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

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Clause 252
 
  
BY THE LORD MCINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 252 stand part of the Bill. 
  
Clause 253
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 129, line 18, after ("proposes") insert ("--
    (a)  to vary the direction otherwise than in accordance with the application, or
    (b)")  
 
     Page 129, line 20, leave out subsection (2) 
     Page 129, line 22, leave out ("refuses") and insert ("decides to refuse") 
     Page 129, line 25, leave out subsection (4) 
  
Clause 255
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 255 stand part of the Bill. 
  
Clause 259
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 133, line 34, leave out subsection (5) 
     Page 133, line 38, leave out subsection (7) 
  
Clause 261
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 134, line 19, leave out subsections (4) to (9) 
     Page 135, line 10, at end insert ("and sections (Procedure on giving directions under section 261 and varying them on Authority's own initiative) and (Procedure on application for variation or revocation of direction)") 
  
After Clause 261
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1)  A direction under section 261 takes effect--
    (a)  immediately, if the notice given under subsection (3)(a) 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 its reasons for exercising its power under section 261, 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 261, or gives such a direction with immediate effect, it must--
    (a)  give the operator of the scheme concerned written notice; and
    (b)  inform the competent authorities in the scheme's home State of its proposal or (as the case may be) of the direction.
    (4)  The notice must--
    (a)  give details of the direction;
    (b)  inform the operator of when 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 operator 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)  Subsection (7) applies if, having considered any representations made by the operator, the Authority decides--
    (a)  to give the direction in the way proposed, or
    (b)  if it has been given, not to revoke the direction.
    (7)  The Authority must--
    (a)  give the operator of the scheme concerned written notice; and
    (b)  inform the competent authorities in the scheme's home State of the direction.
    (8)  Subsection (9) applies 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.
    (9)  The Authority must--
    (a)  give the operator of the scheme concerned written notice; and
    (b)  inform the competent authorities in the scheme's home State of its decision.
    (10)  A notice given under subsection (7)(a) must inform the operator of his right to refer the matter to the Tribunal.
 
    (11)  A notice under subsection (9)(a) given as a result of subsection (8)(b) must comply with subsection (4).
 
    (12)  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.
 
    (13)  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 261 and varying them on Authority's own initiative.
     Insert the following new Clause-- 
     ("  .--(1)  If, on an application under subsection (10) or (11) of section 261, the Authority proposes--
    (a)  to vary a direction otherwise than in accordance with the application, or
    (b)  to refuse the application,
it must give the operator of the scheme concerned a warning notice.
 
    (2)  If, on such an application, the Authority decides--
    (a)  to vary a direction otherwise than in accordance with the application, or
    (b)  to refuse the application,
it must give the operator of the scheme concerned a decision notice.
 
    (3)  If, on such an application, the Authority decides to grant the application it must give the operator of the scheme concerned written notice.
 
    (4)  If the Authority decides on its own initiative to revoke a direction given under section 261 it must give the operator of the scheme concerned written notice.
 
    (5)  The Authority must inform the competent authorities in the scheme's home State of any notice given under this section.")
Procedure on application for variation or revocation of direction.
  
Clause 262
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 135, line 30, after ("Authority") insert (", by written notice,") 
  
Clause 263
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 136, line 36, leave out ("refuses") and insert ("decides to refuse") 
     Page 136, line 39, leave out subsection (4) 
  
Clause 267
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 138, line 45, at end insert--
 
    ("(  )  If the Authority makes an order under section 264(1), it must give written notice of the order to the applicant.")
 
  
Clause 268
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 139, line 3, leave out ("refuses") and insert ("decides to refuse") 
  
Clause 269
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 139, line 10, after ("Authority") insert (", by written notice,") 
     Page 139, line 12, leave out ("notified") insert ("given written notice to") 
     Page 139, line 13, leave out ("the proposal is not approved") and insert ("it has decided to refuse approval") 
  
Clause 272
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 140, line 7, leave out subsection (3) 
  
After Clause 273
 
  
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 273, 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 273, or gives such a direction with immediate effect, it must give separate written notice to the operator and (if any) the trustee or depositary 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 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 operator and (if any) the trustee or depositary 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 operator and (if any) the trustee or depositary 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 273 and varying them otherwise than as requested.
  
Clause 274
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 274 stand part of the Bill. 
  
Clause 275
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 275 stand part of the Bill. 
  
Clause 314
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 164, line 24, at end insert--
 
    ("(  )  The Authority may extend the period allowed under the notice for making representations.")
 
     Page 164, line 33, at end insert--
 
    ("(  )  If the Authority decides to grant an application by A for the variation or revocation of a requirement, it must give him written notice of its decision.")
 
     Page 164, line 36, at beginning insert ("If") 
     Page 164, line 37, leave out from first ("notice") to end of line 38 and insert ("decides to refuse the application, it must give A a decision notice.") 
     Page 164, line 42, at end insert--
 
    ("(  )  If an application for a variation or revocation of the requirement is refused, the applicant may refer the matter to the Tribunal.
 
    (  )  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.")
 
  
Clause 316
 
  
BY THE LORD FRASER OF CARMYLLIE
 
     Page 165, line 30, leave out ("and in other ways") 
     Page 165, line 31, at end insert--
 
    ("(5)  The Authority shall for the purposes of obtaining the information referred to under subsection (4) above apply for an order from the court which will detail the information sought, the person to whom it is to be provided and the timescale in which it should be given.
 
    (6)  A designated professional body which complies with such an order shall not be liable in any court for any damages arising from breach of contract or tort or any obligation in restitution.")
 
 
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