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

     The amendments have been marshalled in accordance with the Order to be moved on 12th April 2000, as follows--  
 Clause 1
Schedule 1
Clauses 2 to 20
Schedule 2
Clauses 21 to 29
Schedules 3 and 4
Clauses 30 to 34
Schedule 5
Clauses 35 to 39
Schedule 6
Clauses 40 to 72
Schedules 7 and 8
Clauses 73 to 86
Schedule 9
Clauses 87 and 88
Schedule 10
Clauses 89 to 101
Schedule 11
Clauses 102 to 109
Schedule 12
Clauses 110 to 129
Schedule 13
Clauses 130 to 158
Schedule 14
Clauses 159 to 161
Schedule 15
Clauses 162 to 199
Schedule 16
Clauses 200 to 221
Schedule 17
Clauses 222 to 329
Schedule 18
Clauses 330 to 421
Schedules 19 to 21
Clause 422
 
 [Amendments marked * are new or have been altered] 
Amendment
No.
 
  
Clause 1
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
1*     Page 1, line 7, leave out ("body corporate") and insert ("private company formed under the Companies Act 1985") 
  
Schedule 1
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
2*     Page 228, leave out line 9 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
3*     Page 228, leave out lines 22 and 23 and insert ("a board of directors") 
4*     Page 228, line 23, at end insert--
 
    ("(  )  The Authority's board of directors shall be called the governing body.")
 
5*     Page 228, line 24, leave out ("the chairman") and insert ("a chairman and a chief executive") 
6*     Page 228, line 24, at end insert--
 
    ("(  )  The office of chairman and the office of chief executive may be held by the same person.
 
    (  )  The person holding the office of chief executive shall be called the Director General of the Financial Services Authority.")
 
7*     Page 228, line 25, after ("chairman") insert (", the chief executive") 
8*     Page 228, line 26, at end insert--
 
    ("(  )  In exercising its powers under sub-paragraph (3) above, the Treasury must have regard to generally accepted principles of good corporate governance.")
 
9*     Page 228, line 24, after ("chairman") insert ("or chief executive") 
10*     Page 228, line 30, at end insert ("or chief executive") 
11*    ("(  ) The Authority's conduct of its corporate affairs must have regard to generally accepted principles of good corporate governance.") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
12*     Page 228, line 32, leave out sub-paragraph (1) and insert--
 
    ("(1)  The Treasury and the Authority must secure that the majority of the members of the Authority's governing body are non-executive members.
 
    (1A)  The Authority must secure that a committee of its governing body, consisting solely of the non-executive members, is set up and maintained for the purposes of discharging the functions conferred on the committee by paragraph 4.")
 
13*     Page 228, line 40, after ("committee") insert ("referred to in sub-paragraph (1A)") 
14*    ("(  )  Sub-paragraph (1A) does not affect the power of the governing body to set up and maintain other committees of the governing body for purposes other than those referred to in sub-paragraph (1A) consisting solely of or of a majority of non-executive members of the governing body.") 
15*     Page 229, line 2, at end insert ("referred to in paragraph 3 (1A)") 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
16*     Page 229, line 30, at end insert--
 
    ("(  )  In discharging its functions the Authority shall act in conformity with such provisions of the Combined Code prepared by the Committee on Corporate Governance as may be operative from time to time.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
17*     Page 230, line 6, leave out ("Authority") and insert ("Treasury") 
18*     Page 230, line 40, leave out ("Authority") and insert ("investigator") 
19*     Page 230, line 41, leave out ("it") and insert ("he") 
20*     Page 230, line 45, leave out ("which the Authority is investigating") and insert ("received by the Authority") 
21*     Page 231, line 6, leave out sub-paragraph (3) and insert--
        ("(3)  If the investigator decides not to investigate a complaint he must notify the complainant.")
 
22*     Page 231, line 8, leave out sub-paragraph (4) and insert--
        ("(4)  In a case where the investigator--
      (a)  has reported that a complaint is well-founded, or
      (b)  has criticised the Authority in his report,
    the investigator may include in his report a recommendation to the Authority that it takes steps to remedy the matter complained of including, if appropriate, by making an ex-gratia payment.")
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
23*     Page 231, line 38, at end insert--
    ("(  )  any report prepared by the Practitioner Panel under section 8(4A) and any report prepared by the Consumer Panel under section 9(4A) and the Authority's response to any such report or reports;")
 
24*     Page 231, line 41, at end insert--
 
    ("(  )  A joint committee of both Houses of Parliament shall examine all the reports submitted under this section at least once a year.")
 
25*     Page 231, line 42, after ("Parliament") insert ("and a joint committee of both Houses of Parliament") 
26*     Page 231, line 43, at end insert--
 
    ("(  )  The joint committee of both Houses of Parliament referred to in sub-paragraph (3) may examine each report laid before it and may require any person to attend before it to answer questions and otherwise to provide such information as the joint committee may require.")
 
  
BY THE LORD JENKIN OF RODING
 
27     Page 234, line 2, leave out sub-paragraph (2) 
  
BY THE LORD NEWBY
THE LORD SHARMAN
 
28*     Page 234, line 19, after ("Authority") insert ("or any person acting in the capacity of an agent of the Authority under any provision of this Act") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
29*     Page 234, line 26, after ("faith") insert ("or reckless") 
  
Clause 2
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
30*     Page 1, line 19, at end insert ("; and
    (c)  which recognises the international character of financial services and markets and the desirability of not adversely affecting the competitive position of the United Kingdom")
 
31*     Page 2, line 14, leave out paragraph (e) 
  
Clause 3
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
32*     Page 2, line 32, at end insert (", including minimising risks to the stability of the financial system and preventing market abuse") 
33*     Page 2, line 35, after ("financial") insert ("institutions,") 
34*     Page 2, line 37, after ("financial") insert ("institutions,") 
  
Clause 5
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
 
35*     Page 3, line 15, at end insert ("; and
    (e) the interests of--
          (i)  individuals who are disabled or chronically sick;
          (ii)  individuals who are of pensionable age;
          (iii)  individuals with low incomes; and
          (iv)  individuals residing in rural areas,
but that is not to be taken as implying that regard may not be had to the interests of other descriptions of consumer")
 
  
Clause 7
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
36*     Page 4, line 5, after ("consumers") insert ("on any rules, codes, general guidance or statements proposed to be made by it under this Act and") 
  
Clause 8
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
37*     Page 4, line 15, at end insert ("and shall give reasons to the Practitioner Panel in circumstances where it intends to proceed against the Practitioner Panel's advice or recommendations") 
38*     Page 4, line 15, at end insert--
 
    ("(4A)  The Practitioner Panel may publish, at the cost of the Authority, an annual report on the representations it has made to the Authority and the Authority's response to its representations.")
 
  
Clause 9
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
39*     Page 4, line 30, at end insert ("and shall give reasons to the Consumer Panel in circumstances where it intends to proceed against the Consumer Panel's advice or recommendations") 
40*     Page 4, line 30, at end insert--
 
    ("(4A)  The Consumer Panel may publish, at the cost of the Authority, an annual report of the representations it has made to the Authority and the Authority's response to its representations.")
 
  
Clause 10
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
41*     Page 5, line 2, leave out ("may") and insert ("must on the second anniversary of the day on which section 1 comes into force and every two years thereafter") 
42*     Page 5, line 2, leave out ("an independent person") and insert ("the Comptroller and Auditor General") 
43*     Page 5, line 4, at end insert ("in the previous two year period") 
44*     Page 5, line 5, leave out subsections (2) and (3) 
45*     Page 5, line 11, leave out ("person conducting it") and insert ("Comptroller and Auditor General") 
46*     Page 5, line 20, leave out subsection (7) 
  
After Clause 10
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
47*     Insert the following new Clause-- 
     ("  .--(1) The Competition Commission must immediately after the second anniversary of the day on which section 1 comes into force carry out a review of the impact of the regulatory regime created under this Act on competition in the financial system.
 
    (2) On completion of the review, the Competition Commission must make a written report to the Treasury--
    (a) setting out the result of the review; and
    (b) making such recommendations (if any) as the Commission considers appropriate.
    (3) A copy of the report must be--
    (a) laid before each House of Parliament; and
    (b) published in such manner as the Treasury consider appropriate.
    (4) "The financial system" has the same meaning as in section 3(2).
 
    (5) "Regulatory regime" includes the regulating provisions and practices of the Authority within the meaning of section 155.")
Review of regulatory regime by Competition Commission.
  
Clause 19
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
48*     Page 8, line 22, leave out ("or inducement to engage in investment activity") and insert ("to engage in investment activity or information which is intended or might reasonably be presumed to be intended to induce any person to do so") 
49*     Page 8, line 28, leave out from ("(1)") to ("in") in line 29 and insert ("does not apply unless the communication is intended or might reasonably be presumed to be intended to be acted on by a person") 
  
BY THE LORD McINTOSH OF HARINGEY
 
50     Page 9, line 9, leave out ("an") and insert ("a controlled") 
51     Page 9, line 10, leave out ("an") and insert ("a controlled") 
52     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.")
 
53     Page 9, line 16, after ("2") insert ("(except paragraph 26)") 
54     Page 9, line 16, leave out ("subsection (9)") and insert ("subsections (9) and (9A)") 
55     Page 9, line 17, leave out ("that subsection") and insert ("each of those subsections") 
56     Page 9, line 19, at end insert ("or (9A)") 
  
Clause 20
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
57*     Page 9, line 31, at end insert--
 
    ("(  )  The activity carried on by way of business of giving or offering or agreeing to give advice (other than legal advice) to persons in their capacity as borrowers or potential borrowers on the terms of a loan or a proposed loan secured or to be secured on land or any other property shall be a regulated activity.")
 
  
BY THE LORD LIPSEY
THE LORD PHILLIPS OF SUDBURY
 
58     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.")
 
  
Schedule 2
 
  
BY THE BARONESS TURNER OF CAMDEN
 
59     Page 235, line 38, at end insert ("; or
    (c)  acquiring rights through mortgage facilities for the purposes of home ownership")
 
  
Clause 23
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
60*     Page 10, line 39, at end insert--
 
    ("(3)  Subsection (1) does not apply in the case of an oral communication which does not constitute an invitation to engage in investment activity.")
 
  
Clause 24
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
61*     Page 10, line 43, leave out ("purchaser")") and insert ("other party")") 
62*     Page 11, line 1, leave out ("purchaser") and insert ("other party") 
 
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Prepared 12 April 2000