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

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Clause 121
 
  
BY THE LORD McINTOSH OF HARINGEY
 
224     Page 56, leave out lines 37 and 38 
225     Page 56, line 41, at end insert--
 
    ("(  )  Subsections (1) to (3) do not apply to Scotland.
 
    (  )  In relation to Scotland, the Lord Advocate may from time to time, after consultation with the Treasury, issue written guidance for the purpose of helping the Authority to determine the action to be taken in cases where behaviour mentioned in subsection (1) occurs.")
 
  
Schedule 12
 
  
BY THE LORD McINTOSH OF HARINGEY
 
226     Page 254, line 7, leave out sub-paragraph (6) 
  
Clause 124
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
226A     Page 57, line 30, at beginning insert ("The Authority shall not take any action pursuant to a decision notice during the period referred to in subsection (1) and") 
  
Clause 125
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
226B     Page 58, line 6, leave out ("under section 117(4)") 
  
Clause 127
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
226C     Page 59, line 10, leave out paragraphs (b) and (c) 
  
Clause 129
 
  
BY THE LORD McINTOSH OF HARINGEY
 
227     Page 60, line 8, leave out from ("of") to end of line 15 and insert ("consumers.") 
  
BY THE BARONESS TURNER OF CAMDEN
 
228     Page 60, line 17, at end insert--
 
    ("(  )  The Authority may make rules under this section to require authorised persons to advise and inform persons referred to in subsection (1) about matters arising during the course of their use of the services referred to in that subsection.")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
229     Page 60, line 35, at end insert--
 
    ("(7)  Consumers" means persons--
    (a)  who use, have used, or are or may be contemplating using, any of the services provided by--
          (i)  authorised persons in carrying on regulated activities; or
          (ii)  persons acting as appointed representatives; or
    (b)  who have rights or interests which--
 
 
    (i)  are derived from, or are otherwise attributable to, or

    (ii)  may be adversely affected by,

    the use of any such services by other persons.

 
     (8)  If an authorised person is carrying on a 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 the authorised person in his carrying on of that activity.
 
    (9)  For the purposes of subsection (7) a person who deals with an authorised person in the course of the authorised person's carrying on of a regulated activity is to be treated as using services provided by the authorised person in carrying on those activities.")
 
  
BY THE LORD HUNT OF WIRRAL
[As an amendment to Amendment 229]
 
229A     Line 9, leave out from ("to") to end of line 10 
  
After Clause 129
 
  
BY THE LORD JOFFE
 
230     Insert the following new Clause-- 
     (". The Authority shall make rules requiring an authorised person who has permission to carry on a regulated life assurance activity to consult and account to with-profits policyholders for--
    (a)  any appropriation of reserves or surplus assets to shareholders, and
    (b)  decisions on the application or investment of assets or reserves which could adversely affect the rights of such policyholders.")
Life assurance business rules.
  
Clause 131
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
230A     Page 61, line 21, at end insert--
 
    ("(  )  The Authority must give the authorised person written notice of its intention to notify him of an appropriate level under subsection (2)(a) and the provisions of subsections (3) and (4) of section 52 shall apply as if the imposition of that requirement is the taking of action.
 
    (  )  An authorised person who is aggrieved by the imposition of a financial resources requirement under subsection (2)(a) may refer the matter to the Tribunal.")
 
  
Clause 141
 
  
BY THE LORD McINTOSH OF HARINGEY
 
231     Page 66, line 35, after ("include") insert ("--
    (a)  listing rules; or
    (b)")  
 
  
Clause 148
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
231A     Page 69, line 39, at end insert--
 
    ("(  )  An authorised person who acts in compliance with guidance given by the Authority shall not be treated as contravening the rules to which it relates or as thereby contravening rules.")
 
  
Clause 150
 
  
BY THE LORD McINTOSH OF HARINGEY
 
232     Page 70, line 22, leave out paragraph (c) 
233     Page 70, line 24, leave out paragraph (e) 
  
Clause 152
 
  
BY THE LORD McINTOSH OF HARINGEY
 
234     Page 72, line 3, leave out subsection (4) 
  
Clause 165
 
  
BY THE LORD McINTOSH OF HARINGEY
 
235     Page 81, line 42, leave out from second ("to") to end of line 1 on page 82 and insert ("action to be taken against a person under section 113--") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
235A     Page 82, line 1, at end insert ("or to disciplinary measures taken under Part XIV") 
  
Clause 166
 
  
BY THE LORD McINTOSH OF HARINGEY
 
236     Page 82, line 30, leave out from beginning to ("a") in line 32 
237     Page 82, line 32, after ("required") insert ("under this Part") 
  
Clause 173
 
  
BY THE LORD McINTOSH OF HARINGEY
 
238     Page 88, line 10, after ("may") insert ("reasonably") 
239     Page 88, line 12, leave out ("considers reasonable") and insert ("reasonably considers necessary in order to enable it to determine what action it is to take in response to the notice") 
  
Clause 177
 
  
BY THE LORD McINTOSH OF HARINGEY
 
240     Page 89, line 28, leave out from ("of") to ("would") in line 30 and insert ("consumers") 
241     Page 89, line 44, at end insert--
 
    ("(  )  Consumers" means persons who are consumers for the purposes of section 129.")
 
  
Clause 193
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 193 stand part of the Bill. 
  
Clause 209
 
  
BY THE LORD McINTOSH OF HARINGEY
 
242     Page 106, line 27, after ("who") insert ("or an entity which") 
243     Page 106, line 38, at end insert ("; or
    (  )  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.")
 
  
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 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) 
  
Clause 230
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
252A     Page 118, line 18, after ("are") insert ("at the request of the participant") 
  
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") 
  
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).")
 
  
Clause 235
 
  
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 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 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 290
 
  
BY THE LORD McINTOSH OF HARINGEY
 
257     Page 150, line 2, after first ("it") insert ("reasonably") 
  
Clause 301
 
  
BY THE LORD McINTOSH OF HARINGEY
 
258     Page 156, line 36, leave out subsection (4) 
 
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Prepared 21 March 2000