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

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Clause 329
 
  
BY THE LORD McINTOSH OF HARINGEY
 
176     Page 176, line 14, at end insert--
 
    ("(4)  Part IA of Schedule 18--
    (a)  removes certain restrictions on the ability of incorporated friendly societies to form subsidiaries and control corporate bodies; and
    (b)  makes connected amendments.")
 
  
Schedule 18
 
  
BY THE LORD McINTOSH OF HARINGEY
 
177     Page 277, line 39, at end insert-- 
 ("PART IA 
 FRIENDLY SOCIETIES: SUBSIDIARIES AND CONTROLLED BODIEs 
 Interpretation 
     .  In this Part of this Schedule-- 
 
    the 1992 Act" means the Friendly Societies Act 1992; and
    section 13" means section 13 of that Act.
1992 c. 40.
 Qualifying bodies 
     .--(1)  Subsections (2) to (5) of section 13 (incorporated friendly societies allowed to form or acquire control or joint control only of qualifying bodies) cease to have effect.
 
    (2)  As a result, omit--
    (a)  subsections (8) and (11) of that section, and
    (b)  Schedule 7 to the 1992 Act (activities which may be carried on by a subsidiary of, or body jointly controlled by, an incorporated friendly society).
 
 Bodies controlled by societies 
     .  In section 13(9) (defined terms), after paragraph (a) insert--
      (aa)  an incorporated friendly society also has control of a body corporate if the body corporate is itself a body controlled in one of the ways mentioned in paragraph (a)(i), (ii) or (iii) by a body corporate of which the society has control;".
 
 Joint control by societies 
     .  In section 13(9), after paragraph (c) insert--
      (cc)  an incorporated friendly society also has joint control of a body corporate if--
            (i)  a subsidiary of the society has joint control of the body corporate in a way mentioned in paragraph (c)(i), (ii) or (iii);
            (ii)  a body corporate of which the society has joint control has joint control of the body corporate in such a way; or
            (iii)  the body corporate is controlled in a way mentioned in paragraph (a)(i), (ii) or (iii) by a body corporate of which the society has joint control;".
 
 Acquisition of joint control 
     .  In section 13(9), in the words following paragraph (d), after "paragraph (c)" insert "or (cc)". 
 Amendment of Schedule 8 to the 1992 Act 
     .--(1)  Schedule 8 to the 1992 Act (provisions supplementing section 13) is amended as follows.
 
    (2)  Omit paragraph 3(2).
 
    (3)  After paragraph 3 insert--
        3A.--(1)  A body is to be treated for the purposes of section 13(9) as having the right to appoint to a directorship if--
      (a)  a person's appointment to the directorship follows necessarily from his appointment as an officer of that body; or
      (b)  the directorship is held by the body itself.
        (2)  A body ("B") and some other person ("P") together are to be treated, for the purposes of section 13(9), as having the right to appoint to a directorship if--
      (a)  P is a body corporate which has directors and a person's appointment to the directorship follows necessarily from his appointment both as an officer of B and a director of P;
      (b)  P is a body corporate which does not have directors and a person's appointment to the directorship follows necessarily from his appointment both as an officer of B and as a member of P's managing body; or
      (c)  the directorship is held jointly by B and P.
        (3)  For the purposes of section 13(9), a right to appoint (or remove) which is exercisable only with the consent or agreement of another person must be left out of account unless no other person has a right to appoint (or remove) in relation to that directorship.
        (4)  Nothing in this paragraph is to be read as restricting the effect of section 13(9)."
    (4)  In paragraph 9 (exercise of certain rights under instruction by, or in the interests of, incorporated friendly society) insert at the end "or in the interests of any body over which the society has joint control".
 
 Consequential amendments 
     .--(1)  Section 52 of the 1992 Act is amended as follows.
 
    (2)  In subsection (2), omit paragraph (d).
 
    (3)  In subsection (3), for "(4) below" substitute "(2)".
 
    (4)  For subsection (4) substitute--
        (4)  A court may not make an order under subsection (5) unless it is satisfied that one or more of the conditions mentioned in subsection (2) are satisfied.
    (5)  In subsection (5), omit the words from "or, where" to the end.
 
 References in other enactments 
     .  References in any provision of, or made under, any enactment to subsidiaries of, or bodies jointly controlled by, an incorporated friendly society are to be read as including references to bodies which are such subsidiaries or bodies as a result of any provision of this Part of this Schedule.") 
  
Clause 343
 
  
BY THE LORD McINTOSH OF HARINGEY
 
178     Page 183, line 16, leave out from beginning to ("and") and insert ("any provision made by or under this Act;") 
  
Clause 344
 
  
BY THE LORD McINTOSH OF HARINGEY
 
179     Page 184, line 6, after ("is") insert ("--
    (a)  made for the purpose of facilitating the carrying out of a public function; and
    (b)")  
 
180     Page 184, line 13, after ("prescribed") insert ("public") 
181     Page 184, line 17, after ("prescribed") insert ("public") 
182     Page 184, line 23, leave out sub-paragraphs (ii) and (iii) 
183     Page 184, line 35, at end insert--
 
    ("(5)  Public functions" includes--
    (a)  functions conferred by or in accordance with any provision contained in any enactment or subordinate legislation;
    (b)  functions conferred by or in accordance with any provision contained in the Community Treaties or any Community instrument;
    (c)  similar functions conferred on persons by or under provisions having effect as part of the law of a country or territory outside the United Kingdom;
    (d)  functions exercisable in relation to prescribed disciplinary proceedings.
    (6)  Enactment" includes--
          (a)  an Act of the Scottish Parliament;
          (b)  Northern Ireland legislation.
 
     (7)  Subordinate legislation" has the meaning given in the Interpretation Act 1978 and also includes an instrument made under an Act of the Scottish Parliament or under Northern Ireland legislation.")1978 c. 31.
  
Clause 377
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
183A*     Page 201, line 5, at end insert--
    ("(d)  in a case within either of those paragraphs, to whether the Authority is prohibited from imposing a penalty on the person concerned by virtue of subsection (2) of section 119.")
 
  
Clause 378
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
183B*     Page 202, line 12, at end insert--
    ("(d)  in a case within either paragraph (a) or (b) of subsection (2), to whether the Authority is prohibited from imposing a penalty on the person concerned by virtue of subsection (2) of section 119.")
 
  
Clause 381
 
  
BY THE LORD McINTOSH OF HARINGEY
 
184     Leave out Clause 381 
  
Clause 383
 
  
BY THE LORD McINTOSH OF HARINGEY
 
185     Page 203, line 35, leave out paragraph (b) 
186     Page 204, line 8, leave out subsection (3) 
  
Clause 384
 
  
BY THE LORD McINTOSH OF HARINGEY
 
187     Page 204, line 26, leave out from ("if") to ("of") in line 27 and insert ("the discontinuance of the proceedings concerned results in the granting") 
188     Page 204, line 27, at end insert ("warning or decision") 
  
Clause 385
 
  
BY THE LORD McINTOSH OF HARINGEY
 
189     Page 205, line 11, at end insert--
 
    ("(5A)  A final notice about a requirement to make a payment or distribution in accordance with section 378(3) must state--
    (a)  the persons to whom,
    (b)  the manner in which, and
    (c)  the period within which,
it must be made.")
 
190     Page 205, line 15, after ("(5)(b)") insert ("or (5A)(c)") 
191     Page 205, line 19, at end insert--
 
    ("(  )  If all or any of a required payment or distribution has not been made at the end of a period stated in a final notice under section (5A)(c), the obligation to make the payment is enforceable, on the application of the Authority, by injunction or, in Scotland, by an order under section 45 of the Court of Session Act 1988.")
 
  
Clause 386
 
  
BY THE LORD McINTOSH OF HARINGEY
 
192     Page 205, line 33, at end insert--
 
    ("(  )  When a supervisory notice takes effect, the Authority must publish such information about the matter to which the notice relates as it considers appropriate.")
 
193     Page 205, line 38, at end insert--
 
    ("(6A)  For the purposes of determining when a supervisory notice takes effect, a matter to which the notice relates is open to review if--
    (a)  the period during which any person may refer the matter to the Tribunal is still running;
    (b)  the matter has been referred to the Tribunal but has not been dealt with;
    (c)  the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running; or
    (d)  such an appeal has been brought but has not been determined.")
 
194     Page 205, line 39, at end insert--
 
    ("(  )  Supervisory notice" has the same meaning as in section 390.")
 
  
Clause 387
 
  
BY THE LORD McINTOSH OF HARINGEY
 
195     Page 206, line 3, after ("section") insert ("(Cancellation of Part IV permission: procedure)(1),") 
196     Page 206, line 4, after ("66(1),") insert (" 87(4)(b),") 
197     Page 206, line 7, after ("section") insert ("(Cancellation of Part IV permission: procedure)(2),") 
198     Page 206, line 8, after ("66(4),") insert (" 87(6)(b),") 
  
Clause 388
 
  
BY THE LORD McINTOSH OF HARINGEY
 
199     Page 206, line 38, at end insert ("or") 
  
Clause 390
 
  
BY THE LORD McINTOSH OF HARINGEY
 
200     Page 209, line 15, at end insert--
    ("(  )  (Exercise of own-initiative power to vary Part IV permission: procedure)(4), (7) or (8)(b);
    (  )  (Discontinuance or suspension: procedure)(2) or (5);
    (  )  193(3), (6) or (7)(b);")
 
201     Page 209, line 17, leave out paragraphs (b) and (c) and insert--
    ("(  )  264(3), (7)(a) or (9)(a) (as a result of subsection (8)(b));
    (  )  278(3), (6) or (7)(b);")
 
  
Clause 392
 
  
BY THE LORD McINTOSH OF HARINGEY
 
202     Page 210, line 27, at end insert--
 
    ("(  )  In proceedings for an offence under subsection (2) brought against a person to whom subsection (1) applies as a result of paragraph (a) of that subsection, it is a defence for him to show that the statement was made in conformity with price stabilising rules or control of information rules.")
 
203     Page 210, line 35, at end insert ("; or
    (c)  that he acted or engaged in the conduct in conformity with control of information rules")
 
204     Page 211, line 14, after ("2") insert ("(except paragraphs 25 and 26)") 
205     Page 211, line 14, leave out ("subsection (9)") and insert ("subsections (8) and (9)") 
206     Page 211, line 17, after ("subsection") insert ("(8) or") 
  
Clause 395
 
  
BY THE LORD McINTOSH OF HARINGEY
 
207     Page 212, line 5, leave out subsection (3) 
208     Page 212, line 10, leave out ("in Scotland") 
209     Page 212, line 23, at end insert--
 
    ("(  )  If an offence under this Act committed by an unincorporated association (other than a partnership) is shown--
    (a)  to have been committed with the consent or connivance of an officer of the association or a member of its governing body, or
    (b)  to be attributable to any neglect on the part of such an officer or member,
that officer or member as well as the association is guilty of the offence and liable to be proceeded against and punished accordingly.")
 
210     Page 212, line 26, after ("unincorporated") insert ("association") 
 
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