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 318
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
259A*     Page 166, line 27, leave out ("(7)") and insert ("(6)") 
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.")
 
  
Clause 331
 
  
BY THE LORD McINTOSH OF HARINGEY
 
263     Page 173, line 32, leave out ("thinks") and insert ("reasonably considers") 
  
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 375
 
  
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.") 
  
Clause 377
 
  
BY THE LORD McINTOSH OF HARINGEY
 
276     Page 198, line 14, leave out ("publish") and insert ("issue") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
276A     Page 198, line 27, at end insert ("if the failure is not material") 
  
Clause 382
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
276B     Page 201, line 13, leave out ("in") and insert ("constituted under the law of") 
276C     Page 201, line 18, leave out ("in") and insert ("constituted under the law of") 
  
After Clause 391
 
  
BY THE LORD McINTOSH OF HARINGEY
 
277     Insert the following new Clause-- 
 ("Limitation on powers to require documents 
       .--(1)  A person may not be required under this Act to produce, disclose or permit the inspection of protected items.
 
    (2)  Protected items" means--
    (a)  communications between a professional legal adviser and his client or any person representing his client which fall within subsection (3);
    (b)  communications between a professional legal adviser, his client or any person representing his client and any other person which fall within subsection (3) (as a result of paragraph (b) of that subsection);
    (c)  items which--
          (i)  are enclosed with, or referred to in, such communications;
          (ii)  fall within subsection (3); and
          (iii)  are in the possession of a person entitled to possession of them.
    (3)  A communication or item falls within this subsection if it is made--
    (a)  in connection with the giving of legal advice to the client; or
    (b)  in connection with, or in contemplation of, legal proceedings and for the purposes of those proceedings.
    (4)  A communication or item is not a protected item if it is held with the intention of furthering a criminal purpose.")
Protected items.
  
Clause 392
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
277A     Page 207, line 30, at end insert ("or 318") 
  
BY THE LORD McINTOSH OF HARINGEY
 
278     Page 208, leave out lines 32 and 33 
  
Clause 397
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
278A     Page 212, line 19, at end insert--
 
    ("(8)  An agreement or arrangement is not within subsection (4)(g) if the agreement or arrangement is for the other person to acquire, hold or dispose of shares or other interests as agents or nominee on behalf of H without the other person being able to exercise, or control the exercise of, voting rights otherwise than at the direction of H.")
 
  
Clause 401
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 401 stand part of the Bill. 
  
Clause 402
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
278B     Page 214, line 3, leave out subsection (4) and insert--
 
    ("(4)  No provision of this Act other than section (Imposition of restrictions or requirements by the Treasury) restricts powers conferred by this section.")
 
  
After Clause 402
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
278C     Insert the following new Clause-- 
     ("  .--(1)  Where given power under this Act to make regulations or orders in that behalf, the Treasury shall not impose restrictions or requirements which are likely to have any of the relevant effects except to the necessary extent and shall disapply, limit or relax restrictions or requirements imposed by or under this Act so as to seek to ensure that they are likely to have the relevant effects only to the necessary extent.
 
    (2)  The relevant effects are: impairing, impeding, restricting or distorting competition or innovation.
 
    (3)  The necessary extent is the extent necessary to protect actual or potential consumers and financial markets or exchanges, or to maintain confidence in the financial system.
 
    (4)  Competition is the international competitiveness of the United Kingdom, the financial system or UK persons and competition between authorised persons.
 
    (5)  Consumers" has the same meaning as in section 5.
 
    (6)  The financial system" has the same meaning as in section 3.
 
    (7)  UK person" means a person whose registered office (or if he does not have a registered office whose head office) is in the United Kingdom.")
Imposition of restrictions or requirements by the Treasury.
  
After Clause 404
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
279     Insert the following new Clause-- 
     ("  .  Any statutory instruments made under this Act must be referred to the Practitioner Panel and Consumer Panel for their comment before they are laid before Parliament.")Statutory Instruments: referral to Panels.
 
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