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

back to previous amendments
 
  
Clause 224
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 118, line 18, leave out subsections (4) to (7) and insert--
 
    ("(4)  The ombudsman's determination shall be binding on the respondent and the complainant and shall be final.
 
    (5)  The ombudsman's statement must--
    (a)  give the ombudsman's reasons for his determination; and
    (b)  be signed by him.")
 
     Page 118, line 37, leave out subsection (2) and insert--
 
    ("(2)  The ombudsman may only make a determination in favour of a complainant where the ombudsman is satisfied that the respondent has breached a rule or failed to satisfy a legal obligation or duty owed to the complainant.")
 
  
Clause 225
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 119, line 3, at end insert ("or negligence") 
  
Clause 232
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 122, line 28, at end insert--
 
    ("(4A)  In determining whether the investment condition is satisfied, participation in the scheme shall be deemed to take place either at the time shares in, or securities of, BC first become available for purchase or subscription by investors or on any occasion thereafter on which the arrangements constituting BC are changed to a material extent.")
 
  
Clause 234
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     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.")
 
     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 280
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 146, line 40, leave out ("The Authority or the Secretary of State") and insert ("An investigating authority") 
     Page 146, line 40, leave out ("a person") and insert ("one or more competent persons") 
     Page 146, line 41, leave out ("and report on") and insert ("on its behalf") 
     Page 147, line 7, leave out ("Authority or the Secretary of State") and insert ("investigating authority") 
     Page 147, line 30, leave out subsection (4) 
     Page 147, line 35, leave out ("the Authority") and insert ("an investigating authority") 
     Page 147, line 37, leave out paragraph (b) 
     Page 147, line 39, leave out ("cases") and insert ("case") 
     Page 147, line 43, after ("Subsections") insert ("(2) to") 
     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.")
 
     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")
 
     Page 148, line 6, at end insert--
 
    ("(  )  Investigating authority" means the Authority or the Secretary of State.")
 
  
Clause 320
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 170, line 18, after ("may") insert (", as a result of this Part,") 
  
Clause 322
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 171, line 44, at end insert ("; or
    (  )  one in relation to which he is an exempt person.")
 
     Page 172, line 4, at end insert ("(other than regulated activities in relation to which he is an exempt person)") 
  
Clause 327
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 175, line 18, leave out ("of regulated activities by those members") and insert ("by those members of regulated activities (other than regulated activities in relation to which they are exempt persons)") 
  
Clause 377
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 200, line 39, leave out from ("person") to end of line 40 and insert ("("the person concerned")--
    (a)  has engaged in market abuse, or
    (b)  by taking or refraining from taking any action has required or encouraged another person or persons to engage in behaviour which, if engaged in by the person concerned, would amount to market abuse,
and the condition mentioned in subsection (1A) is fulfilled,
 
    (1A)  The condition is--")
 
     Page 200, line 41, leave out ("him") and insert ("the person concerned") 
     Page 200, line 43, at end insert--
 
    ("(  )  But the court may not make an order under subsection (2) if it is satisfied that--
    (a)  the person concerned believed, on reasonable grounds, that his behaviour did not fall within paragraph (a) or (b) of subsection (1); or
    (b)  he took all reasonable precautions and exercised all due diligence to avoid behaving in a way which fell within paragraph (a) or (b) of subsection (1).")
 
     Page 200, line 46, leave out ("(1)") and insert ("(1A)") 
     Page 201, line 13, leave out ("paragraph (a) of that subsection") and insert ("subsection (1A)(a)") 
     Page 201, line 15, leave out ("paragraph (b) of that subsection") and insert ("subsection (1A)(b)") 
     Page 201, line 28, leave out ("(1)") and insert ("(1A)") 
  
Clause 378
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 201, line 41, leave out ("and") and insert (", or
    (b)  by taking or refraining from taking any action has required or encouraged another person or persons to engage in behaviour which, if engaged in by the person concerned, would amount to market abuse,
and the condition mentioned in subsection (2A) is fulfilled,
 
    (2A)  The condition is--")
 
     Page 201, line 42, leave out ("him") and insert ("the person concerned") 
     Page 201, line 44, at end insert--
 
    ("(  )  But the Authority may not exercise that power as a result of subsection (2) if, having considered any representations made to it in response to a warning notice, there are reasonable grounds for it to be satisfied that--
    (a)  the person concerned believed, on reasonable grounds, that his behaviour did not fall within paragraph (a) or (b) of that subsection; or
    (b)  he took all reasonable precautions and exercised all due diligence to avoid behaving in a way which fell within paragraph (a) or (b) of that subsection.")
 
     Page 202, line 6, leave out ("(2)") and insert ("(2A)") 
     Page 202, line 8, leave out ("(2)") and insert ("(2A)") 
     Page 202, line 10, leave out ("(2)") and insert ("(2A)") 
     Page 202, line 16, leave out ("(2)") and insert ("(2A)") 
     Page 202, line 18, leave out ("(2)") and insert ("(2A)") 
  
After Clause 416
 
  
BY THE LORD McINTOSH OF HARINGEY
[In substitution for Amendment 220]
 
     Insert the following new Clause-- 
     (".--(1) Subsections (2) and (3) apply to an order under section 416 which makes transitional provisions or savings.
 
    (2)  The order may, in particular--
    (a)  if it makes provision about the authorisation and permission of persons who before commencement were entitled to carry on any activities, also include provision for such persons not to be treated as having any authorisation or permission (whether on an application to the Authority or otherwise);
    (b)  make provision enabling the Authority to require persons of such descriptions as it may direct to re-apply for permissions having effect by virtue of the order;
    (c)  make provision for the continuation as rules of such provisions (including primary and subordinate legislation) as may be designated in accordance with the order by the Authority, including provision for the modification by the Authority of provisions designated;
    (d)  make provision about the effect of requirements imposed, liabilities incurred and any other things done before commencement, including provision for and about investigations, penalties and the taking or continuing of any other action in respect of contraventions;
    (e)  make provision for the continuation of disciplinary and other proceedings begun before commencement, including provision about the decisions available to bodies before which such proceedings take place and the effect of their decisions;
    (f)  make provision as regards the Authority's obligation to maintain a record under section 342 as respects persons in relation to whom provision is made by the order.
    (3)  The order may--
    (a)  confer functions on the Treasury, the Secretary of State, the Authority, the scheme manager, the scheme operator, members of the panel established under paragraph 4 of Schedule 17, the Competition Commission or the Director General of Fair Trading;
    (b)  confer jurisdiction on the Tribunal;
    (c)  provide for fees to be charged in connection with the carrying out of functions conferred under the order;
    (d)  modify, exclude or apply (with or without modifications) any primary or subordinate legislation (including any provision of, or made under, this Act).
    (4)  In subsection (2) "commencement" means the commencement of such provisions of this Act as may be specified by the order.")
Transitional provisions.
 
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