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

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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 89
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
122A*     Page 41, line 40, at end insert--
 
    ("(6A)  For the purposes of subsection (2) a director of an issuer or applicant is knowingly concerned in a contravention when he knows that the relevant issuer or applicant is contravening the relevant provision of listing rules.")
 
  
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.
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
[As an amendment to Amendment 128]
 
128A*     Line 39, at end insert--
 
    ("(10)  Competition" includes competition between authorised persons, or particular classes of authorised persons, and the competitive position of the United Kingdom")
 
  
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 SAATCHI
THE LORD KINGSLAND
 
130A*     Page 49, line 29, at end insert-- 
 ("CASE 5 
     Where the scheme provides expressly that the provisions of this Part shall not apply to the scheme.") 
  
BY THE LORD McINTOSH OF HARINGEY
 
131     Page 50, line 2, leave out (", or") and insert ("the United Kingdom; or
    (b)  is")
 
  
Clause 104
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
131A*     Page 50, line 27, at end insert (";  or
    (c)  the scheme provides expressly that the provisions of this Part shall not apply to the scheme")
 
  
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") 
  
BY THE LORD EATWELL
THE LORD LIPSEY
 
133A     Page 56, line 5, at end insert (", acting in the interests of the market as a whole") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
133B*     Page 56, line 43, at end insert--
 
    ("(  )  Behaviour does not amount to market abuse within subsection (2)(b) if the impression given is misleading only because of information which the individual whose behaviour it is does not know about it because it was withheld from him in conformity with control of information rules.")
 
  
Clause 119
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
133C*     Page 58, line 37, after ("If") insert ("the court on the application of") 
133D*     Page 59, line 1, leave out from ("the") to ("satisfied") in line 3 and insert ("court may not impose a penalty on a person if it is") 
133E*     Page 59, line 7, at end insert ("or
    (c)  his behaviour conformed with the generally accepted market practice")
 
133F*     Page 59, line 7, at end insert ("or
    ("(c)  in relation to market abuse which satisfies the condition set out in section 115(2)(b) or the condition in section 115(2)(c), he did not anticipate that his behaviour would satisfy that condition.")
 
133G*     Page 59, line 8, leave out ("Authority") and insert ("court") 
133H*     Page 59, line 9, after ("him,") insert ("require the Authority to") 
  
Clause 120
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
133J*     Page 59, line 12, leave out ("its") 
133K*     Page 59, line 16, leave out ("The Authority's policy") 
133L*     Page 59, line 17, after ("be") insert ("the policy") 
133M*     Page 59, line 25, leave out ("Authority") insert ("court") 
133N*     Page 59, line 36, leave out ("Authority") insert ("court") 
  
Clause 122
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
133P*     Page 60, line 21, after ("to") insert ("apply to the court to") 
  
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.")

 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
[Amendments 134A to 134D are amendments to Amendment 134]
 
134A*     Line 2, after ("to") insert ("apply to the court to") 
134B*     Line 3, leave out ("proposed penalty") and insert ("penalty which the Authority proposes to apply to the Court to impose.") 
134C*     Line 4, leave out ("publish") and insert ("apply to the court to require the publication of") 
134D*     Line 5, leave out ("proposed statement") and insert ("statement of which the Authority proposes to apply to the court to require publication.") 
  
BY THE LORD McINTOSH OF HARINGEY
 
135     Page 60, line 24, leave out subsection (3) 
  
Clause 123
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
135A*     Page 60, line 28, leave out from ("to") to end of line 36 and insert ("apply to the court to exercise its power under section 119 in relation to a person, it must first notify him in writing.") 
  
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 SAATCHI
THE LORD KINGSLAND
 
140A*     Page 265, line 14, leave out paragraphs (a) to (c) and insert ("is a judge of the High Court or a judge of the Court of Session.") 
140B*     Page 265, line 34, leave out ("seven") and insert ("ten") 
140C*     Page 265, line 36, leave out ("seven") and insert ("ten") 
140D*     Page 265, line 38, leave out ("seven") and insert ("ten") 
140E*     Page 265, line 41, leave out ("seven") and insert ("ten") 
  
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;")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
141A*     Page 268, line 19, at end insert--
 
    ("(3)  At the commencement of any proceedings a party (other than the Authority) to those proceedings may elect either that the provisions of sub-paragraph (2) must apply, or instead of sub-paragraph (2), that the Tribunal has discretion to order one party to the proceedings to pay the whole or part of the costs or expenses incurred by the other party in connection with the proceedings.")
 
 
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