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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.

  
After Clause 93
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
 ("Competition 
     .--(1) The Treasury may by order provide for--
    (a)  regulating provisions, and
    (b)  the practices of the competent authority in exercising its functions under this Part ("practices"),
to be kept under review.
 
    (2)  Provision made as a result of subsection (1) must require the person responsible for keeping regulating provisions and practices under review to consider--
    (a)  whether any regulating provision or practice has a significant adverse effect on competition; or
    (b)  whether two or more regulating provisions or practices taken together have, or a particular combination of regulating provisions and practices has, such an effect.
    (3)  An order under this section may include provision corresponding to that made by any provision of Chapter III of Part X.
 
    (4)  Subsection (3) is not to be read as in any way restricting the power conferred by subsection (1).
 
    (5)  Subsections (6) to (8) apply for the purposes of provision made by or under this section.
 
    (6)  Regulating provisions or practices have a significant 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.
    (7)  If regulating provisions or practices have, or are intended or likely to have, the effect of requiring or encouraging exploitation of the strength of a market position they are to be taken to have, or be intended or be likely to have, an adverse effect on competition.
 
    (8)  In determining whether any of the regulating provisions or practices have, or are intended or likely to have, a particular effect, it may be assumed that the persons to whom the provisions concerned are addressed will act in accordance with them.
 
    (9)  Regulating provisions" means--
    (a)  listing rules,
    (b)  general guidance given by the competent authority in connection with its functions under this Part.")
Competition scrutiny.
  
Clause 135
 
  
BY THE LORD HUNT OF WIRRAL
 
     Page 66, line 5, after ("from,") insert ("dependent on,") 
     Page 66, line 5, leave out from ("to,") to end of line 6 
  
After Clause 143
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     (".--(1) The Authority may make rules ("control of information rules") requiring an authorised person ("A") to withhold information from a person ("B") for or with whom he does business in the course of carrying on any regulated or other activity.
 
    (2)  Control of information rules may--
    (a)  require the withholding of information which A would otherwise have a legal obligation to disclose to B;
    (b)  require A to restrict or prevent the passing of information within his business.
    (3)  Subsection (1) applies only in relation to information obtained from a person other than B in the course of the carrying on by A of any activity, whether it was obtained by A, by an approved person or by any other person.
 
    (4)  Approved person" has the same meaning as in section 63.")
Control of information.
  
Clause 144
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 70, line 6, at end insert--
    ("(  )  control of information rules;")
 
  
Clause 155
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 75, line 30, after ("have") insert (", or are intended or likely to have,") 
  
Clause 188
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 98, line 30, at end insert--
    ("(  )  provide for exemptions from the obligations to notify imposed by sections 174 and 186;")
 
  
Clause 344
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 184, line 6, after ("is") insert ("--
    (a)  made for the purpose of facilitating the carrying out of a public function; and
    (b)")  
 
     Page 184, line 13, after ("prescribed") insert ("public") 
     Page 184, line 17, after ("prescribed") insert ("public") 
     Page 184, line 23, leave out sub-paragraphs (ii) and (iii) 
     Page 184, line 35, at end insert--
 
    ("(5)  Public functions" includes--
    (a)  functions conferred by or in accordance with any provision contained in any enactment or subordinate legislation;
    (b)  functions conferred by or in accordance with any provision contained in the Community Treaties or any Community instrument;
    (c)  similar functions conferred on persons by or under provisions having effect as part of the law of a country or territory outside the United Kingdom;
    (d)  functions exercisable in relation to prescribed disciplinary proceedings.
    (6)  Enactment" includes--
          (a)  an Act of the Scottish Parliament;
 
 
          (b)  Northern Ireland legislation (within the meaning of the Northern Ireland Act 1998).
1998 c. 47.
     (7)  Subordinate legislation" has the meaning given in the Interpretation Act 1978 and also includes an instrument made under an Act of the Scottish Parliament or under Northern Ireland legislation.")1978 c. 31.
  
Clause 392
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 210, line 27, at end insert--
 
    ("(  )  In proceedings for an offence under subsection (2) brought against a person to whom subsection (1) applies as a result of paragraph (a) of that subsection, it is a defence for him to show that the statement was made in conformity with price stabilising rules or control of information rules.")
 
     Page 210, line 35, at end insert ("; or
    (c)  that he acted or engaged in the conduct in conformity with control of information rules.")
 
     Page 211, line 14, after ("2") insert ("(except paragraphs 25 and 26)") 
     Page 211, line 14, leave out ("subsection (9)") and insert ("subsections (8) and (9)") 
     Page 211, line 17, after ("subsection") insert ("(8) or") 
  
Clause 407
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 219, line 16, at end insert ("(except in provisions relating to the Competition Commission)") 
     Page 219, line 17, at end insert--
    (""control of information rules" has the meaning given in section (Control of information)(1):")
 
  
Clause 418
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 226, line 19, at end insert--
    ("(  )  it varies a previous order made under section 19(5) so as to make section 19(1) apply in circumstances in which it did not, as a result of that previous order, apply;")
 
     Page 226, line 21, after ("19(9)") insert ("or (9A)") 
     Page 226, line 23, at end insert ("; or
    (  )  it adds one or more investments to those which are controlled investments for the purposes of section 19.")
 
  
Schedule 4
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 247, line 20, leave out from beginning to second ("the") in line 22 and insert ("Sub-paragraph (2) applies to a Treaty firm which--
    (a)  qualifies for authorisation under this Schedule, but
    (b)  is not carrying on in the United Kingdom the regulated activity, or any of the regulated activities, which it has permission to carry on there.
    (2)  At least seven days before it begins to carry on such a regulated activity, the firm must give")
 
     Page 247, line 23, at end insert--
 
    ("(  )  If a Treaty firm to which sub-paragraph (2) applies has given notice under that sub-paragraph, it need not give such a notice if it again becomes a firm to which that sub-paragraph applies.")
 
     Page 247, line 24, leave out (", (4)") 
     Page 247, line 25, leave out ("(1)") and insert ("(2)") 
     Page 247, line 27, leave out ("the prohibition imposed by paragraph 5(1)") and insert ("paragraph 5(2)") 
     Page 247, line 33, leave out ("(5)(1)") and insert ("(5)(2)") 
 
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