
Clause 41
 
  
BY THE LORD McINTOSH OF HARINGEY
 
145     Page 17, line 43, at end insert--
 
    ("(  )  A requirement may be imposed by reference to the person's relationship with--
    (a)  his group; or
    (b)  other members of his group.")
 
  
Clause 42
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
146     Page 18, line 25, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
Clause 43
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
147     Page 19, line 7, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
Clause 45
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
148     Page 19, line 27, leave out ("at the request") and insert ("on the application") 
149     Page 20, line 1, leave out ("does not consider") and insert ("considers") 
150     Page 20, line 2, after ("is") insert ("not") 
  
Clause 46
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
151     Page 20, line 45, after ("A") insert ("or contravene any other obligation or duty the institution may owe A") 
152     Page 21, line 4, after ("instruction") insert ("without reasonable excuse") 
153     Page 21, line 15, leave out ("the liquidator") and insert ("a liquidator of A") 
154     Page 21, line 18, leave out ("A") and insert ("the Authority") 
  
Clause 49
 
  
BY THE LORD McINTOSH OF HARINGEY
 
155     Page 22, line 28, after ("may") insert ("reasonably") 
156     Page 22, line 30, leave out ("further information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 52
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
157     Page 23, line 33, at end insert--
 
    ("(  )  The Authority must allow the authorised person access to the evidence which it has in relation to the matters causing it to propose to exercise the power.
 
    (  )  The Authority's procedures in relation to the giving of warning notices as determined pursuant to section 375 shall apply in relation to the giving of the notice referred to in subsection (3) as if it was a warning notice.
 
    (  )  The Authority's procedures in relation to the giving of decision notices as determined pursuant to section 376 shall apply in relation to the giving of the notice referred to in subsection (4) as if it was a decision notice.")
 
  
Clause 53
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
158     Page 24, line 13, at end insert--
 
    ("(  )  The Authority must allow the authorised person access to the evidence which it has in relation to the matters causing it to propose to exercise the power.
 
    (  )  The Authority's procedures in relation to the giving of warning notices as determined pursuant to section 375 (other than subsection (3)) shall apply in relation to the giving of the notice referred to in subsection (3) as if it was a warning notice.
 
    (  )  The Authority's procedures in relation to the giving of decision notices as determined pursuant to section 376 shall apply in relation to the giving of the notice referred to in subsection (4) as if it was a decision notice.")
 
  
Clause 55
 
  
BY THE LORD McINTOSH OF HARINGEY
 
159     Page 24, line 24, leave out ("or an exempt person") 
160     Page 24, line 31, leave out ("or exempt persons") 
161     Page 24, line 32, leave out ("or exempt person") 
162     Page 24, line 36, leave out ("or exempt") 
163     Page 24, line 41, at end insert--
 
    ("(  )  This section applies to the performance of functions in relation to a regulated activity carried on by--
    (  )  a person who is an exempt person in relation to that activity, and
    (  )  a person to whom, as a result of Part XX, the general prohibition does not apply in relation to that activity,
as it applies to the performance of functions in relation to a regulated activity carried on by an authorised person.")
 
  
Clause 58
 
  
BY THE LORD McINTOSH OF HARINGEY
 
164     Page 25, line 24, after ("must") insert ("take reasonable care to") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
164A     Page 25, line 24, after ("must") insert ("seek to") 
164B     Page 26, line 5, leave out ("dealing with") and insert ("handling") 
  
Clause 59
 
  
BY THE LORD McINTOSH OF HARINGEY
 
165     Page 26, line 33, leave out ("further information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 60
 
  
BY THE LORD EATWELL
 
166     [Withdrawn] 
  
BY THE LORD EATWELL
[In substitution for amendment 166]
 
166A*     Page 27, line 8, at end insert ("and to whether the candidate demonstrates a commitment to engage in continuing professional education and development") 
  
After Clause 70
 
  
BY THE BARONESS TURNER OF CAMDEN
 
167     Insert the following new Clause-- 
     ("  . The Authority may--
    (a)  require all authorised persons carrying on a regulated activity of a specified kind to review their conduct of the activity in relation to a specified category of consumers and report the results to the Authority; and
    (b)  if satisfied as a result of the review that an authorised person has contravened any requirement made by the Authority under this Act, order him to pay compensation to consumers who have suffered loss as a result of such a contravention.")
Review of conduct in regulated activities.
 
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Prepared 21 March 2000