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

back to previous amendments
 
  
Clause 317
 
  
BY THE LORD FRASER OF CARMYLLIE
 
     Page 166, line 16, at end insert--
 
    ("(  )  If a designated professional body wishes to cease to be designated for the purposes of this Act, it may request the Treasury to revoke its designation as a designated professional body and the Treasury shall comply with such a request.")
 
  
Clause 318
 
  
BY THE LORD FRASER OF CARMYLLIE
 
     Page 166, line 37, leave out ("for") 
     Page 166, line 37, leave out ("account") and insert ("disclose") 
  
After Clause 323
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1)  A person who--
    (a)  describes himself (in whatever terms) as a person to whom the general prohibition does not apply, in relation to a particular regulated activity, as a result of this Part, or
    (b)  behaves, or otherwise holds himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is such a person,
is guilty of an offence if he is not such a person.
 
    (2)  In proceedings for an offence under this section it is a defence for the accused to show that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.
 
    (3)  A person guilty of an offence under this section is liable on summary conviction to imprisonment for a term not exceeding six months or a fine not exceeding level 5 on the standard scale, or both.
 
    (4)  But where the conduct constituting the offence involved or included the public display of any material, the maximum fine for the offence is level 5 on the standard scale multiplied by the number of days for which the display continued.")
False claims to be a person to whom the general prohibition does not apply.
  
Clause 372
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 195, line 31, leave out subsection (3) 
  
Clause 375
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 196, line 25, at end insert--
    ("(  )  state the action which the Authority proposes to take;")
 
     Page 196, line 28, leave out paragraph (c) and insert--
    ("(  )  state whether section (Access to Authority material) applies; and
    (  )  if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.")
 
     Page 196, line 29, leave out subsection (2) 
     Page 196, line 36, leave out ("or copied") 
     Page 196, line 37, at end insert--
 
    ("(  )  The Authority may extend the period specified in the notice.")
 
     Page 196, line 39, leave out ("carry out its proposal") and insert ("give the person concerned a decision notice") 
     Page 196, line 40, leave out subsection (5) 
  
Clause 376
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 197, line 5, leave out (", or not to take,") 
     Page 197, line 6, after ("relates") insert--
    ("(  )  state whether section (Access to Authority material) applies; and
    (  )  if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it;")
 
     Page 197, line 10, at end insert--
 
    ("(1A)  If the decision notice was preceded by a warning notice, the action to which the decision notice relates must be action under the same Part as the action proposed in the warning notice.")
 
     Page 197, line 11, leave out subsections (2) and (3) 
     Page 197, line 36, leave out subsections (5) to (7) 
     Page 198, line 6, at end insert--
 
    ("(8)  The Authority may, before it takes the action to which a decision notice ("the original notice") relates, give the person concerned a further decision notice which relates to different action in respect of the same matter.
 
    (9)  The Authority may give a further decision notice as a result of subsection (8) only if the person to whom the original notice was given consents.
 
    (10)  If the person to whom a decision notice is given under subsection (8) had the right to refer the matter to which the original decision notice related to the Tribunal, he has that right as respects the decision notice under subsection (8).")
 
  
After Clause 376
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1)  If the Authority decides not to take--
    (a)  the action proposed in a warning notice, or
    (b)  the action to which a decision notice relates,
it must give a notice of discontinuance to the person to whom the warning notice or decision notice was given.
 
    (2)  But subsection (1) does not apply if the action proposed in a warning notice was the refusal of an application made by the person to whom the notice was given.
 
    (3)  A notice of discontinuance must identify the proceedings which are being discontinued.")
Notice of discontinuance.
     Insert the following new Clause-- 
     ("  .--(1)  If the Authority has given a person a decision notice and the matter was not referred to the Tribunal within the period mentioned in section 124(1), the Authority must, on taking the action to which the decision notice relates, give the person concerned and any person to whom the decision notice was copied a final notice.
 
    (2)  If the Authority has given a person a decision notice and the matter was referred to the Tribunal, the Authority must, on taking action in accordance with any directions given by--
    (a)  the Tribunal, or
    (b)  the court under section 128,
give that person and any person to whom the decision notice was copied a final notice.
 
    (3)  A final notice about a statement must--
    (a)  set out the terms of the statement;
    (b)  give details of the manner in which, and the date on which, the statement will be published.
    (4)  A final notice about an order must--
    (a)  set out the terms of the order;
    (b)  state the date from which the order has effect.
    (5)  A final notice about a penalty must--
    (a)  state the amount of the penalty;
    (b)  state the manner in which, and the period within which, the penalty is to be paid;
    (c)  give details of the way in which the penalty will be recovered if it is not paid by the date stated in the notice.
    (6)  In any other case, the final notice must--
    (a)  give details of the action being taken;
    (b)  state the date on which the action is to be taken.
    (7)  The period stated under subsection (5)(b) may not be less than 14 days beginning with the date on which the final notice is given.
 
    (8)  If all or any of the amount of a penalty payable under a final notice is outstanding at the end of the period stated under subsection (5)(b), the Authority may recover the outstanding amount as a debt due to it.")
Final notice.
     Insert the following new Clause-- 
     ("  .--(1)  Neither the Authority nor a person to whom a warning notice or decision notice is given or copied may publish the notice or any details concerning it.
 
    (2)  A notice of discontinuance must state that, if the person to whom the notice is given consents, the Authority may publish such information as it considers appropriate about the matter to which the discontinued proceedings related.
 
    (3)  A copy of a notice of discontinuance must be accompanied by a statement that, if the person to whom the notice is copied consents, the Authority may publish such information as it considers appropriate about the matter to which the discontinued proceedings related, so far as relevant to that person.
 
    (4)  The Authority must publish such information about the matter to which a final notice relates as it considers appropriate.
 
    (5)  But the Authority may not publish information under this section if publication of it would, in its opinion, be unfair to the person with respect to whom the action was taken or prejudicial to the interests of consumers.
 
    (6)  Information is to be published under this section in such manner as the Authority considers appropriate.
 
    (7)  Notice of discontinuance" means a notice given under section (Notice of discontinuance).
 
    (8)  Consumers" means person who are consumers for the purposes of section 129.")
Publication.
     Insert the following new Clause-- 
 ("Third party rights and access to evidence 
     .  Sections (Third party rights) and (Access to Authority material) apply to--
    (a)  a warning notice given in accordance with section 56(1), 62(3), 66(1), 88(1), 116(1), 192(2B), 200(1), 248(1), 272(1), 320(1), 335(2) (whether as a result of subsection (1) of that section or section 242(1)) or 372(1);
    (b)  a decision notice given in accordance with section 56(3), 62(4), 66(4), 88(4), 117(1), 192(3)(a), 201(1), 248(2), 272(2), 320(3), 335(3) (whether as a result of subsection (1) of that section or section 242(1)) or 373(1).")
Application of sections (Third party rights) and (Access to Authority material).
     Insert the following new Clause-- 
     ("  .--(1)  If any of the reasons contained in a warning notice to which this section applies relates to a matter which--
    (a)  identifies a person ("the third party") other than the person to whom the notice is given, and
    (b)  in the opinion of the Authority, is prejudicial to the third party,
a copy of the notice must be given to the third party.
 
    (2)  Subsection (1) does not require a copy to be given to the third party if the Authority--
    (a)  has given him a separate warning notice in relation to the same matter; or
    (b)  gives him such a notice at the same time as it gives the warning notice which identifies him.
    (3)  The notice copied to a third party under subsection (1) must specify a reasonable period (which may not be less than 28 days) within which he may make representations to the Authority.
 
    (4)  If any of the reasons contained in a decision notice to which this section applies relates to a matter which--
    (a)  identifies a person ("the third party") other than the person to whom the decision notice is given, and
    (b)  in the opinion of the Authority, is prejudicial to the third party,
a copy of the notice must be given to the third party.
 
    (5)  If the decision notice was preceded by a warning notice, a copy of the decision notice must (unless it has been given under subsection (4)) be given to each person to whom the warning notice was copied.
 
    (6)  Subsection (4) does not require a copy to be given to the third party if the Authority--
    (a)  has given him a separate decision notice in relation to the same matter;
    (b)  gives him such a notice at the same time as it gives the decision notice which identifies him
    (7)  Neither subsection (1) nor subsection (4) requires a copy of a notice to be given to a third party if the Authority considers it impracticable to do so.
 
    (8)  Subsections (9) to (11) apply if the person to whom a decision notice is given has a right to refer the matter to the Tribunal.
 
    (9)  A person to whom a copy of the notice is given under this section may refer to the Tribunal--
    (a)  the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or
    (b)  any opinion expressed by the Authority in relation to him.
    (10)  The copy must be accompanied by an indication of the third party's right to make a reference under subsection (9) and of the procedure on such a reference.
 
    (11)  A person who alleges that a copy of the notice should have been given to him, but was not, may refer to the Tribunal the alleged failure and--
    (a)  the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or
    (b)  any opinion expressed by the Authority in relation to him.
    (12)  Section (Access to Authority material) applies to a third party as it applies to the person to whom the notice to which this section applies was given, in so far as the material which the Authority must disclose under that section relates to the matter which identifies the third party.
 
    (13)  A copy of a notice given to a third party under this section must be accompanied by a description of the effect of section (Access to Authority material) as it applies to him.
 
    (14)  Any person to whom a warning notice or decision notice was copied under this section must be given a copy of a notice of discontinuance applicable to the proceedings to which the warning notice or decision notice related.")
Third party rights.
  
Clause 379
 
  
BY THE LORD FRASER OF CARMYLLIE
 
     Page 199, line 15, leave out from ("otherwise;") to end of line 18 
     Page 199, line 21, leave out (", or is reckless as to whether it may induce,") 
 
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