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Session 1999-2000
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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 Supplement (a) to the Marshalled List of Amendments to the Financial Services and Markets Bill to be moved in Committee in the House of Lords.

  
Schedule 1
 
  
BY THE LORD KINGSLAND
 
9A*     Page 216, line 28, at end insert--
 
    ("(  )  The appointments of the chairman, the chief executive and the non-executive deputy chairman shall not take effect until they are confirmed by the House of Commons Treasury Select Committee following a public hearing.")
 
33A*     Page 219, line 34, after ("2(3);") insert--
    ("(  )  a review of the compliance costs incurred by regulated bodies with respect both to the current burden in comparison with the previous year and in comparison with the current burdens incurred in other jurisdictions with similar regimes;")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
37A*     Page 219, line 41, leave out ("Treasury") and insert ("Authority") 
  
Clause 8
 
  
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 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.")
 
  
Clause 58
 
  
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 88
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
185A*     Page 40, line 30, at end insert--
 
    ("(  )  If the competent authority decides to impose a penalty on a person under section 87, it must give him a decision notice.")
 
  
Clause 109
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
209A*     Page 51, line 12, leave out ("likely") and insert ("intended or might reasonably be presumed to be intended") 
211A*     Page 51, line 17, at end insert ("and the behaviour is intended or might reasonably be presumed to be intended to cause that distortion") 
212A*     Page 51, leave out lines 18 to 20 and insert--
 
    ("(3)  A person's behaviour shall not be regarded as amounting to market abuse if he--")
 
213A*     Page 51, line 22, after ("believed") insert ("on reasonable grounds") 
  
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 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 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 165
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
235A*     Page 82, line 1, at end insert ("or to disciplinary measures taken under Part XIV") 
  
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") 
  
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")
 
  
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 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") 
  
Clause 392
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
277A*     Page 207, line 30, at end insert ("or 318") 
  
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 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.
 
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© Parliamentary copyright 2000
Prepared 16 March 2000