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Amendments to the Financial Services and Markets Bill

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

Here you can browse the Amendments to the Financial Services and Markets Bill to be moved on Third Reading in the House of Lords.

  
Clause 18
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 8, line 17, leave out subsection (2) and insert--
 
    ("(2)  The contravention does not--
    (a)  make a person guilty of an offence;
    (b)  make any transaction void or unenforceable; or
    (c)  (subject to subsection (3)) give rise to any right of action for breach of statutory duty.
    (3)  In prescribed cases the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.")
 
  
Clause 26
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 12, line 8, leave out ("other party") and insert ("person against whom the agreement is unenforceable") 
  
Clause 27
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 12, line 36, leave out subsection (6) 
  
Clause 28
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 12, line 44, at end insert ("; and
    controlled investment" has the same meaning as in section 19.")
 
     Page 13, line 9, leave out ("an") and insert ("a controlled") 
  
Clause 69
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 33, line 32, at end insert--
 
    ("(  )  In prescribed cases, a contravention of that kind which would be actionable at the suit of a private person is actionable at the suit of a person who is not a private person, subject to the defences and other incidents applying to actions for breach of statutory duty.")
 
  
Clause 137
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 70, line 3, leave out from ("of") to end of line 4 and insert ("charges") 
     Page 70, line 5, leave out from ("making") to ("created") in line 6 and insert ("charges") 
     Page 70, line 8, leave out from ("circumstances") to end of line and insert ("charges") 
     Page 70, line 12, at end insert--
 
    ("(6)  Charges" includes mortgages (or in Scotland securities over property.")
 
  
Clause 145
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 74, line 21, leave out from beginning to ("subject") in line 23 and insert ("In prescribed cases, a contravention of a rule which would be actionable at the suit of a private person is actionable at the suit of a person who is not a private person,") 
  
Clause 180
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 96, line 41, leave out ("refusal") and insert ("decision to refuse") 
  
Clause 197
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Leave out Clause 197 
  
After Clause 197
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     (".--(1) Contravention of a requirement imposed by the Authority under this Part does not--
    (a)  make a person guilty of an offence;
    (b)  make any transaction void or unenforceable; or
    (c)  (subject to subsection (2)) give rise to any right of action for breach of statutory duty.
    (2)  In prescribed cases the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.")
Contravention of requirement imposed under this Part.
  
After Clause 294
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     (".--(1) If the Treasury are satisfied that the condition mentioned in subsection (2) is satisfied, they may by order confer functions on the Tribunal with respect to disciplinary proceedings--
    (a)  of one or more investment exchanges in relation to which a recognition order under section 285 is in force or of such investment exchanges generally, or
    (b)  of one or more clearing houses in relation to which a recognition order under that section is in force or of such clearing houses generally.
    (2)  The condition is that it is desirable to exercise the power conferred under subsection (1) with a view to ensuring that--
    (a)  decisions taken in disciplinary proceedings with respect to which functions are to be conferred on the Tribunal are consistent with--
          (i)  decisions of the Tribunal in cases arising under Part VIII; and
          (ii)  decisions taken in other disciplinary proceedings with respect to which the Tribunal has functions as a result of an order under this section; or
    (b)  the disciplinary proceedings are in accordance with the Convention rights.
    (3)  An order under this section may modify or exclude any provision made by or under this Act with respect to proceedings before the Tribunal.
 
    (4)  Disciplinary proceedings" means proceedings under the rules of an investment exchange or clearing house in relation to market abuse by persons subject to the rules.
Extension of functions of Tribunal.
     (5)  The Convention rights" has the meaning given in section 1 of the Human Rights Act 1998.")1998 c. 42.
  
Clause 385
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 210, line 37, after (" 86(4)(b),") insert ("(Public censure of sponsor)(2),") 
     Page 210, line 41, after (" 86(6)(b),") insert ("(Public censure of sponsor)(3),") 
     Page 210, line 41, leave out (" 195(5)(a)") 
  
Clause 397
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 219, line 34, at end insert--
 
    ("(  )  The Treasury may prescribe circumstances in which loss suffered by a person ("A") acting in a fiduciary or other prescribed capacity is to be treated, for the purposes of an authorised scheme, as suffered by a private person in relation to whom A was acting in that capacity.")
 
  
Clause 412
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 229, line 41, after ("13(9)(a)") insert ("or (aa)") 
  
Clause 413
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 230, line 12, after ("13(9)(c)") insert ("or (cc)") 
  
Clause 416
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Leave out Clause 416 
  
Clause 418
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 232, line 31, leave out ("The Treasury") and insert ("A Minister of the Crown") 
     Page 232, line 32, leave out ("they consider") and insert ("he considers") 
     Page 232, line 34, leave out ("of its provisions or for giving full effect to it") and insert ("provision made by or under this Act or for giving full effect to this Act or any such provision.") 
     Page 232, line 40, at end insert--
    ("(  )  for applying (with or without modifications) or amending, repealing or revoking any provision of or made under an Act passed before this Act or in the same Session;
    (  )  dissolving any body corporate established by any Act passed, or instrument made, before the passing of this Act;")
 
     Page 232, line 42, after ("repeal") insert ("or revocation") 
  
Clause 420
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 233, line 46, leave out ("the Treasury") and insert ("a Minister of the Crown") 
 
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