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

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Clause 61
 
  
BY THE LORD McINTOSH OF HARINGEY
 
115     Page 28, line 14, leave out ("refuses") and insert ("decides to refuse") 
  
Clause 67
 
  
BY THE LORD McINTOSH OF HARINGEY
 
116     Leave out Clause 67 
  
Clause 68
 
  
BY THE LORD McINTOSH OF HARINGEY
 
117     Page 32, line 13, leave out subsection (2) 
  
Clause 76
 
  
BY THE LORD McINTOSH OF HARINGEY
 
118     Page 35, line 19, leave out ("refused") and insert ("decided to refuse") 
119     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
 
120     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.
  
Clause 83
 
  
BY THE LORD McINTOSH OF HARINGEY
 
121     Page 38, line 30, after ("the") insert ("competent") 
  
Schedule 9
 
  
BY THE LORD McINTOSH OF HARINGEY
 
122     Page 253, line 7, at end insert--
 
    ("(  )  After paragraph 8 of that Schedule, insert--
 
 Meaning of "approved exchange" 
 
        9.  Approved exchange" has such meaning as may be prescribed."  ")
 
  
Clause 90
 
  
BY THE LORD McINTOSH OF HARINGEY
 
123     Page 42, line 4, leave out ("impose a penalty on") and insert ("take action against") 
124     Page 42, line 6, leave out subsections (2) and (3) and insert--
 
    ("(2)  A warning notice about a proposal to impose a penalty must state the amount of the proposed penalty.
 
    (3)  A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.
 
    (4)  If the competent authority decides to take action against a person under section 89, it must give him a decision notice.
 
    (5)  A decision notice about the imposition of a penalty must state the amount of the penalty.
 
    (6)  A decision notice about the publication of a statement must set out the terms of the statement.
 
    (7)  If the competent authority decides to take action against a person under section 89, he may refer the matter to the Tribunal.")
 
  
Clause 91
 
  
BY THE LORD McINTOSH OF HARINGEY
 
125     Page 42, line 19, after first ("The") insert ("competent") 
126     Page 42, line 37, after ("The") insert ("competent") 
  
Clause 93
 
  
BY THE LORD McINTOSH OF HARINGEY
 
127     Leave out Clause 93 
  
After Clause 93
 
  
BY THE LORD McINTOSH OF HARINGEY
 
128     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 94
 
  
BY THE LORD McINTOSH OF HARINGEY
 
129     Page 43, line 37, after first ("the") insert ("competent") 
  
Clause 101
 
  
BY THE LORD McINTOSH OF HARINGEY
 
130     Page 47, leave out lines 17 and 18 
  
Clause 103
 
  
BY THE LORD McINTOSH OF HARINGEY
 
131*     Page 50, line 2, leave out (", or") and insert ("the United Kingdom; or
    (b)  is")
 
  
Clause 115
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
132*     Page 56, line 1, leave out from ("which") to ("the") in line 3 and insert ("falls below") 
133*     Page 56, line 4, leave out ("a person") and insert ("the person or persons concerned") 
  
Clause 122
 
  
BY THE LORD McINTOSH OF HARINGEY
 
134     Page 60, line 23, leave out subsection (2) and insert--
 
    ("(2)  A warning notice about a proposal to impose a penalty must state the amount of the proposed penalty.
 
    (2A)  A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.")
 
135     Page 60, line 24, leave out subsection (3) 
  
Clause 123
 
  
BY THE LORD McINTOSH OF HARINGEY
 
136     Page 60, line 30, leave out subsection (2) and insert--
 
    ("(2)  A decision notice about the imposition of a penalty must state the amount of the penalty.
 
    (2A)  A decision notice about the publication of a statement must set out the terms of the statement.")
 
137     Page 60, line 31, leave out subsection (3) 
  
Clause 124
 
  
BY THE LORD McINTOSH OF HARINGEY
 
138     Leave out Clause 124 
  
Clause 129
 
  
BY THE LORD McINTOSH OF HARINGEY
 
139     Page 62, line 16, after ("by") insert ("or under") 
  
BY THE LORD DONALDSON OF LYMINGTON
 
140     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") 
  
Schedule 13
 
  
BY THE LORD McINTOSH OF HARINGEY
 
141     Page 267, line 13, at end insert--
    ("(  )  for the suspension of decisions of the Authority which have taken effect;")
 
  
Clause 130
 
  
BY THE LORD McINTOSH OF HARINGEY
 
142     Page 62, line 26, after ("notice") insert ("or supervisory notice") 
143     Page 62, line 31, leave out from ("evidence") to end of line 32 and insert ("relating to the subject-matter of the reference, whether or not it was available to the Authority at the material time") 
144     Page 62, line 33, leave out subsection (4) and insert--
 
    ("(4)  On a reference the Tribunal must determine what (if any) is the appropriate action for the Authority to take in relation to the matter referred to it.
 
    (4A)  On determining a reference, the Tribunal must remit the matter to the Authority with such directions (if any) as the Tribunal considers appropriate for giving effect to its determination.
 
    (4B)  In determining a reference made as a result of a decision notice, the Tribunal may not direct the Authority to take action which the Authority would not, as a result of section 383(2), have had power to take when giving the decision notice.
 
    (4C)  In determining a reference made as a result of a supervisory notice, the Tribunal may not direct the Authority to take action which would have otherwise required the giving of a decision notice.
 
    (4D)  The Tribunal may, on determining a reference, make recommendations as to the Authority's regulating provisions or its procedures.")
 
145     Page 62, line 40, leave out from beginning to ("until") and insert ("The Authority must not take the action specified in a decision notice--
    (a)  during the period within which the matter to which the decision notice relates may be referred to the Tribunal; and
    (b)  if the matter is so referred,")
 
146     Page 62, line 41, leave out ("decision,") and insert ("determination,") 
147     Page 63, line 1, leave out ("If a matter is remitted to the Authority,") 
148     Page 63, line 2, leave out ("decision of") and insert ("determination of, and any direction given by,") 
149     Page 63, line 5, at end insert--
 
    ("(  )  Supervisory notice" has the same meaning as in section 390.")
 
  
Clause 135
 
  
BY THE LORD HUNT OF WIRRAL
 
150     Page 66, line 5, after ("from,") insert ("dependent on,") 
151     Page 66, line 5, leave out from ("to,") to end of line 6 
  
Clause 140
 
  
BY THE LORD McINTOSH OF HARINGEY
 
152     Page 68, line 24, leave out ("subsection (4) applies") and insert ("subsections (3) and (4) apply") 
  
Clause 142
 
  
BY THE LORD McINTOSH OF HARINGEY
 
153     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.")
 
154     Page 69, line 37, leave out paragraph (b) 
155     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.")
 
 
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