Financial Services and Markets Bill - continued        House of Lords

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SCHEDULE 20
 
  MINOR AND CONSEQUENTIAL AMENDMENTS
 
The Friendly Societies Act 1974 (c.46)
     1. In section 7 (societies which may be registered), in subsection (2)(b) for "in the central registration area or in Scotland" substitute "in the United Kingdom, the Channel Islands or the Isle of Man".
 
 
The House of Commons Disqualification Act 1975 (c. 24)
     2. In Part III of Schedule 1 to the House of Commons Disqualification Act 1975 (disqualifying offices)-
 
 
    (a) omit-
 
 
    "
     Any member of the Financial Services Tribunal in receipt of remuneration"; and
 
 
    (b) at the appropriate place, insert-
 
 
    "
     Any member, in receipt of remuneration, of a panel of persons who may be selected to act as members of the Financial Services and Markets Tribunal"
 
 
The Northern Ireland Assembly Disqualification Act 1975 (c. 25)
     3. In Part III of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices)-
 
 
    (a) omit-
 
 
    "
     Any member of the Financial Services Tribunal in receipt of remuneration"; and
 
 
    (b) at the appropriate place, insert-
 
 
    "
     Any member, in receipt of remuneration, of a panel of persons who may be selected to act as members of the Financial Services and Markets Tribunal".
 
 
The Civil Jurisdiction and Judgments Act 1982 (c. 27)
     4. In paragraph 10 of Schedule 5 to the Civil Jurisdiction and Judgments Act 1982 (proceedings excluded from the operation of Schedule 4 to that Act), for "section 188 of the Financial Services Act 1986" substitute "section 408 of the Financial Services and Markets Act 2000".
 
 
The Income and Corporation Taxes Act 1988 (c. 1)
     5. - (1) The Income and Corporation Taxes Act 1988 is amended as follows.
 
      (2) In section 76 (expenses of management: insurance companies), in subsection (8), omit the definitions of-
 
 
    "the 1986 Act";
 
    "authorised person";
 
    "investment business";
 
    "investor";
 
    "investor protection scheme";
 
    "prescribed"; and
 
    "recognised self-regulating organisation".
      (3) In section 468 (authorised unit trusts), in subsections (6) and (8), for "78 of the Financial Services Act 1986" substitute " 238 of the Financial Services and Markets Act 2000".
 
      (4) In section 469(7) (other unit trust schemes), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".
 
      (5) In subsection (1) of section 632 (establishment of personal pension schemes)-
 
 
    (a) in paragraph (a), for the words from "authorised" to "business" substitute "an authorised person for the purposes of the Financial Services and Markets Act 2000 and who has permission under that Act to carry on a regulated activity";
 
    (b) for paragraph (aa) substitute-
 
    "(aa) an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Schedule 3 to that Act to carry on a regulated activity consisting of long-term insurance business (within the meaning of that Act);"
 
    (c) in paragraph (c), for "authorised under the Banking Act 1987" substitute "which is an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Part IV of that Act to carry on a regulated activity consisting of accepting deposits";
 
    (d) in paragraph (cc), for "authorised under the Banking Act 1987" substitute "of a kind mentioned in paragraph (c)";
 
    (e) for paragraph (e), substitute-
 
    "(e) an EEA firm falling within paragraph 5(b) or (c) of Schedule 3 to the Financial Services and Markets Act 2000 lawfully carrying on in the United Kingdom any activity falling within item 1, 7 or 11 of the annex to the second banking co-ordination directive (as defined by that Schedule);"
      (6) In subsection (2) of that section-
 
 
    (a) for "business" substitute "regulated activity"; and
 
    (b) in paragraph (b), for "78(1) of the Financial Services Act 1986" substitute " 238 of the Financial Services and Markets Act 2000".
      (7) Omit subsections (2ZA) and (2B) of that section.
 
      (8) In section 728 (information in relation to transfers of securities), in subsection (7)(a), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".
 
      (9) In section 840A (meaning of "bank")-
 
 
    (a) in subsection (1), for paragraphs (b) and (c) substitute-
 
    "(b) an institution which is an authorised person for the purposes of the Financial Services and Markets Act 2000 having permission under Part IV of that Act to carry on a regulated activity consisting of accepting deposits;
 
    (c) an EEA firm falling within paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which satisfies the establishment conditions and qualifies for authorisation under that Schedule;"; and
 
    (b) omit subsection (2).
      (10) In section 841(3) (power to apply certain provisions of the Tax Acts to recognised investment exchange), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".
 
 
The Finance Act 1991 (c. 31)
     6. - (1) The Finance Act 1991 is amended as follows.
 
      (2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4).
 
      (3) In section 116 (investment exchanges and clearing houses: stamp duty), in subsection (4)(b), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".
 
 
The Tribunals and Inquiries Act 1992 (c. 53)
     7. - (1) The Tribunals and Inquiries Act 1992 is amended as follows.
 
      (2) In Schedule 1 (tribunals under supervision of the Council on Tribunals), for the entry relating to financial services and paragraph 18, substitute-
 
 
 
"Financial services and markets
 
18. The Financial Services and Markets Tribunal."
 
The Judicial Pensions and Retirement Act 1993 (c. 8)
     8. - (1) The Judicial Pensions and Retirement Act 1993 is amended as follows.
 
      (2) In Schedule 1 (offices which may be qualifying offices), in Part II, after the entry relating to the President or chairman of the Transport Tribunal insert-
 
 
  " President or Deputy President of the Financial Services and Markets Tribunal"
 
      (3) In Schedule 5 (relevant offices in relation to retirement provisions)-
 
 
    (a) omit the entry-
 
  " Member of the Financial Services Tribunal appointed by the Lord Chancellor"; and
 
 
    (b) at the end insert-
 
  " Member of the Financial Services and Markets Tribunal"
 
 
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