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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 2
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 1, line 19, at end insert ("; and
    (c)  which does not unnecessarily impair the competitive position of the United Kingdom")
 
  
Clause 3
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 2, line 37, at end insert--
 
    ("(3)  Maintaining confidence in the financial system includes ensuring so far as is practicable that markets and exchanges which operate both in the United Kingdom and in another country or territory and members of those markets and exchanges are regulated to common standards and that the overseas regulator in the relevant country or territory adopts measures consistent with those under this Act for the prevention and prohibition of market abuse in relation to those markets and exchanges.
 
    (4)  Overseas regulator" has the same meaning as in section 190.")
 
  
Clause 19
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 8, line 22, leave out ("or inducement to engage in investment activity") and insert ("to engage in investment activity or information which is intended or might reasonably be presumed to be intended to induce any person to do so") 
     Page 8, line 28, leave out from ("(1)") to ("in") in line 29 and insert ("does not apply unless the communication is intended or might reasonably be presumed to be intended to be acted on by a person") 
  
Clause 34
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 15, line 19, leave out ("its") and insert ("his") 
     Page 15, line 22, leave out ("it") and insert ("he") 
     Page 15, line 23, leave out ("it") and insert ("he") 
  
Clause 50
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 24, line 2, at end insert--
 
    ("(10)  Subsections (6) and (9) and section 383(1) do not apply if the exercise of the Authority's power under section 40(7)(a) or (b) or 41(1) is made at the request of the applicant.")
 
  
After Clause 86
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
[As an amendment to the Amendment after Clause 86 printed on sheet
HL Bill 63(a)
]
 
     Line 4, leave out ("86(3)(c)") and insert ("86(3)(b) or (c)") 
  
Clause 101
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 50, line 21, at end insert ("save that a banking business transfer scheme shall have effect notwithstanding no such order has been made where each of the following conditions has been fulfilled--
    (a)  a Bill to effect such a scheme has been introduced into either House of Parliament, or leave to introduce such a Bill has been granted, prior to this section being brought into force; and
    (b)  the Bill for that scheme has received Royal Assent whether or not this section has by then been brought into force")
 
  
Clause 103
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 52, line 33, at end insert ("provided that where no business to be transferred is carried on in the United Kingdom, the scheme shall not be a banking business transfer") 
  
Clause 109
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 54, line 40, at end insert--
 
    ("(2A)  If the court makes an order under subsection (1) in relation to a banking business transfer scheme, it may by that or any subsequent order make such provision (if any) as it thinks fit--
    (a)  for on a date or dates appointed by the directors of the transferee, the undertaking of the transferor to be transferred to the transferee so that the transferee shall succeed to the undertaking of the transferor;
    (b)  for any property transferred to the transferee which is held by the transferor as trustee to be held by the transferee upon the same trusts;
    (c)  for any will which appoints the transferor as trustee to be construed as appointing the transferee;
    (d)  for every contract to which the transferor is a party to be construed as if the transferee had been a party to it;
    (e)  for any offer or invitation to treat made to or by the transferor to have effect as an offer or invitation to treat was made to or by the transferee;
    (f)  for any account between the transferor and a customer to be an account between the transferee and the customer and to be deemed to be a single continuing account;
    (g)  for any existing instruction given to or by the transferor to have effect as if given to or by the transferee;
    (h)  for any negotiable instrument drawn on or by, or given to, or accepted or endorsed by, the transferor to have the same effect as if it had been drawn on or by, or given to, or accepted or endorsed by, the transferee;
    (i)  for any document, claim or demand addressed to the transferor pursuant to an existing contract to be deemed to have been addressed to the transferee;
    (j)  for the custody of any document, goods or other thing held by the transferor as bailee to pass to the transferee and the rights and obligations of the transferor under any contract of bailment to become rights and obligations of the transferee;
    (k)  for any security interest held by the transferor as security for the payment or discharge of any liability to be held by or on behalf of the transferee as security for the payment or discharge of that liability, and the transferee to be entitled to the same rights and priorities and be subject to the same obligations and incidents as the transferor;
    (l)  for where any property or liability of the transferor becomes property or liability of the transferee, the transferee and all other persons to have the same rights, powers and remedies as if it had at all times been property or liability of the transferee;
    (m)  for all rights of action and any remedy available in consequence by or against the transferor to be enforced or availed of by or against the transferee;
    (n)  for any judgment, order or award obtained by or against the transferor and not fully satisfied to become enforceable by or against the transferee;
    (o)  for the transfer to, and vesting in the transferee of the undertaking of the transferor, and any disclosure to the transferee of any information in contemplation or as a result thereof, not to amount to a breach of any duty of confidentiality, or to a contravention by the transferee or transferor of the data protection principles;
    (p)  for employment under a contract of employment with the transferor and the transferee to be deemed for all purposes to be a single continuing employment;
    (q)  for no director, secretary or auditor of the transferor to become, by virtue of the banking business transfer scheme, a director, secretary or auditor of the transferee;
    (r)  for appropriate provision to be made in relation to the transferor's retirement benefit scheme or schemes, and in particular for no pensionable service of an officer or employee of either transferor or transferee to be terminated or otherwise interrupted by reason only of the operation of the banking business transfer scheme;
    (s)  for the transferor to be dissolved on the day on which, in pursuance of request made by on behalf of the transferee at any time after the whole of that company's undertaking has been transferred to and vested in the transferee by virtue of the order, the registrar of companies strikes the transfer off the register;
    (t)  for changing the transferor's name;
    (u)  for making any provision similar to the foregoing in relation to any undertaking associated with or ancillary to the transferor;
    (v)  for making such other order, which may have the effect of amending the provisions of an Act of Parliament, as may appear necessary or desirable to the court in order fully and effectively to transfer to the transferee the full benefit of the transferor's business and undertaking and that of any associated or ancillary undertakings.")
 
  
Clause 114
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 59, line 6, at end insert--
 
    ("(8A)  Behaviour does not amount to market abuse within subsection (2)(b) if the impression given is misleading only because of information which the individual whose behaviour it is does not know about because it was withheld from him in conformity with control of information rules.
 
    (8B)  Subsection (8A) does not apply if a person who knew the information directly or indirectly required the individual concerned to engage in that behaviour.")
 
  
Clause 129
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 65, line 24, leave out ("under section 122(4)") 
  
Clause 133
 
  
BY THE LORD HUNT OF WIRRAL
 
     Page 68, line 15, leave out from ("to") to end of line 16 
     Page 68, line 17, at end insert ("; or
    (c)  who have rights or interests which may be adversely affected by the use of any such services by persons acting on their behalf or in a fiduciary capacity in relation to them.")
 
  
Clause 142
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 72, line 23, after ("require") insert ("or enable") 
     Page 72, line 25, after ("require") insert ("or enable") 
  
After Clause 146
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Insert the following new Clause-- 
     ("  .--(1)  A person who is subject to control of information rules ("A") incurs no liability to a person ("B") for or with whom he does business in the course of carrying on any regulated activity--
    (a)  for failing to make information in his possession available to, or to use such information for the benefit of B; or
    (b)  for failing, by not availing himself of such information, to avoid a conflict of interest between himself and B or between B and another person with whom A does business in the course of carrying on any regulated activity,
if A shows that the failure is due to arrangements made by A which comply with the provisions of such rules.
 
    (2)  Where A lawfully carried on any activity in connection with A's regulated activity, subsection (1) shall apply to A as if references in that subsection to a person with whom he does business in the course of carrying on a regulated activity were references to a person with whom he does business in the course of carrying on either of those activities.
 
    (3)  Subsection (1)--
    (a)  does not exonerate A if A has expressly agreed that all information in A's possession is to be made available or used by A for the benefit of B or that any such conflict of interest as is mentioned in subsection (1)(b) is to be avoided by A; and
    (b)  is without prejudice to any defence available apart from that subsection.
    (4)  References in subsection (1) to control of information rules include references to any other rules made for the purposes of the matters mentioned in section 142 by rules made under this Part.
 
    (5)  The provisions of this section shall be deemed always to have had effect.")
Liability for breach of control of information rules.
 
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