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

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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 131
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
149A*     Page 63, line 16, leave out ("under section 123(4)") 
  
Clause 133
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
149B*     Page 64, line 20, leave out paragraphs (b) and (c) 
  
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 
  
After Clause 135
 
  
BY THE LORD JOFFE
THE LORD PHILLIPS OF SUDBURY
 
151A     Insert the following new Clause-- 
     ("  .  The Authority shall make rules requiring an authorised person who is a body corporate who has permission to carry on regulated long-term insurance business to secure that the composition of the body's Board of Directors is such as to give a fair degree of representation to with-profit policyholders.")Long-term insurance business rules: representation of policyholders.
  
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.")
 
  
After Clause 143
 
  
BY THE LORD McINTOSH OF HARINGEY
 
156     Insert the following new Clause-- 
     (".--(1) The Authority may make rules ("control of information rules") requiring an authorised person ("A") to withhold information from a person ("B") for or with whom he does business in the course of carrying on any regulated or other activity.
 
    (2)  Control of information rules may--
    (a)  require the withholding of information which A would otherwise have a legal obligation to disclose to B;
    (b)  require A to restrict or prevent the passing of information within his business.
    (3)  Subsection (1) applies only in relation to information obtained from a person other than B in the course of the carrying on by A of any activity, whether it was obtained by A, by an approved person or by any other person.
 
    (4)  Approved person" has the same meaning as in section 63.")
Control of information.
  
Clause 144
 
  
BY THE LORD McINTOSH OF HARINGEY
 
157     Page 70, line 6, at end insert--
    ("(  )  control of information rules;")
 
  
Clause 155
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
157A*     Page 75, line 15, at end insert--
    (""competition" includes competition between authorised persons, or particular classes of authorised persons, and the competitive position of the United Kingdom;")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
158     Page 75, line 30, after ("have") insert (", or are intended or likely to have,") 
  
Clause 157
 
  
BY THE LORD McINTOSH OF HARINGEY
 
158A     Page 76, line 42, leave out from ("control") to end of line 43 
158B     Page 77, line 6, at end insert--
 
    ("(  )  A requirement may be imposed under subsection (2) or (3)(a) only in respect of documents or information which relate to any matter relevant to the investigation.")
 
  
Clause 170
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
158C*     Page 87, line 1, leave out ("a") and insert ("that") 
158D*     Page 87, line 1, at end insert ("or to disciplinary measures taken against that person under Part XIV") 
  
Clause 174
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
158E*     Page 90, leave out lines 27 and 28 and insert ("Before a person can acquire") 
  
Clause 175
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
158F*     Page 91, line 38, at end insert ("except that an agreement or arrangement is not within subsection (4)(g) of section 412 if the agreement or arrangement is for one person ("X") to acquire, hold or dispose of shares or other interests as agent or nominee on behalf of another person ("Y") without X being able to exercise, or control the exercise of, voting rights otherwise than at the direction of Y") 
  
Clause 188
 
  
BY THE LORD McINTOSH OF HARINGEY
 
159     Page 98, line 30, at end insert--
    ("(  )  provide for exemptions from the obligations to notify imposed by sections 174 and 186;")
 
  
Clause 196
 
  
BY THE LORD McINTOSH OF HARINGEY
 
160     Page 103, line 28, after ("power") insert ("of the Authority on its own initiative") 
161     Page 103, line 28, leave out ("or vary") 
  
Clause 225
 
  
BY THE LORD HUNT OF WIRRAL
THE LORD DONALDSON OF LYMINGTON
THE LORD BORRIE
THE LORD PHILLIPS OF SUDBURY
 
161A     Page 119, line 1, leave out subsections (3) and (4) and insert--
 
    ("(3)  Whether or not a court could make such an order, a money award may require the respondent to pay a sum in respect of--
    (a)  financial loss suffered by the complainant;
    (b)  other circumstances for which the complainant should fairly be compensated.
    (4)  The Authority may specify the maximum amount which may be awarded under subsection (3)(b).")
 
  
Clause 226
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
 
162     Page 119, line 34, leave out subsection (4) 
  
Clause 253
 
  
BY THE LORD McINTOSH OF HARINGEY
 
163     Page 132, line 6, leave out from ("scheme") to end of line 8 
164     Page 132, line 9, leave out from ("up") to end of line 11 
  
Clause 255
 
  
BY THE LORD McINTOSH OF HARINGEY
 
165     Page 133, line 29, at end insert--
 
    ("(  )  If the direction imposes a requirement under section 253(2)(a), the notice must state that the requirement has effect until--
    (a)  a specified date; or
    (b)  a further direction.
    (  )  If the direction imposes a requirement under section 253(2)(b), the scheme must be wound up--
    (a)  by a date specified in the notice; or
    (b)  if no date is specified, as soon as practicable.")
 
166     Page 134, line 7, at end insert--
 
    ("(12)  For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 386(6A).")
 
  
Clause 263
 
  
BY THE LORD McINTOSH OF HARINGEY
 
167     Page 137, line 29, leave out ("of a kind mentioned in section 234(1)") 
  
Clause 264
 
  
BY THE LORD McINTOSH OF HARINGEY
 
168     Page 139, line 28, at end insert--
 
    ("(14)  For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 386(6A).")
 
  
Clause 265
 
  
BY THE LORD McINTOSH OF HARINGEY
 
169     Page 139, line 39, at end insert--
 
    ("(  )  If the application is refused, the operator of the scheme may refer the matter to the Tribunal.")
 
  
Clause 278
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170     Page 146, line 23, at end insert--
 
    ("(12)  For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 386(6A).")
 
  
Clause 317
 
  
BY THE LORD McINTOSH OF HARINGEY
 
171     Page 169, line 23, after ("If") insert ("the Authority decides to refuse") 
172     Page 169, line 23, leave out ("is refused") 
  
Clause 322
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
 
173     Page 171, line 27, leave out ("(7)") and insert ("(6)") 
174     Page 171, line 42, leave out from beginning to ("one") in line 43 and insert ("The regulated activity is") 
175     Page 172, line 4, leave out subsection (7) 
 
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