House of Lords portcullis
House of Lords
Session 1999-2000
Publications on the internet
Other Bills before Parliament
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.

  
Schedule 2
 
  
BY THE BARONESS TURNER OF CAMDEN
 
     Page 235, line 38, at end insert ("; or
    (c)  acquiring rights through mortgage facilities for the purposes of home ownership")
 
  
Clause 129
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 62, line 16, after ("by") insert ("or under") 
  
BY THE LORD DONALDSON OF LYMINGTON
 
     Page 62, line 16, at end insert ("and such other functions as the Lord Chancellor may by regulation prescribe with a view to the better administration of justice within the scope of this Act") 
  
Clause 142
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 69, line 33, leave out from ("communication") to end of line 34 and insert ("by them, or their approval of the communication by others, of invitations or inducements--
    (a)  to engage in investment activity; or
    (b)  to participate in a collective investment scheme.")
 
     Page 69, line 37, leave out paragraph (b) 
     Page 69, line 38, at end insert--
 
    ("(  )  Subsection (1) applies only to communications which--
    (a)  if made by a person other than an authorised person, without the approval of an authorised person, would contravene section 19(1);
    (b)  may be made by an authorised person without contravening section 234(1).
    (  )  Engage in investment activity" has the same meaning as in section 19.")
 
  
Clause 263
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 137, line 29, leave out ("of a kind mentioned in section 234(1)") 
  
Clause 343
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 183, line 16, leave out from beginning to ("and") and insert ("any provision made by or under this Act;") 
  
Before Clause 398
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1) Subsection (2) applies if the Treasury are satisfied that there is evidence suggesting--
    (a)  that there has been a widespread or regular failure on the part of authorised persons to comply with rules relating to a particular kind of activity; and
    (b)  that, as a result, private persons have suffered (or will suffer) loss in respect of which authorised persons are (or will be) liable to make payments ("compensation payments").
    (2)  The Treasury may by order ("a scheme order") authorise the Authority to establish and operate a scheme for--
    (a)  determining the nature and extent of the failure;
    (b)  establishing the liability of authorised persons to make compensation payments; and
    (c)  determining the amounts payable by way of compensation payments.
    (3)  An authorised scheme must be made so as to comply with specified requirements.
 
    (4)  A scheme order may be made only if--
    (a)  the Authority has given the Treasury a report about the alleged failure and asked them to make a scheme order;
    (b)  the report contains details of the scheme which the Authority propose to make; and
    (c)  the Treasury are satisfied that the proposed scheme is an appropriate way of dealing with the failure.
    (5)  A scheme order may provide for specified provisions of or made under this Act to apply in relation to any provision of, or determination made under, the resulting authorised scheme subject to such modifications (if any) as may be specified.
 
    (6)  For the purposes of this Act, failure on the part of an authorised person to comply with any provision of an authorised scheme is to be treated (subject to any provision made by the scheme order concerned) as a failure on his part to comply with rules.
 
    (7)  This section applies whenever the failure in question occurred.
 
    (8)  Authorised scheme" means a scheme authorised by a scheme order.
 
    (9)  Private person" has such meaning as may be prescribed.
 
    (10)  Specified" means specified in a scheme order.")
Schemes for reviewing past business.
  
After Clause 406
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
 ("Service of notices 
     .--(1) The Treasury may by regulations make provision with respect to the procedure to be followed, or rules to be applied, when a provision of or made under this Act requires a notice or other document to be given.
 
    (2)  The regulations may, in particular, make provision--
    (a)  as to the manner in which a document must be given;
    (b)  as to the address to which a document must be sent;
    (c)  requiring, or allowing, a document to be sent electronically;
    (d)  for treating a document as having been given, or as having been received, on a date or at a time determined in accordance with the regulations;
    (e)  as to what must, or may, be done if the person to whom a document is required to be given is not an individual;
    (f)  as to what must, or may, be done if the intended recipient of a document is outside the United Kingdom.
    (3)  Subsection (1) applies however the obligation to give a document is expressed (and so, in particular, includes a provision which requires a document to be served or sent).
Service of notices.
     (4)  Section 7 of the Interpretation Act 1978 (service of notice by post) has effect in relation to provisions made by or under this Act subject to any provision made by regulations under this section.")1978 c. 31.
  
After Clause 416
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1) Subsections (2) and (3) apply to an order under section 416 which makes transitional provisions or savings.
 
    (2)  Such an order may, in particular--
    (a)  if it makes provision about the authorisation and permission of persons who before commencement were entitled to carry on any activities, also include provision for such persons to apply to the Authority not to be treated as having any authorisation or permission;
    (b)  make provision enabling the Authority to require persons of such descriptions as it may direct to re-apply for permissions having effect by virtue of the order;
    (c)  make provision for the continuation as rules of such provisions (including primary and subordinate legislation) as may be designated in accordance with the order by the Authority, including provision for the modification by the Authority of provisions designated;
    (d)  make provision about the effect of requirements imposed, liabilities incurred and any other things done before commencement, including provision for and about investigations, penalties and the taking or continuing of any other action in respect of contraventions;
    (e)  make provision for appellate bodies to continue hearings begun before commencement, including provision about the decisions available to such bodies and the effect of their decisions.
    (3)  Such an order may--
    (a)  confer functions on the Treasury, the Secretary of State, the Authority, the Competition Commission or the Director General of Fair Trading;
    (b)  confer jurisdiction on the Tribunal;
    (c)  provide for fees to be charged by the Authority in connection with the carrying out of any of its functions under the order;
    (d)  modify, exclude or apply (with or without modifications) any primary or subordinate legislation (including any provision of, or made under, this Act).
    (4)  In subsection (2) "commencement" means the commencement of such provisions of this Act as may be specified by the order.")
Transitional provisions.
  
Clause 418
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 226, line 3, after ("232(5)") insert (", (Schemes for reviewing past business)") 
 
House of Lords home page Parliament home page House of Commons home page search page enquiries index

© Parliamentary copyright 2000
Prepared 11 April 2000