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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 Amendments to the Financial Services and Markets Bill to be moved on Report in the House of Lords.

  
Clause 19
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 9, line 9, leave out ("an") and insert ("a controlled") 
     Page 9, line 10, leave out ("an") and insert ("a controlled") 
     Page 9, line 15, at end insert--
 
    ("(9A)  An investment is a controlled investment if it is an investment of a specified kind or one which falls within a specified class of investment.")
 
     Page 9, line 16, after ("2") insert ("(except paragraph 26)") 
     Page 9, line 16, leave out ("subsection (9)") and insert ("subsections (9) and (9A)") 
     Page 9, line 17, leave out ("that subsection") and insert ("each of those subsections") 
     Page 9, line 19, at end insert ("or (9A)") 
  
Clause 20
 
  
BY THE LORD LIPSEY
 
     Page 9, line 33, at end insert--
 
    ("(  )  The Treasury shall within 28 days of the passing of this Act make provision under subsection (1) in respect of buying, selling, subscribing for, carrying out or underwriting contracts of insurance against the provision of long-term care or offering to do so, either as a principal or as an agent.")
 
  
Clause 26
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 11, line 35, leave out ("the enforcement conditions are met,") and insert ("it is just and equitable in the circumstances of the case,") 
     Page 11, line 40, leave out from beginning to second ("the") and insert ("In considering whether to allow") 
     Page 11, line 41, leave out ("for") 
     Page 11, line 42, leave out from ("retained") to first ("the") in line 43, and insert ("the court must--
    (a)  if the case arises as a result of section 24, have regard to the issue mentioned in subsection (4A); or
    (b)  if the case arises as a result of section 25, have regard to the issue mentioned in subsection (4B).
    (4A)  The issue is whether")
 
     Page 11, line 45, leave out from ("agreement") to second ("that") in line 1 on page 12, and insert--
 
    ("(4B)  The issue is whether the provider knew")
 
  
Clause 27
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 12, line 25, leave out ("and
    (b)")  and insert (", having regard to the issue mentioned in subsection (3A).
    (3A)  The issue is whether")
 
  
Clause 28
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 13, line 15, leave out from ("that") to ("it") in line 16 
     Page 13, line 16, leave out ("for") and insert ("in the circumstances of the case.
 
    (5A)  In considering whether to allow")
 
     Page 13, line 17, leave out ("for") 
     Page 13, line 18, leave out ("and--
    (a)")  and insert ("the court must have regard to the issues mentioned in subsections (5B) and (5C).
    (5B)")
 
     Page 13, line 19, leave out ("that") and insert ("the issue is whether") 
     Page 13, line 21, leave out ("or
    (b)")  and insert ("(5C)")
 
     Page 13, line 22, leave out ("that he did not know") and insert ("the issue is whether he knew") 
  
Clause 42
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 18, line 34, leave out ("of a group of") and insert ("potential") 
     Page 18, line 36, leave out ("of that group of") and insert ("potential") 
  
Clause 43
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 19, line 3, leave out subsection (1) and insert--
 
    ("(1)  The Authority may exercise its power under this section in relation to an authorised person if it appears to it that--
    (a)  he is failing, or is likely to fail, to satisfy the threshold conditions;
    (b)  he has failed, during a period of at least 12 months, to carry on a regulated activity for which he has a Part IV permission; or
    (c)  it is desirable to exercise that power in order to protect the interests of consumers or potential consumers.
    (1A)  The Authority's power under this section is the power to vary a Part IV permission in any of the ways mentioned in section 42(1) or to cancel it.")
 
     Page 19, line 24, at end insert--
 
    ("(  )  The Authority's power under this section is referred to in this Part as its own-initiative power.")
 
  
Clause 44
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 19, line 28, leave out ("acting under section 43") and insert ("exercising its own-initiative power") 
  
Clause 45
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 19, line 38, leave out from ("Authority's") to ("may") in line 40, and insert ("own-initiative power") 
  
Clause 50
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 23, line 19, leave out subsection (4) and insert--
 
    ("(4)  If the Authority grants an application for, or for variation of, a Part IV permission, it must give the applicant written notice.
 
    (5)  The notice must state the date from which the permission, or the variation, has effect.
 
    (6)  If the Authority proposes--
    (a)  to give a Part IV permission but to exercise its power under section 40(7)(a) or (b) or 41(1), or
    (b)  to vary a Part IV permission on the application of an authorised person but to exercise its power under any of those provisions (as a result of section 42(5)),
it must give the applicant a warning notice.
 
    (7)  If the Authority proposes to refuse an application made under this Part, it must (unless subsection (8) applies) give the applicant a warning notice.
 
    (8)  This subsection applies if it appears to the Authority that--
    (a)  the applicant is an EEA firm; and
    (b)  the application is made with a view to carrying on a regulated activity in a manner in which the applicant is, or would be, entitled to carry on that activity in the exercise of an EEA right whether through a United Kingdom branch or by providing services in the United Kingdom.
    (9)  If the Authority decides--
    (a)  to give a Part IV permission but to exercise its power under section 40(7)(a) or (b) or 41(1),
    (b)  to vary a Part IV permission on the application of an authorised person but to exercise its power under any of those provisions (as a result of section 42(5)), or
    (c)  to refuse an application under this Part,
it must give the applicant a decision notice.")
 
  
Clause 51
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Leave out Clause 51 
  
After Clause 51
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1)  This section applies to an exercise of the Authority's own-initiative power to vary an authorised person's Part IV permission.
 
    (2)  A variation takes effect--
    (a)  immediately, if the notice given under subsection (4) 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 the notice relates is no longer open to review.
    (3)  A variation 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 own-initiative power, reasonably considers that it is necessary for the variation to take effect immediately (or on that date).
 
    (4)  If the Authority proposes to vary the Part IV permission, or varies it with immediate effect, it must give the authorised person written notice.
 
    (5)  The notice must--
    (a)  give details of the variation;
    (b)  state the Authority's reasons for the variation and for its determination as to when the variation takes effect;
    (c)  inform the authorised person that he may make representations to the Authority within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);
    (d)  inform him of when the variation takes effect; and
    (e)  inform him of his right to refer the matter to the Tribunal.
    (6)  The Authority may extend the period allowed under the notice for making representations.
 
    (7)  If, having considered any representations made by the authorised person, the Authority decides--
    (a)  to vary the permission in the way proposed, or
    (b)  if the permission has been varied, not to rescind the variation,
it must give him written notice.
 
    (8)  If, having considered any representations made by the authorised person, the Authority decides--
    (a)  not to vary the permission in the way proposed,
    (b)  to vary the permission in a different way, or
    (c)  to rescind a variation which has effect,
it must give him written notice.
 
    (9)  A notice given under subsection (7) must inform the authorised person of his right to refer the matter to the Tribunal.
 
    (10)  A notice under subsection (8)(b) must comply with subsection (5).
 
    (11)  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.
 
    (12)  For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 386(6A).")
Exercise of
own-initiative
power to vary
Part IV
permission:
procedure.
     Insert the following new Clause-- 
     ("  .--(1)  If the Authority proposes to cancel an authorised person's Part IV permission otherwise than at his request, it must give him a warning notice.
 
    (2)  If the Authority decides to cancel an authorised person's Part IV permission otherwise than at his request, it must give him a decision notice.")
Cancellation of
Part IV
permission:
procedure.
  
Clause 52
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Leave out Clause 52 
  
Clause 53
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Leave out Clause 53 
  
Clause 57
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 26, line 1, leave out ("refuses") and insert ("decides to refuse") 
     Page 26, line 3, leave out ("application is refused, the applicant") and insert ("Authority gives the applicant a decision notice, he") 
  
Clause 61
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 28, line 14, leave out ("refuses") and insert ("decides to refuse") 
  
Clause 67
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Leave out Clause 67 
  
Clause 68
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 32, line 13, leave out subsection (2) 
  
Clause 76
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 35, line 19, leave out ("refused") and insert ("decided to refuse") 
     Page 35, line 19, at end insert--
 
    ("(  )  If the competent authority decides to grant an application for listing, it must give the applicant written notice.
 
    (  )  If the competent authority proposes to refuse an application for listing, it must give the applicant a warning notice.
 
    (  )  If the competent authority decides to refuse an application for listing, it must give the applicant a decision notice.
 
    (  )  If the competent authority decides to refuse an application for listing, the applicant may refer the matter to the Tribunal.")
 
  
After Clause 77
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1)  A discontinuance or suspension takes effect--
    (a)  immediately, if the notice under subsection (2) states that that is the case;
    (b)  in any other case, on such date as may be specified in that notice.
    (2)  If the competent authority--
    (a)  proposes to discontinue or suspend the listing of securities, or
    (b)  discontinues or suspends the listing of securities with immediate effect,
it must give the issuer of the securities written notice.
 
    (3)  The notice must--
    (a)  give details of the discontinuance or suspension
    (b)  state the competent authority's reasons for the discontinuance or suspension and for choosing the date on which it took effect or takes effect;
    (c)  inform the issuer of the securities that he may make representations to the competent authority within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);
    (d)  inform him of the date on which the discontinuance or suspension took effect or will take effect; and
    (e)  inform him of his right to refer the matter to the Tribunal.
    (4)  The competent authority may extend the period within which representations may be made to it.
 
    (5)  If, having considered any representations made by the issuer of the securities, the competent authority decides--
    (a)  to discontinue or suspend the listing of the securities, or
    (b)  if the discontinuance or suspension has taken effect, not to cancel it,
the competent authority must give the issuer of the securities written notice.
 
    (6)  A notice given under subsection (5) must inform the issuer of the securities of his right to refer the matter to the Tribunal.
 
    (7)  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.
 
    (8)  If the competent authority decides--
    (a)  not to discontinue or suspend the listing of the securities, or
    (b)  if the discontinuance or suspension has taken effect, to cancel it,
the competent authority must give the issuer of the securities written notice.
 
    (9)  The effect of cancelling a discontinuance is that the securities concerned are to be readmitted, without more, to the official list.
 
    (10)  If the competent authority has suspended the listing of securities and proposes to refuse an application by the issuer of the securities for the cancellation of the suspension, it must give him a warning notice.
 
    (11)  The competent authority must, having considered any representations made in response to the warning notice--
    (a)  if it decides to refuse the application, give the issuer of the securities a decision notice;
    (b)  if it grants the application, give him written notice of its decision.
    (12)  If the competent authority decides to refuse an application for the cancellation of the suspension of listed securities, the applicant may refer the matter to the Tribunal.
 
    (13)  Discontinuance" means a discontinuance of listing under section 77(1).
 
    (14)  Suspension" means a suspension of listing under section 77(2).")
Discontinuance or
suspension:
procedure.
 
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