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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
LIST OF AMENDMENTS
TO BE MOVED
ON CONSIDERATION OF
[The page and line refer to HL Bill 32 as first printed for the Lords.]
After Clause 149
LORDS AMENDMENT No. 180
|180||Insert the following new Clause--|
|POLICIES RELATING TO TAKEOVER REGULATIOn|
| .--(1) Subject to subsections (2) and (3), the Authority is authorised to include in the code issued under section 110 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 section 109(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 110, that behaviour of his is to be taken, for the purposes of this Act, as not amounting to market abuse.
(6) In this section--
|The Commons disagree to this Amendment but propose the following amendment in lieu thereof--||Market abuse: behaviour conforming with City Code.|
After Clause 110
|180A||Insert the following new Clause--|
| (" .--(1) The Authority may include in the code issued by it under section 110 ("the Authority's code") provision to the effect that in its opinion behaviour conforming with the City Code--
| (2) But the Treasury's approval is required before any such provision may be included in the Authority's code.|
(3) If the Authority's code includes provision of a kind authorised by subsection (1), the Authority must keep itself informed of the way in which the Panel on Takeovers and Mergers interprets and administers the relevant provisions of the City Code.
(4) City Code" means the City Code on Takeovers and Mergers issued by the Panel as it has effect at the time when the behaviour occurs.
(5) Specified" means specified in the Authority's code.")
|Provisions included in the Authority's Code by reference to the City Code.|
BY THE LORD ALEXANDER OF WEEDON
[As an amendment to Commons Amendment 180A]
Line 8, at end insert--|
("and such provision may specify that behaviour conforming with the City Code is behaviour which is considered by the Panel on Takeovers and Mergers as conforming with the City Code")
LORDS AMENDMENT No. 589
|589||Page 219, line 8, leave out sub-paragraph (4) and insert--|
|("(4) In a case where the investigator--|
|the investigator may include in his report a recommendation to the Authority that it takes steps to remedy the matter complained of including, if appropriate, by making an ex-gratia payment.")|
The Commons agree to this Amendment with the following amendment--
Line 2, leave out from ("(4)") to end of line 7 and insert ("If the investigator considers that a complaint of which he has been notified under sub-paragraph (3) ought to be investigated, he may proceed as if the complaint had been referred to him under the complaints scheme.|
(4A) The complaints scheme must confer on the investigator the power to recommend, if he thinks it appropriate, that the Authority--
|© Parliamentary copyright 2000||Prepared 12 June 2000|