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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 Second 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 of 12th April 2000, as follows-- 
 Clauses 17 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 17
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
47A*     Page 8, line 6, leave out from ("person") to end of line 7 
47B*     Page 8, line 8, at end insert--
 
    ("(3)  The general prohibition does not apply to an exempt person.")
 
  
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
THE LORD BURNS
 
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") 
  
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.")
 
 
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Prepared 17 April 2000