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

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Clause 234
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
162B     Page 123, line 16, leave out from ("communicate") to end of line 17 and insert--
 
("to a person in the United Kingdom--
    (a)  an invitation to participate in a collective investment scheme; or
    (b)  information which is intended or might reasonably be presumed to be intended to induce any person to do so.")
 
162C     Page 123, line 21, leave out ("capable of having an effect") and insert ("intended or might reasonably be presumed to be intended to be acted on by a person") 
  
Clause 248
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
162D     Page 130, line 9, leave out from ("notice") to end of line 10 and insert--
    ("(a)  to the manager if notice of the proposal was given under section 247(1) and, unless the Authority considers that there are good reasons not to do so, to the trustee; and
    (b)  to the trustee if the notice of the proposal was given under section 247(3) and, unless the Authority considers that there are good reasons not to do so, to the manager.")
 
  
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 SAATCHI
THE LORD KINGSLAND
 
164A     Page 133, line 26, after ("such") insert ("reasonable") 
  
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 280
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170A     Page 146, line 40, leave out ("The Authority or the Secretary of State") and insert ("An investigating authority") 
170AA     Page 146, line 40, leave out ("a person") and insert ("one or more competent persons") 
170AB     Page 146, line 41, leave out ("and report on") and insert ("on its behalf") 
170AC     Page 147, line 7, leave out ("Authority or the Secretary of State") and insert ("investigating authority") 
170AD     Page 147, line 30, leave out subsection (4) 
170AE     Page 147, line 35, leave out ("the Authority") and insert ("an investigating authority") 
170AF     Page 147, line 37, leave out paragraph (b) 
170AG     Page 147, line 39, leave out ("cases") and insert ("case") 
170AH     Page 147, line 43, after ("Subsections") insert ("(2) to") 
170AJ     Page 147, line 44, at end insert--
 
    ("(  )  Subsections (1) to (9) of section 172 apply in relation to a person appointed under subsection (1) as if--
    (a)  references to an investigator were references to a person so appointed;
    (b)  references to an information requirement were references to a requirement imposed under section 171 or under subsection (3) by a person so appointed;
    (c)  the premises mentioned in subsection (3)(a) were the premises of a person whose affairs are the subject of an investigation under this section or of an appointed representative of such a person.")
 
170AK     Page 147, line 47, after ("unless") insert ("subsection (9) or (10) applies.
 
    (9)  This subsection applies if--
    (a)  the person to whom the obligation of confidence is owed consents to the disclosure or production; or
    (b)  the imposing on the person concerned of a requirement with respect to information or a document of a kind mentioned in subsection (8) has been specifically authorised by the investigating authority.
    (10)  This subsection applies if")
 
170AL     Page 148, line 6, at end insert--
 
    ("(  )  Investigating authority" means the Authority or the Secretary of State.")
 
  
Clause 281
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170AM     Page 148, line 17, leave out ("and its recognised nominee (if any) are") and insert ("is") 
170AN     Page 148, line 22, leave out ("or by its recognised nominee on its behalf") 
170AP     Page 148, line 24, leave out ("and its recognised nominee (if any) are") and insert ("is") 
170AQ     Page 148, line 27, leave out ("or by its recognised nominee on its behalf") 
170AR     Page 148, line 29, leave out subsection (4) 
  
Clause 282
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
170AS     Page 149, line 11, at end insert--
 
    ("(6)  Regulations made under subsection (1) must provide as recognition requirements--
    (a)  a requirement that the investment exchange or clearing house must establish and maintain arrangements for the investigation by a person independent of the investment exchange or clearing house of complaints arising in connection with the activities of the investment exchange or clearing house;
    (b)  a requirement that the arrangements established by the investment exchange or clearing house for the taking of disciplinary measures in relation to its members comply with the requirements of the European Convention on Human Rights; and
    (c)  a requirement that the investment exchange or clearing house is subject to restrictions on the disclosure of confidential information obtained from other persons equivalent to the restrictions which apply to the Authority under this Act.")
 
  
Clause 283
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170AT     Page 149, line 16, leave out subsection (2) 
170AU     Page 149, line 23, leave out paragraph (d) 
  
Clause 284
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170AV     Page 149, line 39, leave out subsection (2) 
170AW     Page 150, line 3, leave out paragraph (d) 
  
Clause 286
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170AX     Page 150, line 31, leave out subsections (2) and (3) 
170AY     Page 150, line 39, leave out ("299") and insert ("(Recognition orders: role of the Treasury)") 
170B     Page 151, line 3, leave out ("299") and insert ("(Recognition orders: role of the Treasury)") 
  
Clause 287
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BA     Page 151, line 4, leave out from ("body") to ("are") in line 5 and insert ("and its officers and staff") 
  
Clause 289
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BB     Page 152, line 11, leave out ("or its recognised nominee (if any)") 
170BC     Page 152, line 16, leave out ("or its recognised nominee (if any)") 
170BD     Page 152, line 40, leave out subsection (8) 
170BE     Page 152, line 43, leave out ("(8)") and insert ("(7)") 
  
Clause 292
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BF     Page 153, line 38, leave out ("or its recognised nominee (if any)") 
  
Clause 293
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BG     Leave out Clause 293 
  
Clause 295
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BH     Page 155, line 8, leave out ("or (4)(b)") 
170BJ     Page 155, line 15, leave out subsection (4) 
170BK     Page 155, line 31, leave out ("or (4)(b)") 
170BL     Page 155, line 40, leave out subsection (8) 
170BM     Page 156, line 7, leave out subsection (11) 
  
Clause 298
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BN     Page 157, line 23, at end insert--
    (""practices" means--
          (a)  in relation to a recognised investment exchange, the practices of the exchange in its capacity as such; and
          (b)  in relation to a recognised clearing house, the practices of the clearing house in respect of its clearing arrangements;")
 
170BP     Page 157, line 29, leave out ("particulars described") and insert ("criteria mentioned") 
170BQ     Page 157, line 31, leave out ("particulars described") and insert ("criteria mentioned") 
170BR     Page 157, leave out lines 32 to 41 
170BS     Page 157, line 42, leave out from ("Chapter") to end of line 45 and insert ("regulatory provisions or practices have a significantly 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.
    (  )  If regulatory 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, for the purposes of this Chapter, to have an adverse effect on competition.")
 
170BT     Page 158, line 1, leave out subsection (3) 
170BU     Page 158, line 8, leave out ("guidance has, or is") and insert ("regulatory provisions have, or are intended or") 
170BV     Page 158, line 9, leave out ("it is") and insert ("the provisions concerned are") 
170BW     Page 158, line 10, leave out ("it") and insert ("them") 
  
Clause 299
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BX     Leave out Clause 299 
  
Clause 300
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170BY     Leave out Clause 300 
  
Clause 301
 
  
BY THE LORD McINTOSH OF HARINGEY
 
170C     Page 159, line 13, leave out from ("284") to ("in") in line 14 and insert--
 
    ("(  )  The Authority must send to the Director such information in its possession as a result of the application for recognition as it considers will assist him in discharging his functions")
 
170CA     Page 159, line 16, leave out from ("must") to end of line 24 and insert ("issue a report as to whether--
    (a)  a regulatory provision of which a copy has been sent to him under subsection (1) has a significantly adverse effect on competition, or
    (b)  a combination of regulatory provisions so copied to him have such an effect.")
 
170CB     Page 159, leave out lines 26 to 34 and insert ("significantly adverse effect on competition,") 
170CC     Page 159, line 35, at end insert--
 
    ("(  )  When the Director issues a report under subsection (2), he must send a copy of it to the Authority, the Competition Commission and the Treasury.")
 
 
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