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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 Marshalled List of Amendments to the Financial Services and Markets Bill to be moved on Third Reading in the House of Lords.

 [Amendments marked * are new or have been altered] 
Amendment
No.
 
  
Clause 2
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
1     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
 
2     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.")
 
  
After Clause 6
 
  
BY THE LORD McINTOSH OF HARINGEY
 
3*     Insert the following new Clause-- 
     (". In managing its affairs, the Authority must have regard to such generally accepted principles of good corporate governance as it is reasonable to regard as applicable to it.")Duty of Authority to follow principles of good governance.
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
4*     Insert the following new Clause-- 
 ("PRINCIPLES OF CORPORATE GOVERNANCE> 
     .  The constitution of the Authority must reflect such generally accepted principles of good corporate governance as may reasonably be regarded as applicable to it.")Corporate governance.
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
5*     Insert the following new Clause-- 
 ("PRINCIPLES OF CORPORATE GOVERNANCE> 
     .  The constitution of the Authority must reflect generally accepted principles of good corporate governance.")Corporate governance:
No. 2.
  
After Clause 9
 
  
BY THE LORD McINTOSH OF HARINGEY
 
6     Insert the following new Clause-- 
     ("  .--(1) This section applies to a representation made, in accordance with arrangements made under section 7, by the Practitioner Panel or by the Consumer Panel.
 
    (2)  The Authority must consider the representation.
 
    (3)  If the Authority disagrees with a view expressed, or proposal made, in the representation, it must give the Panel a statement in writing of its reasons for disagreeing.")
Duty to consider representations by the Panels.
  
Clause 18
 
  
BY THE LORD McINTOSH OF HARINGEY
 
7     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 19
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
8     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") 
9     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 24
 
  
BY THE LORD McINTOSH OF HARINGEY
 
10     Page 10, line 45, leave out ("("the purchaser")") 
11     Page 11, line 10, leave out ("deposit-taking") and insert ("accepting deposits") 
  
Clause 25
 
  
BY THE LORD McINTOSH OF HARINGEY
 
12     Page 11, line 17, leave out ("("the purchaser")") 
13     Page 11, line 27, leave out ("deposit-taking") and insert ("accepting deposits") 
  
Clause 26
 
  
BY THE LORD McINTOSH OF HARINGEY
 
14     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
 
15     Page 12, line 22, leave out ("deposit-taking") and insert ("accepting deposits") 
16     Page 12, line 35, leave out ("deposit-taking") and insert ("accepting deposits") 
17     Page 12, line 36, leave out subsection (6) 
  
Clause 28
 
  
BY THE LORD McINTOSH OF HARINGEY
 
18     Page 12, line 44, at end insert ("; and
    controlled investment" has the same meaning as in section 19")
 
19     Page 13, line 9, leave out ("an") and insert ("a controlled") 
  
Clause 34
 
  
BY THE LORD McINTOSH OF HARINGEY
 
20     Page 15, line 19, leave out ("its") and insert ("his") 
21     Page 15, line 22, leave out ("it") and insert ("he") 
22     Page 15, line 23, leave out ("it") and insert ("he") 
  
Clause 50
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
23     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.")
 
  
Clause 69
 
  
BY THE LORD McINTOSH OF HARINGEY
 
24     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.")
 
  
After Clause 86
 
  
BY THE LORD McINTOSH OF HARINGEY
 
25     Insert the following new Clause-- 
     (".--(1) Listing rules may make provision for the competent authority, if it considers that a sponsor has contravened a requirement imposed on him by rules made as a result of section 86(3)(c), to publish a statement to that effect. 
     (2)  If the competent authority proposes to publish a statement it must give the sponsor a warning notice setting out the terms of the proposed statement.
 
    (3)  If, after considering any representations made in response to the warning notice, the competent authority decides to make the proposed statement, it must give the sponsor a decision notice setting out the terms of the statement.
 
    (4)  A sponsor to whom a decision notice is given under this section may refer the matter to the Tribunal.")
Public censure of sponsor.
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
[As an amendment to Amendment 25]
 
26     Line 4, leave out ("86(3)(c)") and insert ("86(3)(b) or (c)") 
  
Clause 92
 
  
BY THE LORD McINTOSH OF HARINGEY
 
27*     Page 45, line 13, leave out ("significant") and insert ("significantly") 
28*     Page 45, line 24, leave out ("significant") and insert ("significantly") 
  
Clause 101
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
29     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 102
 
  
BY THE LORD McINTOSH OF HARINGEY
 
30     Page 50, line 29, leave out ("deal in") and insert ("effect or carry out") 
31     Page 50, line 35, leave out ("deal in") and insert ("effect or carry out") 
32     Page 50, line 40, leave out ("deal in") and insert ("effect or carry out") 
33     Page 51, line 7, leave out ("reinsurance business carried on") and insert ("business which consists of the effecting or carrying out of contracts of reinsurance") 
34     Page 51, line 28, leave out ("reinsurance business") and insert ("the effecting or carrying out of contracts of reinsurance") 
  
Clause 103
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
35     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
 
36     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)  where any property or liability of the transferor becomes property or liability of the transferee, for 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 a request made by or 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.")
 
 
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Prepared 18 May 2000