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

back to previous amendments
 
  
After Clause 153
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
THE LORD NEWBY
THE LORD SHARMAN
 
     Insert the following new Clause-- 
 ("CHAPTER IIA 
 POLICIES RELATING TO TAKEOVER REGULATIOn 
     .--(1)  Subject to subsections (2) and (3), the Authority is authorised to include in the code issued under section 115 a statement that behaviour of a person which is in conformity with the City Code does not amount to market abuse.
 
    (2)  Subsection (1) does not apply in respect of behaviour which satisfies the condition in subsection 114(2)(a).
 
    (3)  A statement made under subsection (1) may include such conditions and limitations as the Authority considers appropriate, including conditions and limitations specifying the behaviour and the persons covered by the statement.
 
    (4)  The Authority may at any time alter or replace any statement made under subsection (1).
 
    (5)  If a person behaves in a way which fulfils the requirements of any statement included pursuant to subsection (1) in the code issued under section 115, that behaviour of his is to be taken, for the purposes of this Act, as not amounting to market abuse.
 
    (6)  In this section--
    behaviour of a person which is in conformity with the City Code" means behaviour of a person which in the opinion of the Panel conforms with the responsibilities imposed on that person by the City Code;
    the opinion of the Panel" includes any revised opinion formed by the Panel as a result of any further consideration;
    City Code" means the City Code on Takeovers and Mergers issued by the Panel as applied by the Panel and as amended from time to time by the Panel;
    the Panel" means the Panel on Takeovers and Mergers.")
Market abuse: behaviour conforming with City Code.
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Insert the following new Clause-- 
 ("CHAPTER IIA
Policies Relating to Takeover Regulation
 
     .--(1)  Subject to subsections (2) and (3), the code issued under section 115 may state that behaviour of a person which is in conformity with the City Code does not amount to market abuse.
 
    (2)  Subsection (1) does not apply in respect of behaviour which satisfies the condition in section 114(2)(a).
 
    (3)  A statement made under subsection (1) may include such conditions and limitations as the Authority considers appropriate, including conditions and limitations concerning the categories of behaviour and classes of person covered by the statement.
 
    (4)  If a person behaves in a way which fulfils the requirements of any statement included pursuant to subsection (1) in the code issued under section 115, that behaviour of his is to be taken, for the purposes of this Act, as not amounting to market abuse.")
Market abuse: behaviour conforming with City Code (No. 2).
     Insert the following new Clause-- 
     ("  .--(1)  Subject to subsections (2) to (4), the Authority is authorised to adopt policies concerning the exercise of any of its powers under sections 118, 124, 374, 376 and 377 in respect of behaviour which is subject to the City Code.
 
    (2)  Subsection (1) does not apply in respect of behaviour which satisfies the condition in subsection 114(2)(a).
 
    (3)  A policy adopted under subsection (1) may in particular include policies as to--
    (a)  the circumstances in which the Authority will exercise any power and any pre-conditions for the exercise by the Authority of any power, including, if the Authority considers it appropriate, the pre-condition of a request by the Panel that the Authority consider whether to exercise the power; and
    (b)  the time periods during which the Authority will or will not exercise any power.
    (4)  A policy adopted under subsection (1) may include such conditions and limitations as the Authority considers appropriate, including conditions and limitations which specify the power or powers, the behaviour and the persons covered by the policy.
 
    (5)  The Authority may at any time alter or replace any policy adopted by it under subsection (1).
 
    (6)  Where the Authority has adopted a policy under subsection (1), such policy shall be recorded in a statement issued under this section.
 
    (7)  The provisions of section 119(7) to (9) shall apply to a statement issued under this section.
 
    (8)  The Authority shall not exercise its powers under sections 118, 124, 374, 376 and 377 in a manner which is not in accordance with any statement of policy issued under this section.
 
    (9)  A decision by the Authority as to the exercise of any of its powers taken in accordance with any statement of policy issued under this section shall be deemed to be authorised by this section and not to constitute any unauthorised fettering or delegation of the Authority's powers.
 
    (10)  The provisions of this Act which refer to the Panel or to the City Code shall not be construed as imposing any statutory duty on the Panel and no such duty shall be imposed on the Panel by reason of any thing done or not done by the Authority or the Panel under or in connection with such provisions.
 
    (11)  Neither the Panel nor any person who is, or is acting as, a member, officer, member of staff or agent of the Panel is to be liable in damages for anything done or omitted which is or may be connected in any way with the exercise or purported exercise of any duty, power or function of the Authority under this Act unless the act or omission is shown to have been in bad faith.
 
    (12)  In this section--
    behaviour which is subject to the City Code" means behaviour which is subject to responsibilities imposed by the City Code;
    City Code" means the City Code on Takeovers and Mergers issued by the Panel, as applied by the Panel and as amended from time to time by the Panel;
    the Panel" means the Panel on Takeovers and Mergers.")
Market abuse: statements of policy relating to City Code.
  
Clause 169
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 89, line 23, leave out ("a") and insert ("that") 
     Page 89, line 23, at end insert ("or to disciplinary measures taken against that person under Part XIV") 
  
Clause 233
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 126, line 3, after ("communicate") insert ("to a person in the United Kingdom") 
  
Clause 321
 
  
BY THE LORD HUNT OF WIRRAL
 
     Page 175, line 15, after ("rights") insert ("or interests") 
     Page 175, line 16, leave out (", or which may be adversely affected by,") 
     Page 175, line 16, at end insert ("any") 
     Page 175, line 17, at end insert ("; or
    (c)  persons 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 383
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 208, line 43, leave out from ("128(1)") to end of line 2 on page 209 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") 
  
Clause 397
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
[As an amendment to the amendment to Clause 397 printed on sheet
HL Bill 63(b)
]
 
     Line 3, after ("capacity") insert ("for a private person") 
  
After Clause 420
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
     Insert the following new Clause-- 
     ("  .--(1)  The Treasury must publish a draft of any regulations or orders proposed to be made under this Act in the way appearing to them to be best calculated to bring it to the attention of the persons likely to be affected by the proposed regulations or order.
 
    (2)  The draft must be accompanied by--
    (a)  an explanation of the purpose of the proposed regulations or order; and
    (b)  notice that representations about the proposals may be made to the Treasury within a specified time.
    (3)  Before making the proposed regulations or order, the Treasury must publish an account in general terms of--
    (a)  the representations made to them in accordance with subsection (2)(b); and
    (b)  their response to them.
    (4)  If the regulations or order made by the Treasury differ from the draft published under subsection (1) in a way which is, in the opinion of the Treasury, significant, the Treasury must (in addition to complying with subsection (3)) publish details of the differences.
 
    (5)  Subsections (1) to (4) do not apply if the Treasury consider that the delay involved in complying with them would be prejudicial to the interests of consumers.")
Publication of draft regulations and orders.
  
Schedule 1
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 238, line 6, leave out ("Authority") and insert ("Treasury") 
  
Schedule 3
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 251, line 6, at end insert-- 
 ("The effect of carrying on regulated activities when not qualified for authorisation 
     .--(1)  This paragraph applies to an EEA firm which is not an authorised person and is not qualified for authorisation under paragraph 12.
 
    (2)  Section 24 does not apply to an agreement entered into by the firm in the course of carrying on a permitted activity.
 
    (3)  Section 25 does not apply to an agreement in relation to which the firm is a third party for the purposes of that section and the relevant activity it is carrying on is a permitted activity.
 
    (4)  Permitted activity" has the same meaning, in the case of establishment, as in paragraph 13(4) and, in the case of services, paragraph 14(4).")
 
 
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