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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 Third Marshalled List of Amendments to the Financial Services and Markets Bill to be moved in Committee in the House of Lords.

  
Schedule 12
 
  
BY THE LORD FRASER OF CARMYLLIE
 
     Page 253, line 29, at end insert--
 
    ("  .  The standard of proof to be applied in the Tribunal shall be beyond reasonable doubt.")
 
  
Clause 150
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 70, line 28, leave out from ("a") to end of line 30 and insert ("significantly adverse effect on competition if--
    (a)  they have, or are intended or likely to have, that effect; or
    (b)  the effect that they have, or are intended or likely to have, is to require or encourage behaviour which has, or is intended or likely to have, a significantly adverse effect on competition.
    (  )  If regulating provisions or practices have the effect of requiring or encouraging exploitation of the strength of a market position they are to be taken, for the purposes of this Chapter, to have an adverse effect on competition.")
 
  
Clause 151
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 70, line 38, leave out ("significant anti-competitive effect") and insert ("significantly adverse effect on competition") 
     Page 71, line 2, leave out ("any significant anti-competitive effect") and insert ("a significantly adverse effect on competition") 
     Page 71, line 8, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
  
Clause 153
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 72, line 20, leave out ("consider") and insert ("investigate") 
     Page 72, line 27, leave out ("whether, in the opinion of the Commission") and insert ("the Commission's conclusion as to whether") 
     Page 72, line 30, leave out ("significant anti-competitive effect") and insert ("significantly adverse effect on competition") 
     Page 72, line 34, leave out from ("section") to ("must") in line 35 and insert ("stating the Commission's conclusion that there is a significantly adverse effect on competition") 
     Page 72, line 39, leave out ("opinion as to the action, if any, that") and insert ("conclusion as to what action, if any,") 
     Page 72, line 42, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
     Page 73, line 3, leave out paragraphs (a) and (b) and insert ("its conclusions") 
     Page 73, line 7, leave out ("that conclusion or opinion") and insert ("them") 
  
Clause 154
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 73, line 12, leave out from ("section") to end of line 13 and insert (" 154(2) which states its conclusion that there is a significantly adverse effect on competition") 
     Page 73, line 14, leave out ("opinion,") and insert ("conclusion,") 
     Page 73, line 14, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
     Page 73, line 24, leave out from ("to") to ("section") in line 25 and insert ("any conclusion of the Commission included in the report because of") 
     Page 73, line 27, leave out ("anti-competitive effect") and insert ("adverse effect on competition") 
  
Clause 155
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 74, line 25, leave out ("is required or contemplated") and insert ("in the agreement is encouraged") 
     Page 74, line 26, leave out ("or practices") 
     Page 74, line 29, leave out ("required or contemplated") and insert ("encouraged") 
     Page 74, line 30, leave out ("or practices") 
     Page 74, line 35, leave out ("required or contemplated") and insert ("encouraged") 
     Page 74, line 36, leave out ("or practices") 
  
Clause 167
 
  
BY THE LORD FRASER OF CARMYLLIE
 
     Page 84, line 29, leave out ("justice of the peace or a") 
  
Clause 188
 
  
THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 188 stand part of the Bill. 
  
After Clause 188
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     (".--(1) A requirement takes effect--
    (a)  immediately, if the notice given under subsection (3) states that that is the case;
    (b)  on such date as may be specified in the notice; or
    (c)  if no date is specified in the notice, when the matter to which it relates is no longer open to review.
    (2)  A requirement may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its power of intervention, considers that it is necessary for the requirement to take effect immediately (or on that date).
 
    (3)  If the Authority proposes to impose a requirement under section 187 on an incoming firm, or imposes such a requirement with immediate effect, it must give the firm written notice.
 
    (4)  The notice must--
    (a)  give details of the requirement;
    (b)  inform the firm of when the requirement takes effect;
    (c)  state the Authority's reasons for imposing the requirement and for its determination as to when the requirement takes effect;
    (d)  inform the firm that it may make representations to the Authority within such period as may be specified in the notice (whether or not it has referred the matter to the Tribunal); and
    (e)  inform it of its right to refer the matter to the Tribunal.
    (5)  The Authority may extend the period allowed under the notice for making representations.
 
    (6)  If, having considered any representations made by the firm, the Authority decides--
    (a)  to impose the requirement proposed, or
    (b)  if it has been imposed, not to rescind the requirement,
it must give it written notice.
 
    (7)  If, having considered any representations made by the firm, the Authority decides--
    (a)  not to impose the requirement proposed,
    (b)  to impose a different requirement from that proposed, or
    (c)  to rescind a requirement which has effect,
it must give it written notice.
 
    (8)  A notice given under subsection (6) must inform the firm of its right to refer the matter to the Tribunal.
 
    (9)  A notice under subsection (7)(b) must comply with subsection (4).
 
    (10)  If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
 
    (11)  Consumers" means person who are consumers for the purposes of section 129.")
Procedure on exercise of power of intervention.
  
Clause 189
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 189 stand part of the Bill. 
  
Clause 192
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 99, line 3, at end insert--
 
    ("(2A)  Section (Procedure on exercise of power of intervention) applies to the exercise of the power of the Authority on its own initiative to vary a requirement as it applies to the imposition of a requirement.
 
    (2B)  If the Authority proposes to refuse an application for the variation or rescission of a requirement, it must give the applicant a warning notice.")
 
     Page 99, line 4, leave out from ("Authority") to end of line 5 and insert ("decides to refuse an application for the variation or recission of a requirement--") 
     Page 99, line 6, leave out ("that person written notice of the refusal") and insert ("the applicant a decision notice") 
  
Clause 202
 
  
BY THE LORD FRASER OF CARMYLLIE
 
     Page 102, line 12, at end insert ("unless an appeal has been made to the Tribunal") 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 202 stand part of the Bill. 
  
Clause 203
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 102, line 21, leave out subsections (2) and (3) 
  
Clause 238
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 122, line 10, leave out ("refuses") and insert ("decides to refuse") 
     Page 122, line 12, leave out ("against the refusal") 
     Page 122, line 14, leave out subsection (3) 
  
Clause 244
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 125, line 24, after ("Authority") insert (", by written notice,") 
  
Clause 245
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 125, line 43, leave out ("refuses") and insert ("decides to refuse") 
     Page 126, line 2, leave out subsection (5) 
  
Clause 248
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 126, line 41, leave out from ("Tribunal") to end of line 2 on page 127 
  
Clause 249
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 127, line 4, at end insert--
 
    ("(  )  If the Authority makes an order under subsection (1), it must give written notice of the order to the manager and trustee of the scheme concerned.")
 
     Page 127, line 14, leave out ("refuses") and insert ("decides to refuse") 
     Page 127, line 16, leave out from ("Tribunal") to end of line 18 
  
After Clause 251
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     (".--(1) A direction takes effect--
    (a)  immediately, if the notice given under subsection (3) states that that is the case;
    (b)  on such date as may be specified in the notice; or
    (c)  if no date is specified in the notice, when the matter to which it relates is no longer open to review.
    (2)  A direction may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its power under section 250, considers that it is necessary for the direction to take effect immediately (or on that date).
 
    (3)  If the Authority proposes to give a direction under section 250, or gives such a direction with immediate effect, it must give separate written notice to the manager and the trustee of the scheme concerned.
 
    (4)  The notice must--
    (a)  give details of the direction;
    (b)  inform the person to whom it is given of when the the direction takes effect;
    (c)  state the Authority's reasons for giving the direction and for its determination as to when the direction takes effect;
    (d)  inform the person to whom it is given that he may make representations to the Authority within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
    (e)  inform him of his right to refer the matter to the Tribunal.
    (5)  The Authority may extend the period allowed under the notice for making representations.
 
    (6)  If, having considered any representations made by a person to whom the notice was given, the Authority decides--
    (a)  to give the direction in the way proposed, or
    (b)  if it has been given, not to revoke the direction,
it must give separate written notice to the manager and the trusteee of the scheme concerned.
 
    (7)  If, having considered any representations made by a person to whom the notice was given, the Authority decides--
    (a)  not to give the direction in the way proposed,
    (b)  to give the direction in a way other than that proposed, or
    (c)  to revoke a direction which has effect,
it must give separate written notice to the manager and the trustee of the scheme concerned.
 
    (8)  A notice given under subsection (6) must inform the person to whom it is given of his right to refer the matter to the Tribunal.
 
    (9)  A notice under subsection (7)(b) must comply with subsection (4).
 
    (10)  If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
 
    (11)  This section applies to the variation of a direction on the Authority's own initiative as it applies to the giving of a direction.")
Procedure on giving directions under section 250 and varying them on Authority's own initiative.
 
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Prepared 23 March 2000