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

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Clause 422
 
  
BY THE LORD McINTOSH OF HARINGEY
 
158     Page 235, line 10, at end insert--
 
    ("(2)  Except where Her Majesty by Order in Council provides otherwise, the extent of any amendment or repeal made by or under this Act is the same as the extent of the provision amended or repealed.
 
    (3)  Her Majesty may by Order in Council provide for any provision of or made under this Act relating to a matter which is the subject of other legislation which extends to any of the Channel Islands or the Isle of Man to extend there with such modifications (if any) as may be specified in the Order")
 
  
Schedule 1
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
159     Page 238, line 6, leave out ("Authority") and insert ("Treasury") 
  
Schedule 3
 
  
BY THE LORD McINTOSH OF HARINGEY
 
160*     Page 251, line 6, at end insert-- 
 ("Effect of carrying on regulated activity when not qualified for authorisation 
     .--(1) This paragraph applies to an EEA firm which is not qualified for authorisation under paragraph 12.
 
    (2)  Section 24 does not apply to an agreement entered into by the firm.
 
    (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.
 
    (4)  Section 27 does not apply to an agreement in relation to which the firm is the deposit-taker.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
161     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).")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
162     Page 252, line 16, leave out sub-paragraph (11) 
163     Page 252, line 41, leave out from ("specified") to end of line 46 
164     Page 253, line 1, leave out sub-paragraphs (3) to (6) 
165     Page 253, line 17, leave out from ("must") to end of line 20 and insert (", within one month of receiving a notice of intention, send a copy of it to the host state regulator.
 
    (7A)  When the Authority sends the copy under sub-paragraph (7), it must give written notice to the firm concerned.
 
    (7B)  If the firm concerned's EEA right derives from the investment services directive, it must not provide the services to which its notice of intention relates until it has received written notice from the Authority under sub-paragraph (7A).")
 
166     Page 253, line 21, leave out sub-paragraph (9) 
167     Page 253, line 24, at end insert-- 
 ("Offence relating to exercise of passport rights 
     .--(1) If a UK firm which is not an authorised person contravenes the prohibition imposed by--
    (a)  sub-paragraph (1) of paragraph 18, or
    (b)  sub-paragraph (1) or (7B) of paragraph 19,
it is guilty of an offence.
 
    (2)  A firm guilty of an offence under sub-paragraph (1) is liable--
    (a)  on summary conviction, to a fine not exceeding the statutory maximum; or
    (b)  on conviction on indictment, to a fine.
    (3)  In proceedings for an offence under sub-paragraph (1), it is a defence for the firm to show that it took all reasonable precautions and exercised all due diligence to avoid committing the offence.")
 
  
Schedule 6
 
  
BY THE LORD McINTOSH OF HARINGEY
 
168     Page 256, line 26, leave out ("insurance contracts") and insert ("contracts of insurance") 
169     Page 256, line 29, leave out ("deposit-taking,") and insert ("accepting deposits,") 
170     Page 256, line 34, leave out from ("Kingdom") to end of line 5 on page 257 and insert ("--
    (a)  its head office, and
    (b)  if it has a registered office, that office,
must be in the United Kingdom.
 
    (2)  If the person concerned has its head office in the United Kingdom but is not a body corporate, it must carry on business in the United Kingdom.")
 
171     Page 258, line 5, after ("1") insert ("and 3") 
172     Page 258, line 11, after ("1") insert ("and 3") 
173     Page 258, line 13, at beginning insert ("the") 
  
Schedule 7
 
  
BY THE LORD McINTOSH OF HARINGEY
 
174     Page 259, line 22, after ("if") insert ("--
    (a)  sub-paragraph (1) of")
 
175     Page 259, line 23, at end insert ("; and
    (b)  for the words from the beginning to "(a)" in sub-paragraph (3) of that paragraph, there were substituted "Sub-paragraph (2) does not apply".")
 
  
Schedule 12
 
  
BY THE LORD McINTOSH OF HARINGEY
 
176     Page 269, line 21, leave out ("long-term insurance business") and insert ("business which consists of the effecting or carrying out of contracts of long-term insurance") 
177     Page 269, line 29, leave out ("general insurance business") and insert ("business which consists of the effecting or carrying out of contracts of general insurance") 
178     Page 269, line 36, leave out ("given") 
179     Page 269, line 44, leave out ("insurance companies") and insert ("persons who effect or carry out contracts of insurance") 
180     Page 270, line 9, leave out ("insurance company,") and insert ("insurer,") 
181     Page 270, line 10, after ("responsible") insert ("in Switzerland") 
182     Page 270, line 10, leave out ("insurance companies in Switzerland") and insert ("persons who effect or carry out contracts of insurance") 
183     Page 270, line 16, leave out ("insurance company" means a company") and insert ("insurer" means a body") 
184     Page 270, line 19, leave out ("general insurance contracts") and insert ("contracts of general insurance") 
185     Page 270, line 20, leave out ("reinsurance business") and insert ("the effecting or carrying out of contracts of reinsurance") 
186     Page 270, line 29, leave out ("insurance companies") and insert ("persons who effect or carry out contracts of insurance") 
187     Page 270, line 36, leave out ("insurance companies") and insert ("persons who effect or carry out contracts of insurance") 
188     Page 271, line 1, leave out ("insurance business") and insert ("contracts of insurance") 
189     Page 272, line 16, leave out ("insurance company") and insert ("insurer") 
190     Page 272, line 25, leave out ("insurance company"") and insert ("insurer"") 
191     Page 272, line 27, leave out ("general insurance business") and insert ("a regulated activity consisting of the effecting of contracts of general insurance") 
192     Page 272, line 30, leave out ("long-term insurance business") and insert ("a regulated activity consisting of the effecting of contracts of long-term insurance") 
  
Schedule 18
 
  
BY THE LORD McINTOSH OF HARINGEY
 
193     Page 285, line 36, at end insert--
 
    ("  .  In section 37 (restrictions on combinations of business), omit subsections (1), (1A) and (7A) to (9).")
 
194     Page 285, line 37, leave out ("37") and insert ("38") 
195     Page 287, line 39, leave out paragraph 17 
196     Page 288, line 10, at end insert--
 
    ("  .  In section 6 (minimum and maximum number of members), omit subsections (2) to (6).
 
      .  In section 11 (loans), omit subsections (2) and (6).
 
      .  Omit sections 11B (loans approved by credit unions), 11C (grant of certificates of approval) and 11D (withdrawal of certificates of approval).")
 
197     Page 288, line 13, leave out paragraphs (a) and (b) and insert ("omit subsections (2), (3), (5) and (6)") 
198     Page 288, line 14, at end insert--
 
    ("  .  In section 28 (offences), omit subsection (2).")
 
  
Schedule 20
 
  
BY THE LORD McINTOSH OF HARINGEY
 
199     Page 290, line 3, leave out paragraph 1 
200     Page 291, line 3, leave out sub-paragraphs (5) to (7) 
201     Page 291, line 36, leave out sub-paragraph (9) 
  
Schedule 22
 
  
BY THE LORD McINTOSH OF HARINGEY
 
202     Page 293, line 38, at end insert-- 
 ("1923 c. 8. The Industrial Assurance Act 1923. The whole Act. 
 1948 c. 39. The Industrial Assurance and Friendly Societies Act 1948. The whole Act.") 
203     Page 294, line 11, at end insert-- 
 ("1977 c. 46.The Insurance Brokers (Registration) Act 1977. The whole Act.") 
204     Page 294, line 12, column 3, at beginning insert-- 
 ("Section 6(2) to (6).
Section 11(2) and (6).
Sections 11B, 11C and 11D.")
 
205     Page 294, line 13, column 3, leave out from ("14,") to end of line 16 and insert ("subsections (2), (3), (5) and (6)") 
206     Page 294, line 16, column 3, at end insert-- 
 ("Section ("Section 28(2).")
 
207     Page 294, line 18, column 3, leave out ("Part V.") 
208     Page 294, column 3, leave out lines 29 to 31 
209     Page 294, line 36, column 3, after ("to") insert-- 
 ("Section In section 37, subsections (1), (1A) and (7A) to (9).
Sections 38 to")

 
 
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