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

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Clause 25
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
63*     Page 11, line 17, leave out ("purchaser")") and insert ("other party")") 
64*     Page 11, line 18, leave out ("purchaser") and insert ("other party") 
  
Clause 26
 
  
BY THE LORD McINTOSH OF HARINGEY
 
65     Page 11, line 35, leave out ("the enforcement conditions are met,") and insert ("it is just and equitable in the circumstances of the case,") 
66     Page 11, line 40, leave out from beginning to second ("the") and insert ("In considering whether to allow") 
67     Page 11, line 41, leave out ("for") 
68     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")
 
69     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")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
70*     Page 12, line 4, leave out ("purchaser") and insert ("other party") 
  
Clause 27
 
  
BY THE LORD McINTOSH OF HARINGEY
 
71     Page 12, line 25, leave out ("and
    (b)")  and insert (", having regard to the issue mentioned in subsection (3A).
    (3A)  The issue is whether")
 
  
After Clause 27
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
72*     Insert the following new Clause-- 
     ("  .--(1)  This section applies to an agreement between a person ("the depositor") and another person ("the deposit-taker") made--
    (a)  in the course of carrying on by the deposit-taker of deposit-taking (not in contravention of the general prohibition), but
    (b)  in consequence of something said or done by another person ("the third party") in the course of a regulated activity carried on by the third party in contravention of the general prohibition.
    (2)  If the depositor is not entitled under the agreement to recover without delay any money deposited by him, he may apply to the court for an order directing the deposit-taker to return the money to him.
 
    (3)  The court need not make such an order if it is satisfied that it would not be just and equitable for the money deposited to be returned.
 
    (4)  Agreement", "court" and "deposit-taking" have the respective meanings given in section 27.")
Deposit-taking: other cases.
  
Clause 28
 
  
BY THE LORD McINTOSH OF HARINGEY
 
73     Page 13, line 15, leave out from ("that") to ("it") in line 16 
74     Page 13, line 16, leave out ("for") and insert ("in the circumstances of the case.
 
    (5A)  In considering whether to allow")
 
75     Page 13, line 17, leave out ("for") 
76     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)")
 
77     Page 13, line 19, leave out ("that") and insert ("the issue is whether") 
78     Page 13, line 21, leave out ("or
    (b)")  and insert ("(5C)")
 
79     Page 13, line 22, leave out ("that he did not know") and insert ("the issue is whether he knew") 
  
Schedule 3
 
  
BY THE LORD McINTOSH OF HARINGEY
 
80     Page 241, leave out lines 19 to 23 and insert--
 
    ("12.--(1)  Once an EEA firm which is seeking to establish a branch in the United Kingdom in exercise of an EEA right satisfies the establishment conditions, it qualifies for authorisation.
 
    (2)  Once an EEA firm which is seeking to provide services in the United Kingdom in exercise of an EEA right satisfies the service conditions, it")
 
81     Page 244, line 19, leave out ("inform the firm concerned") and insert ("give written notice") 
82     Page 244, line 20, at end insert ("to the firm concerned") 
83     Page 245, line 14, leave out ("inform the firm concerned") and insert ("give written notice") 
84     Page 245, line 15, at end insert ("to the firm concerned") 
85     Page 245, line 39, leave out ("a person refused consent") and insert ("if the Authority decides to refuse consent, the firm concerned") 
  
Schedule 4
 
  
BY THE LORD McINTOSH OF HARINGEY
 
86     Page 246, line 30, leave out paragraph 2 and insert--
 
    ("2.  Once a Treaty firm which is seeking to carry on a regulated activity satisfies the conditions set out in paragraph 3(1), it qualifies for authorisation.")
 
87     Page 247, line 20, leave out from beginning to second ("the") in line 22 and insert ("Sub-paragraph (1A) 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.
    (1A)  At least seven days before it begins to carry on such a regulated activity, the firm must give")
 
88     Page 247, line 23, at end insert--
 
    ("(  )  If a Treaty firm to which sub-paragraph (1A) 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.")
 
89     Page 247, line 24, leave out (", (4)") 
90     Page 247, line 25, leave out ("(1)") and insert ("(1A)") 
91     Page 247, line 27, leave out ("the prohibition imposed by paragraph 5(1)") and insert ("paragraph 5(1A)") 
92     Page 247, line 33, leave out ("5(1)") and insert ("5(1A)") 
  
Clause 31
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
93*     Page 14, line 33, leave out ("This section applies") and insert ("A person ceases to be an authorised person") 
94*     Page 14, line 34, leave out ("an authorised person's") and insert ("his") 
95*     Page 14, line 36, leave out subsection (2) 
  
Clause 42
 
  
BY THE LORD McINTOSH OF HARINGEY
 
96     Page 18, line 34, leave out ("of a group of") and insert ("potential") 
97     Page 18, line 36, leave out ("of that group of") and insert ("potential") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
98*     Page 18, line 40, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
Clause 43
 
  
BY THE LORD McINTOSH OF HARINGEY
 
99     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.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
100*     Page 19, line 19, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
BY THE LORD McINTOSH OF HARINGEY
 
101     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
 
102     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
 
103     Page 19, line 38, leave out from ("Authority's") to ("may") in line 40 and insert ("own-initiative power") 
  
Clause 46
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
104*     Page 21, line 15, after ("A") insert ("or contravene any other obligation or duty the institution may owe A") 
105*     Page 21, line 20, after ("instruction") insert ("without reasonable excuse") 
106*     Page 21, line 31, leave out ("the") and insert ("A's") 
  
Clause 50
 
  
BY THE LORD McINTOSH OF HARINGEY
 
107     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
 
108     Leave out Clause 51 
  
After Clause 51
 
  
BY THE LORD McINTOSH OF HARINGEY
 
109     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.
110     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
 
111     Leave out Clause 52 
  
Clause 53
 
  
BY THE LORD McINTOSH OF HARINGEY
 
112     Leave out Clause 53 
  
Clause 57
 
  
BY THE LORD McINTOSH OF HARINGEY
 
113     Page 26, line 1, leave out ("refuses") and insert ("decides to refuse") 
114     Page 26, line 3, leave out ("application is refused, the applicant") and insert ("Authority gives the applicant a decision notice, he") 
 
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