Financial Services and Markets Bill — New Clause — 5 Jun 2000
Lords amendment agreed to.
Lords amendments Nos. 132 to 179 agreed to.
Lords amendment: No. 180, after clause 149, to insert the following new clause-- Market abuse: behaviour conforming with City Code--
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--
"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 bythe 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.")
Motion made, and Question put, That this House disagrees with the Lords in the said amendment.-- [Mr. Jamieson.]
The House divided: Ayes 304, Noes 110.
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