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

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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 SAATCHI
THE LORD KINGSLAND
 
188A*     Page 204, line 33, leave out from ("130(1)") to end of line 35 and insert ("by the person concerned, the Authority must either itself refer the matter or give the person concerned a notice of discontinuance in relation to it.") 
  
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 389
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
199A     Page 207, line 35, at end insert ("save that this shall not prevent the Authority from providing A with a summary of the principal characteristics of those other cases without disclosing those other persons' identities") 
199B*     Page 208, line 9, at end insert--
 
    ("(  )  If A is not allowed access to particular material under subsections (2) or (3), the Authority must give him a written summary of its contents and, if A refers to the Tribunal the matter to which the notice referred to in subsection (1) relates, the Authority must allow the Tribunal access to the material.")
 
  
Clause 390
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
199C     Page 209, line 5, after ("giving") insert ("a supervisory notice or") 
  
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)") 
205A     Page 211, line 15, leave out ("that subsection") and insert ("each of those subsections") 
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") 
  
After Clause 397
 
  
BY THE LORD McINTOSH OF HARINGEY
 
211     Insert the following new Clause-- 
     ("  .--(1)  A fine imposed on an unincorporated association on its conviction of an offence is to be paid out of the funds of the association.
 
    (2)  Proceedings for an offence alleged to have been committed by an unincorporated association must be brought in the name of the association (and not in that of any of its members).
 
    (3)  Rules of court relating to the service of documents are to have effect as if the association were a body corporate.
 
    (4)  In proceedings for an offence brought against an unincorporated association--
    (a)  section 33 of the Criminal Justice Act 1925 and Schedule 3 to the Magistrates' Courts Act 1980 (procedure) apply as they do in relation to a body corporate;
    (b)  section 70 of the Criminal Procedure (Scotland) Act 1995 (procedure) applies as if the association were a body corporate;
    (c)  section 18 of the Criminal Justice (Northern Ireland) Act 1945 and Schedule 4 to the Magistrates' Courts Northern Ireland) Order 1981 (procedure) apply as they do in relation to a body corporate.
    (5)  Summary proceedings for an offence may be taken--
    (a)  against a body corporate or unincorporated association at any place at which it has a place of business;
    (b)  against an individual at any place where he is for the time being.
    (6)  Subsection (5) does not affect any jurisdiction exercisable apart from this section.
 
    (7)  Offence" means an offence under this Act.")
Jurisdiction and
procedure in
respect of
offences.
  
Before Clause 398
 
  
BY THE LORD McINTOSH OF HARINGEY
 
212     Insert the following new Clause-- 
     ("  .--(1) Subsection (2) applies if the Treasury are satisfied that there is evidence suggesting--
    (a)  that there has been a widespread or regular failure on the part of authorised persons to comply with rules relating to a particular kind of activity; and
    (b)  that, as a result, private persons have suffered (or will suffer) loss in respect of which authorised persons are (or will be) liable to make payments ("compensation payments").
    (2)  The Treasury may by order ("a scheme order") authorise the Authority to establish and operate a scheme for--
    (a)  determining the nature and extent of the failure;
    (b)  establishing the liability of authorised persons to make compensation payments; and
    (c)  determining the amounts payable by way of compensation payments.
    (3)  An authorised scheme must be made so as to comply with specified requirements.
 
    (4)  A scheme order may be made only if--
    (a)  the Authority has given the Treasury a report about the alleged failure and asked them to make a scheme order;
    (b)  the report contains details of the scheme which the Authority propose to make; and
    (c)  the Treasury are satisfied that the proposed scheme is an appropriate way of dealing with the failure.
    (5)  A scheme order may provide for specified provisions of or made under this Act to apply in relation to any provision of, or determination made under, the resulting authorised scheme subject to such modifications (if any) as may be specified.
 
    (6)  For the purposes of this Act, failure on the part of an authorised person to comply with any provision of an authorised scheme is to be treated (subject to any provision made by the scheme order concerned) as a failure on his part to comply with rules.
 
    (7)  This section applies whenever the failure in question occurred.
 
    (8)  Authorised scheme" means a scheme authorised by a scheme order.
 
    (9)  Private person" has such meaning as may be prescribed.
 
    (10)  Specified" means specified in a scheme order.")
Schemes for reviewing past business.
  
Clause 400
 
  
BY THE LORD McINTOSH OF HARINGEY
 
212A     Page 214, line 22, leave out ("section 51 does") and insert ("subsections (7) to (9) of section 50 do") 
  
Clause 405
 
  
BY THE LORD McINTOSH OF HARINGEY
 
213     Page 218, line 9, leave out ("any contract") and insert ("a contract if") 
214     Page 218, line 10, at beginning insert ("it is") 
215     Page 218, line 11, leave out paragraph (b) and insert--
    ("(b)  the entering into or performance of it by either party constitutes an activity of a specified kind or one which falls within a specified class of activity; and
    (c)  it relates to an investment of a specified kind or one which falls within a specified class of investment.
    (3)  Part II of Schedule 2 applies for the purposes of subsection (2)(c), with the references to section 20 being read as references to that subsection.
 
    (4)  Nothing in Part II of Schedule 2, as applied by subsection (3), limits the power conferred by subsection (2)(c).
 
    (5)  Investment" includes any asset, right or interest.
 
    (6)  Specified" means specified in an order made by the Treasury.")
 
  
After Clause 406
 
  
BY THE LORD McINTOSH OF HARINGEY
 
216     Insert the following new Clause-- 
 ("Service of notices 
     .--(1) The Treasury may by regulations make provision with respect to the procedure to be followed, or rules to be applied, when a provision of or made under this Act requires a notice or other document to be given.
 
    (2)  The regulations may, in particular, make provision--
    (a)  as to the manner in which a document must be given;
    (b)  as to the address to which a document must be sent;
    (c)  requiring, or allowing, a document to be sent electronically;
    (d)  for treating a document as having been given, or as having been received, on a date or at a time determined in accordance with the regulations;
    (e)  as to what must, or may, be done if the person to whom a document is required to be given is not an individual;
    (f)  as to what must, or may, be done if the intended recipient of a document is outside the United Kingdom.
    (3)  Subsection (1) applies however the obligation to give a document is expressed (and so, in particular, includes a provision which requires a document to be served or sent).
Service of notices.
     (4)  Section 7 of the Interpretation Act 1978 (service of notice by post) has effect in relation to provisions made by or under this Act subject to any provision made by regulations under this section.")1978 c. 31.
216A     Insert the following new Clause-- 
 ("Jurisdiction 
     .--(1) Proceedings arising out of any act or omission (or proposed act or omission) of--
    (a)  the Authority,
    (b)  the competent authority for the purposes of Part VI,
    (c)  the scheme manager, or
    (d)  the scheme operator,
in the discharge or purported discharge of any of its functions under this Act may be brought before the High Court or the Court of Session.
 
    (2)  The jurisdiction conferred by subsection (1) is in addition to any other jurisdiction exercisable by those courts.")
Jurisdiction in civil proceedings.
 
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