Financial Services and Markets Bill — Repeals — 9 Feb 2000
Amendment made: No. 68, in page 8, line 35, leave out
Amendment made: No. 406, in page 9, line 15, after "which" insert
"is carried on by way of business and".-- [Mr. Robert Ainsworth.]
Amendment made: No. 243, in page 10, line 30, leave out "('the provider')".-- [Mr. Robert Ainsworth.]
Amendments made: No. 244, in page 11, line 33, leave out "provider" and insert
"person carrying on the regulated activity concerned".
No. 245, in page 11, line 36, leave out from "not" to "that", in line 37, and insert "know".-- [Mr. Robert Ainsworth.]
Amendments made: No. 246, in page 12, line 13, leave out
"as a direct or indirect result"
and insert "in consequence"
No. 247, in page 12, line 20, leave out
"as a direct or indirect result"
and insert "in consequence".
No. 248, in page 12, line 32, leave out from "that" to end of line 4, on page 13, and insert
"the enforcement conditions are met.
( ) The enforcement conditions are that it is just and equitable for the agreement or obligation to be enforced or (as the case may be) for the money or property paid or transferred under the agreement to be retained and--
(a) if the applicant made the unlawful communication, that he reasonably believed that he was not making such a communication; or
(b) if the applicant did not make the unlawful communication, that he did not know that the agreement was entered into in consequence of such a communication.
( ) 'Applicant' means the person seeking to enforce the agreement or obligation or retain the money or property paid or transferred.
( ) Any reference to making a communication includes causing a communication to be made.".-- [Mr. Robert Ainsworth.]
I beg to move amendment No. 34, in page 13, line 29, at end insert--
"(cc) a person qualifying for authorisation under Schedule 5,".
Amendment, by leave, withdrawn.
I beg to move amendment No. 69, in page 14, line 15, leave out from "person" to end of line 16.
Mr. Deputy Speaker:
With this, it will be convenient to discuss Government amendments Nos. 81, 82, 89 and 98.
Amendment agreed to.
Amendments made: No. 70, in page 14, line 17, after "under" insert "Part II of".
No. 71, in page 14, line 23, leave out "Schedule 3 authorisation" and insert--
"authorisation under Part II of Schedule 3".
No. 72, in page 14, line 25, after "under" insert "Part II of".-- [Miss Melanie Johnson.]
Amendments made: No. 73, in page 14, line 34, leave out "Part XVI qualifier" and insert--
"person authorised as a result of paragraph 1(1) of Schedule 5".
No. 74, in page 14, line 35, leave out "a Part XVI qualifier" and insert "such a person".
No. 75, in page 14, line 36, leave out "Part XVI qualifier" and insert--
"person authorised as a result of paragraph 1(1) of Schedule 5".
No. 76, in page 14, line 37, leave out from "to" to end of line 38 and insert--
"be a person so authorised".-- [Miss Melanie Johnson.]
Amendments made: No. 77, in page 15, line 5, leave out
"persons for the purposes of section 17"
and insert "from the general prohibition".
No. 78, in page 15, line 6, leave out from second "person" to end of line 7 and insert--
I beg to move amendment No. 199, in page 15, line 14, at end insert--
"(5) No exemption order to which subsection (7) applies may be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.
(6) An exemption order to which subsection (7) does not apply shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(7) This subsection applies to an exemption order which:
(a) is the first order to be made under this section in respect of a particular person; or
(b) varies an order previously made so as to vary or remove an exemption."
Amendment, by leave, withdrawn.
Amendments made: No. 79, in page 15, line 15, after "person" insert--
"(other than an authorised person)".
No. 80, in page 15, line 24, leave out "an exempt person" and insert--
"exempt from the general prohibition".-- [Miss Melanie Johnson.]
Amendments made: No. 81, in page 16, line 10, after "may" insert "not".
No. 82, in page 16, line 11, leave out "does not have" and insert "has".
No. 83, in page 16, line 14, at end insert--
"(2A) An EEA firm may not apply for permission under this section to carry on a regulated activity which it is, or would be, entitled to carry on in exercise of an EEA right, whether through a United Kingdom branch or by providing services in the United Kingdom.".-- [Miss Melanie Johnson.]
Amendments made: No. 84, in page 16, line 22, at end insert--
"( ) If the applicant--
(a) in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 35(1) or an order made under section 34(1), but
(b) has applied for permission in relation to another regulated activity,
the application is to be treated as relating to all the regulated activities which, if permission is given, he will carry on.
( ) If the applicant--
(a) in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 260(2) or (3), but
(b) has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.".
No. 85, in page 16, line 23, leave out subsection (3).-- [Miss Melanie Johnson.]
Amendments made: No. 86, in page 16, line 38, leave out from "include" to end of line 40 and insert--
"such requirements as the Authority considers appropriate.".
No. 87, in page 16, line 41, leave out subsection (2).-- [Miss Melanie Johnson.]
Amendment made: No. 88, in page 17, line 20, leave out subsection (2).-- [Miss Melanie Johnson.]
I beg to move amendment No. 206, in page 17, line 27, after "it", insert "after receiving representations".
Mr. Deputy Speaker:
With this it will be convenient to discuss Government amendments Nos. 91, 94, 95, 97 and 99 to 103.
Amendment, by leave, withdrawn.
Amendments made: No. 89, in page 17, line 31, at end insert--
Amendments made: No. 91, in page 17, line 36, leave out from "vary" to "in" and insert--
"a Part IV permission in any of the ways mentioned in section 39(1) or cancel it".
No. 92, in page 17, line 39, leave out from "that" to "in", in line 40, and insert--
"the authorised person is failing, or is likely to fail, to satisfy the threshold conditions".
No. 93, in page 17, line 41, leave out "the authorised person concerned" and insert "he".
No. 94, in page 18, line 3, leave out from beginning to end of line 7.
No. 95, in page 18, line 14, leave out from beginning to end of line 24.
No. 96, in page 18, line 25, leave out subsection (2).
No. 97, in page 18, line 29, leave out subsection (3).
No. 98, in page 18, line 32, at end insert--
"( ) If, as a result of a variation of a Part IV permission under this section, there are no longer any regulated activities for which the authorised person concerned has permission, the Authority must, once it is satisfied that it is no longer necessary to keep the permission in force, cancel it.".
No. 99, in page 18, line 35, leave out "Part IV".
No. 100, in page 18, line 37, leave out subsection (5).-- [Miss Melanie Johnson.]
Amendments made: No. 101, in page 18, line 42, leave out
"as mentioned in section 150".
No. 102, in page 19, line 7, at end insert--
"( ) Any reference to a person having acquired control is to be read in accordance with Part XI.".-- [Miss Melanie Johnson.]
Amendment made: No. 103, in page 19, line 25, leave out from "any" to "may", in line 26, and insert--
"case in which the Authority does not consider that the exercise of its own-initiative power is necessary in order to comply with a Community obligation, it"-- [Miss Melanie Johnson.]
I beg to move amendment No. 104, in page 20, line 1, leave out from "Authority" to end of line 12 and insert--
"(a) on giving a person a Part IV permission, imposes an assets requirement on him; or
(b) varies an authorised person's Part IV permission so as to alter an assets requirement imposed on him or impose such a requirement on him.
(1A) A person on whom an assets requirement is imposed is referred to in this section as "A".
(1B) "Assets requirement" means a requirement under section 38--
(a) prohibiting the disposal of, or other dealing with, any of A's assets (whether in the United Kingdom or elsewhere) or restricting such disposals or dealings; or
(b) that all or any of A's assets, or all or any assets belonging to consumers but held by A or to his order, must be transferred to and held by a trustee approved by the Authority.".
Amendment agreed to.
Amendments made: No. 105, in page 20, line 13, leave out subsection (2).
Amendments made: No. 112, in page 21, line 28, leave out "qualifying for authorisation under" and insert
"authorised as a result of".
No. 113, in page 21, line 33, at end insert "and".
No. 114, in page 21, line 34, leave out from "Treaty" to end of line 35.-- [Miss Melanie Johnson.]
Amendment made: No. 407, in page 22, line 32, leave out clause 48.-- [Miss Melanie Johnson.]
Amendment made: No. 116, in page 25, line 1, leave out subsection (7).-- [Miss Melanie Johnson.]
Amendment made: No. 117, in page 27, line 11, leave out "rules under section 110" and insert "general rules".-- [Miss Melanie Johnson.]
Amendments made: No. 249, in page 28, line 24, after "code" insert 'issued'.
No. 250, in page 28, line 31, at end insert--
No. 261, in page 29, line 9, leave out "Subsection (1) does" and insert--
"Subsections (1) to (3C) do".
No. 262, in page 29, line 10, leave out "it" and insert "them".
No. 263, in page 29, line 12, leave out paragraph (a).
No. 264, in page 29, line 13, leave out from "61" to end of line 14.
No. 265, in page 29, line 15, leave out "the statement or code" and insert--
"a draft published under subsection (1)".
No. 266, in page 29, line 16, at end insert--
"( ) This section also applies to a proposal to alter or replace a statement or code.".
No. 267, in page 29, line 17, leave out subsections (7) to (12).
No. 268, in page 29, line 28, at end insert--
"( ) 'Cost benefit analysis' means an estimate of the costs together with an analysis of the benefits that will arise--
(a) if the proposed statement or code is issued; or
(b) if subsection (3B)(b) applies, from the statement or code that has been issued.
( ) 'The appropriate comparison' means--
(a) in relation to subsection (2)(a), a comparison between the overall position if the statement or code is issued and the overall position if it is not issued;
(b) in relation to subsection (3B)(b), a comparison between the overall position after the issuing of the statement or code and the overall position before it was issued.".-- [Miss Melanie Johnson.]
Amendment made: No. 269, in page 30, line 11, leave out from "when" to "is" and insert "a warning notice.-- [Miss Melanie Johnson.]
Amendment made: No. 270, in page 31, line 5, leave out from "and" to end of line 11 and insert--
"issue a statement of its policy with respect to--
(a) the imposition of penalties under section 63; and
(b) the amount of penalties under that section.".-- [Miss Melanie Johnson.]
I beg to move amendment No. 271, in page 31, line 11, at end insert--
"( ) The Authority's policy in determining what the amount of a penalty should be must include having regard to--
(a) the seriousness of the misconduct in question in relation to the nature of the principle or requirement concerned;
(b) the extent to which that misconduct was deliberate or reckless; and
(c) whether the person on whom the penalty is to be imposed is an individual.".
Amendment agreed to.
Amendments made: No. 272, in page 31, line 12, leave out "any material published" and insert--
I beg to move amendment No. 408, in page 33, line 5, leave out "company" and insert "body".
Mr. Deputy Speaker:
With this it will be convenient to discuss Government amendments Nos. 409 to 417.
Amendment agreed to.
Amendment made: No. 409, in page 35, line 42, after "in" insert "listing".-- [Miss Melanie Johnson.]
Amendments made: No. 410, in page 37, line 7, leave out subsection (2).
No. 411, in page 37, line 9, leave out "Any other" and insert "A".-- [Miss Melanie Johnson.]
Amendments made: No. 412, in page 38, line 18, leave out
"But this section is subject to the"
and insert--
"Subsection (1) is subject to".
No. 413, in page 38, line 26, at end insert--
"( ) Subsection (4) is subject to exemptions provided by Schedule 9".
No. 414, in page 38, line 41, after "particulars'" insert--
", in subsection (1) and Schedule 9,".-- [Miss Melanie Johnson.]
Amendments made: No. 280, in page 39, line 38, leave out "publish" and insert "issue".
No. 281, in page 39, line 41, leave out from "to" to end of line 42 and insert--
"any policy statement published under this section and in force at the time when the contravention in question occurred.".
No. 282, in page 40, line 1, leave out from "publish" to end of line 3 and insert--
"a statement issued under this section in the way appearing to the competent authority to be best calculated to bring it to the attention of the public.".
No. 283, in page 40, line 3, at end insert--
"( ) The Authority may charge a reasonable fee for providing a person with a copy of the statement.".
No. 284, in page 40, line 4, leave out subsection (6).-- [Miss Melanie Johnson.]
Amendment made: No. 415, in page 40, line 35, leave out "securities were listed" and insert--
"listed securities were admitted to the official list".-- [Miss Melanie Johnson.]
Amendments made: No. 416, in page 41, line 3, leave out subsection (2).
No. 417, in page 41, line 5, leave out "Any other" and insert "A".-- [Miss Melanie Johnson.]
I beg to move amendment No. 457, in page 43, line 20, leave out
"in relation to the market".
Amendment, by leave, withdrawn.
Amendments made: No. 285, in page 45, line 1, leave out subsection (5) and insert--
"(5) If the code is altered or replaced, the altered or replacement code must be issued by the Authority.
(5A) A code issued under this section must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention to the public.".
No. 286, in page 45, line 5, leave out subsections (6) to (8).
No. 287, in page 45, line 13, at end insert--
"( ) The Authority may charge a reasonable fee for providing a person with a copy of the code.".-- [Miss Melanie Johnson.]
Amendments made: No. 288, in page 45, line 28, leave out "publish" and insert "issue".
No. 289, in page 45, line 40, leave out
Amendments made: No. 118, in page 47, line 6, leave out from "of" to "it" in line 7 and insert--
"a power relating to market abuse".
No. 119, in page 47, line 19, leave out from "powers" to "are" and insert "relating to market abuse".
No. 120, in page 47, line 22, leave out "impose penalties" and insert--
"appoint a person to conduct an investigation".-- [Miss Melanie Johnson.]
Amendments made: No. 298, in page 53, line 14, leave out subsections (6) to (11).
No. 299, in page 53, line 29, leave out
"(7), (8)(b), (9) and (11) apply"
and insert
"(1), (2)(d), (4), (5), (6)(a) and (10) of section 127 apply (with the necessary modifications)".-- [Miss Melanie Johnson.]
Amendment made: No. 300, in page 57, line 14, leave out from beginning to "the" in line 15 and insert--
"(4) A rule-making instrument must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of".-- [Miss Melanie Johnson.]
Amendments made: No. 301, in page 58, line 2, leave out from "analysis" to end of line 3.
No. 302, in page 58, line 5, leave out "a statement" and insert "an explanation".
No. 303, in page 58, line 8, leave out "a statement" and insert "notice".
No. 304, in page 58, line 10, leave out from beginning to second "the" and insert--
"In the case of a proposal to make rules under a provision mentioned in subsection (8A),".
No. 305, in page 58, line 12, leave out "those proposals are" and insert "the proposal is".
No. 306, in page 58, line 15, leave out from first "the" to "to" in line 17 and insert--
"Authority makes the proposed rules, it must publish an account, in general terms, of--
(a) the representations made to it in accordance with subsection (2)(d); and
(b) its response.".
No. 307, in page 58, line 18, leave out
"rules made by the Authority"
and insert "the rules".
No. 308, in page 58, line 21, leave out "publish a statement" and insert--
"(in addition to complying with subsection (5)) publish details".
No. 309, in page 58, line 22, leave out "the statement" and insert "those details".
No. 310, in page 58, line 22, leave out from "analysis" to end of line 23.
No. 311, in page 58, line 24, leave out "(3) and".
No. 312, in page 58, line 27, leave out from beginning to "of" in line 33 and insert--
"( ) Neither subsection (2)(a) nor subsection (6)(b) applies if the Authority considers--
(a) that, making the appropriate comparison, there will be no increase in costs; or
(b) that, making that comparison, there will be an increase in costs but the increase will be".
No. 313, in page 58, line 34, at end insert--
"(8A) Neither subsection (2)(a) nor subsection (6)(b) requires a cost benefit analysis to be carried out in relation to rules made under--
(a) section ( Funding of the legal assistance scheme )(2);
(b) subsection (1) of section 187 as a result of subsection (4) of that section;
(c) section 209;
(d) paragraph 17 of Schedule 1.".
No. 314, in page 58, line 38, after "rules", insert "that have been made".
No. 315, in page 58, line 38, at end insert--
"(11) 'The appropriate comparison' means--
(a) in relation to subsection (2)(a), a comparison between the overall position if the rules are made and the overall position if they are not made;
(b) in relation to subsection (6)(b), a comparison between the overall position after the making of the rules and the overall position before they were made.".-- [Miss Melanie Johnson.]
Amendment made: No. 418, in page 59, line 7, leave out "under this Act".-- [Miss Melanie Johnson.]
Amendment made: No. 419, in page 59, line 34, leave out "Notice of an alteration" and insert "The notice".-- [Miss Melanie Johnson.]
Amendment made: No. 316, in page 60, line 21, leave out
"the Treasury and the Director may assume"
and insert "it may be assumed".-- [Miss Melanie Johnson.]
Amendment made: No. 317, in page 60, line 24, leave out Clause 132.-- [Miss Melanie Johnson.]
Amendment made: No. 447, in page 61, line 13, leave out "132" and insert
"( Reports by Director General of Fair Trading )".-- [Miss Melanie Johnson.]
Amendments made: No. 318, in page 61, line 40, leave out Clause 134.
No. 319, in page 62, line 27, leave out Clause 135.-- [Miss Melanie Johnson.]
Amendment made: No. 448, in page 64, line 15, at end insert--
"( ) an operator, trustee or depositary of a scheme recognised under section 243 or 245 who is not an authorised person;".-- [Miss Melanie Johnson.]
Amendment made: No. 121, in page 74, line 31, leave out
"does not qualify for authorisation under"
and insert
"is not a person authorised as a result of paragraph 1 of".-- [Miss Melanie Johnson.]
Amendment made: No. 122, in page 77, line 31, leave out subsection (2) and insert--
"(2) In imposing any conditions, the Authority must have regard to its duty under section ( The threshold conditions ).".-- [Miss Melanie Johnson.]
Amendments made: No. 123, in page 78, line 12, at end insert "and".
No. 124, in page 78, line 16, leave out from "control" to end of line 24 and insert--
"( ) In deciding whether the approval requirements are met, the Authority must have regard, in relation to the control that the acquirer--
(a) has over the authorised person concerned ('A'), or
(b) will have over A if the proposal to which the notice of control relates is carried into effect,
to its duty under section ( The threshold conditions ) in relation to each regulated activity carried on by A.".-- [Miss Melanie Johnson.]
Amendments made: No. 125, in page 83, line 22, leave out "authorised person" and insert "firm"
No. 126, in page 83, line 23, after "such" insert "a"-- [Miss Melanie Johnson.]
Amendment made: No. 127, in page 88, line 3, leave out "(1)" and insert "(1B)".-- [Miss Melanie Johnson.]
Amendments made: No. 128, in page 88, line 14, at end insert--
"(1A) If it appears to the Director that a restriction imposed under section 178 on an EEA consumer credit firm has not been complied with, he may by written notice given to the firm impose a consumer credit prohibition.".
No. 129, in page 88, line 30, at end insert "or (1A)".-- [Miss Melanie Johnson.]
Amendment made: No. 130, in page 89, line 35, leave out subsection (5).-- [Miss Melanie Johnson.]
Amendments made: No. 320, in page 91, line 13, leave out "publish" and insert "issue".
No. 321, in page 91, line 24, leave out "any material published" and insert "a statement issued".
No. 322, in page 91, line 26, leave out "any such material" and insert
"a statement issued under this section".
No. 323, in page 91, line 26, leave out "publish it as altered" and insert
"issue the altered or replacement statement".
No. 324, in page 91, line 28, leave out subsection (5) and insert--
"(5) The Authority must, without delay, give the Treasury a copy of any statement which it publishes under this section.".
No. 325, in page 91, line 30, leave out subsection (6) and insert--
"(6) A statement issued under this section must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.".
No. 326, in page 91, line 33, leave out subsection (7).
No. 327, in page 91, line 40, leave out "material" and insert "statement".
No. 328, in page 91, line 40, after "section" insert "and in force".
No. 329, in page 91, line 41, at end insert--
"( ) The Authority may charge a reasonable fee for providing a person with a copy of the statement.".-- [Miss Melanie Johnson.]
Amendment made: No. 131, in page 95, line 16, leave out "65" and insert "55".-- [Miss Melanie Johnson.]
Amendments made: No. 132, in page 99, line 3, leave out "punish" and insert "deal with".
No. 133, in page 99, line 4, leave out from "he" to end of line and insert "were in contempt".-- [Miss Melanie Johnson.]
Amendment made: No. 134, in page 99, line 30, leave out ", (3)".-- [Miss Melanie Johnson.]
Amendment made: No. 135, in page 99, line 31, leave out Clause 198.-- [Miss Melanie Johnson.]
I beg to move amendment No. 237, in page 103, line 18,, leave out subsections (4) to (7) and insert--
"(4) The ombudsman's determination shall be binding on the respondent and the complainant and shall be final.
(5) The ombudsman's statement must:
(a) give the ombudsman's reasons for his determination; and
(b) be signed by him.".
Amendment, by leave, withdrawn .
Amendment made: No. 449, in page 121, line 2, after "of" insert ", or made under,".-- [Mr. Timms.]
Amendment made: No. 450, in page 122, line 36, leave out "A person" and insert--
"The operator of the scheme".-- [Mr. Timms.]
Amendments made: No. 451, in page 123, line 23, at end insert--
"( ) If the Authority decides to revoke a direction under this section it must--
(a) give the operator of the scheme a decision notice; and
(b) inform the competent authorities in the scheme's home State of its decision.".
No. 452, in page 123, line 39, at end insert--
"( ) The Authority may, either on its own initiative or on the application of the operator of the recognised scheme concerned, revoke a direction given under subsection (1A) if it appears to the Authority--
(a) that the conditions specified in the direction have been complied with; or
(b) that it is no longer necessary for the direction to take effect or continue in force.".
No. 453, in page 123, line 40, after "effect" insert "(unless revoked earlier)".--[ Mr. Timms. ]
Amendment made: No. 454, in page 128, line 17, leave out clause 252.-- [Mr. Timms.]
I beg to move amendment No. 136, in page 132, line 36, leave out from beginning to "in", in line 37 and insert--
"in relation to which a recognition order is".
Amendment agreed to .
Amendment made: No. 137, in page 132, line 38, leave out from "house" to "in", in line 39 and insert--
No. 139, in page 137, line 42, leave out subsection (6).-- [Miss Melanie Johnson.]
Amendment made: No. 140, in page 140, line 7, at end insert "or (4)(b)".-- [Miss Melanie Johnson.]
Amendment made: No. 141, in page 144, line 20, leave out "contained in an annual" and insert "the subject of a".-- [Miss Melanie Johnson.]
Amendments made: No. 142, in page 145, line 41, leave out "punish" and insert "deal with".
No. 143, in page 145, line 42, leave out from "he" to end of line and insert "were in contempt".-- [Miss Melanie Johnson.]
I beg to move amendment No. 144, in page 148, line 21, leave out from "and" to end of line 23 and insert--
"in relation to which a recognition order is in force".
Amendment agreed to .
Amendment made: No. 145, in page 148, line 26, leave out from "and" to end of line 27 and insert--
No. 331, in page 150, line 38, at end insert--
"( ) A direction under subsection (1) must be published in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
( ) The Authority may charge a reasonable fee for providing a person with a copy of the direction.
( ) The Authority must, without delay, give the Treasury a copy of any direction which it gives under this section.".-- [Miss Melanie Johnson.]
Amendment made: No. 332, in page 151, line 20, at end insert--
"( ) A direction under subsection (1) must be published in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
( ) The Authority may charge a reasonable fee for providing a person with a copy of the direction.
( ) The Authority must, without delay, give the Treasury a copy of any direction which it gives under this section.".-- [Miss Melanie Johnson.]
Amendments made: No. 333, in page 151, line 21, leave out
"If the Authority proposes to give"
and insert "Before giving".
No. 334, in page 151, line 22, leave out "it" and insert "the Authority".
No. 335, in page 151, line 24, leave out from beginning to "and", in line 25, and insert "a cost benefit analysis".
No. 336, in page 151, line 26, leave out "a statement" and insert "notice".
No. 337, in page 151, line 27, leave out "reasonable" and insert "specified".
No. 338, in page 151, line 30, leave out from "publish" to end of line 31 and insert--
"an account, in general terms, of".
No. 339, in page 151, line 37, leave out "publish a statement" and insert--
"(in addition to complying with subsection (4)) publish details".
No. 340, in page 151, line 38, leave out "the statement" and insert "those details".
No. 341, in page 151, line 42, leave out from beginning to "of" in line 4 on page 152 and insert--
"( ) Neither subsection (2)(a) nor subsection (5)(b) applies if the Authority considers--
(a) that, making the appropriate comparison, there will be no increase in costs; or
(b) that, making that comparison, there will be an increase in costs but the increase will be".
No. 342, in page 152, line 10, at end insert--
"( ) "Cost benefit analysis" means an estimate of the costs together with an analysis of the benefits that will arise--
(a) if the proposed direction is given; or
(b) if subsection (5)(b) applies, from the direction that has been given.
( ) "The appropriate comparison" means--
(a) in relation to subsection (2)(a), a comparison between the overall position if the direction is given and the overall position if it is not given;
(b) in relation to subsection (5)(b), a comparison between the overall position after the giving of the direction and the overall position before it was given.".-- [Miss Melanie Johnson.]
I beg to move amendment No. 146, in page 162, line 29, leave out from beginning to "may" and insert--
"Information obtained as a result of subsection (1)".
Amendment agreed to .
Amendments made: No. 147, in page 162, line 41, leave out from beginning to "may" and insert--
Amendments made: No. 149, in page 163, line 9, after "312" insert "or 314(5)".
No. 150, in page 163, line 16, leave out from "if" to end of line 18, and insert--
", in contravention of any provision of regulations made under section 313, he uses information which has been disclosed to him in accordance with the regulations".
No. 151, in page 163, line 18, at end insert--
"(3A) A person is guilty of an offence if, in contravention of subsection (4) of section 314, he uses information which has been disclosed to him in accordance with that section.".
No. 152, in page 163, line 19, after "(3)" insert "or (3A)".
No. 153, in page 163, line 25, after second "information" insert--
"or that it had been disclosed in accordance with section 314".-- [Miss Melanie Johnson.]
Amendments made: No. 343, in page 181, line 31, leave out from "in" to "it", in line 32, and insert--
"the way appearing to the Authority to be best calculated to bring".
No. 344, in page 181, line 32, at end insert--
"( ) The Authority may charge a reasonable fee for providing a person with a copy of the statement.
( ) The Authority must, without delay, give the Treasury a copy of any statement which it issues under this section.".-- [Miss Melanie Johnson.]
Amendments made: No. 420, in page 188, line 19, at end insert--
" "authorised open-ended investment company" has the meaning given in section 211(5);".
No. 154, in page 189, line 4, at end insert--
" "exempt person", in relation to a regulated activity, means a person who is exempt from the general prohibition in relation to that activity as a result of an exemption order made under section 34(1) or as a result of section 35(1) or 260(2) or (3);".
No. 155, in page 189, leave out line 25
No. 156, in page 189, line 45, at end insert--
" "rule-making instrument" has the meaning given in section 125;".
No. 157, in page 190, line 8, at end insert--
" "threshold conditions", in relation to a regulated activity, has the meaning given in section ( The threshold conditions );".-- [Miss Melanie Johnson.]
Amendments made: No. 421, in page 190, line 20, leave out "three" and insert "four".
No. 422, in page 190, line 28, leave out from "Kingdom" to end of line 29 and insert--
"( ) he is entitled to exercise rights under a single market directive as a UK firm; and
( ) he is carrying on in another EEA State a regulated activity to which that directive applies.
( ) The second case is where--
(a) his registered office (or if he does not have a registered office his head office) is in the United Kingdom;
(b) he is the manager of a scheme which is entitled to enjoy the rights conferred by an instrument which is a relevant Community instrument for the purposes of section 239; and
(c) persons in another EEA State are invited to become participants in the scheme.".
No. 423, in page 190, line 30, leave out "second" and insert "third".
No. 424, in page 190, line 33, leave out paragraph (b).
No. 425, in page 190, line 35, leave out "that" and insert "the regulated".
No. 426, in page 190, line 40, leave out "third" and insert "fourth".-- [Miss Melanie Johnson.]
Amendments made: No. 427, in page 194, line 41, at end insert--
"( ) The Lord Chancellor's power to make rules under section 107 is exercisable by statutory instrument.".
No. 428, in page 194, line 44, leave out "Treasury consider" and insert "person making it considers".-- [Miss Melanie Johnson.]
Amendments made: No. 429, in page 195, line 3, leave out "237" and insert--
"( Carrying on regulated activities by way of business )".
No. 430, in page 195, line 6, at end insert--
"( ) No regulations are to be made under section 237 unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.".
No. 431, in page 195, line 7, leave out from beginning to second "to" and insert--
"An order to which, if it is made, subsection (4) will apply is not".
No. 432, in page 195, line 10, leave out subsection (3).
No. 433, in page 195, line 13, leave out "made".
No. 434, in page 195, line 17, at end insert--
"( ) it is the first order to be made, or to contain provision made, under section 19(5);".
No. 435, in page 195, line 22, leave out subsection (5).
No. 455, in page 195, line 24, at end insert--
"(5A) An order containing a provision to which, if the order is made, subsection (5B) will apply is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.
(5B) This subsection applies to a provision contained in an order if--
(a) it is the first to be made in the exercise of the power conferred by subsection (1) of section ( Designation of professional bodies ) or it removes a body from those for the time being designated under that subsection; or
(b) it is the first to be made in the exercise of the power conferred by subsection (6) of section ( Exemption from the general prohibition ) or it adds a description of regulated activity or investment to those for the time being specified for the purposes of that subsection.".
No. 436, in page 195, line 26, after "376(2)" insert--
"or to which paragraph 26 of Schedule 2 applies".-- [Miss Melanie Johnson.]
(d) if sub-paragraph (4) applies, a certificate under paragraph 5.
(2) This sub-paragraph applies if--
(a) the authorised person concerned is a UK authorised person which has received authorisation under Article 6 of the first life insurance directive or of the first non-life insurance directive from the Authority; and
(b) the establishment from which the business is to be transferred under the proposed insurance business transfer scheme is in an EEA State other than the United Kingdom.
(3) This sub-paragraph applies if--
(a) the authorised person concerned has received authorisation under Article 6 of the first life insurance directive from the Authority;
(b) the proposed transfer relates to long-term insurance business; and
(c) as regards any policy which is included in the proposed transfer and which evidences a contract of insurance (other than reinsurance), an EEA State other than the United Kingdom is the State of the commitment.
(4) This sub-paragraph applies if--
(a) the authorised person concerned has received authorisation under Article 6 of the first non-life insurance directive from the Authority;
(b) the business to which the proposed insurance business transfer scheme relates is general insurance business; and
(c) as regards any policy which is included in the proposed transfer and which evidences a contract of insurance (other than reinsurance), the risk is situated in an EEA State other than the United Kingdom.
Certificates as to margin of solvency
2.--(1) A certificate under this paragraph is to be given--
(a) by the relevant authority; or
(b) in a case in which there is no relevant authority, given by the Authority.
(2) A certificate given under sub-paragraph (1)(a) is one certifying that, taking the proposed transfer into account--
(a) the transferee possesses, or will possess before the scheme takes effect, the necessary margin of solvency; or
(b) there is no necessary margin of solvency applicable to the transferee.
(3) A certificate under sub-paragraph (1)(b) is one certifying that the Authority has received from the authority which it considers to be the authority responsible for supervising insurance companies in the place to which the business is to be transferred that, taking the proposed transfer into account--
(a) the transferee possesses or will possess before the scheme takes effect the margin of solvency required under the law applicable in that place; or
(b) there is no such margin of solvency applicable to the transferee .
(4) "Necessary margin of solvency" means the margin of solvency required in relation to the transferee, taking the proposed transfer into account, under the law which it is the responsibility of the relevant authority to apply.
(5) "Margin of solvency" means the excess of the value of the assets of the transferee over the amount of its liabilities.
(6) "Relevant authority" means--
(a) if the transferee is an EEA firm falling within paragraph 5(d) of Schedule 3, its home state regulator;
(b) if the transferee is a Swiss general insurance company, the authority responsible for supervising insurance companies in Switzerland;
(c) if the transferee is an authorised person not falling within paragraph (a) or (b), the Authority.
(7) In sub-paragraph (6), any reference to a transferee of a particular description includes a reference to a transferee who will be of that description if the proposed scheme takes effect.
(8) "Swiss general insurance company" means a company--
(a) whose head office is in Switzerland;
(b) which has permission to carry on regulated activities consisting of the effecting and carrying out of general insurance contracts; and
(c) whose permission is not restricted to reinsurance business.
Certificates as to consent
3. A certificate under this paragraph is one given by the Authority and certifying that the host State regulator has been notified of the proposed scheme and that--
(a) that regulator has responded to the notification; or
(b) that it has not responded but the period of three months beginning with the notification has elapsed.
Certificates as to long-term business
4. A certificate under this paragraph is one given by the Authority and certifying that the authority responsible for supervising insurance companies in the State of the commitment has been notified of the proposed scheme and that--
(a) that authority has consented to the proposed scheme; or
(b) the period of three months beginning with the notification has elapsed and that authority has not refused its consent.
Certificates as to general business
5. A certificate under this paragraph is one given by the Authority and certifying that the authority responsible for supervising insurance companies in the EEA State in which the risk is situated has been notified of the proposed scheme and that--
(a) that authority has consented to the proposed scheme; or
(b) the period of three months beginning with the notification has elapsed and that authority has not refused its consent.
Interpretation of Part I
6.--(1) "State of the commitment", in relation to a commitment entered into at any date, means--
(a) if the policyholder is an individual, the State in which he had his habitual residence at that date;
(b) if the policyholder is not an individual, the State in which the establishment of the policyholder to which the commitment relates was situated at that date.
(2) "Commitment" means a commitment represented by insurance business of a prescribed class.
(3) References to the EEA State in which a risk is situated are--
(a) if the insurance relates to a building or to a building and its contents (so far as the contents are covered by the same policy), to the EEA State in which the building is situated;
(b) if the insurance relates to a vehicle of any type, to the EEA State of registration;
(c) in the case of policies of a duration of four months or less covering travel or holiday risks (whatever the class concerned), to the EEA State in which the policyholder took out the policy;
(d) in a case not covered by paragraphs (a) to (c)--
(i) if the policyholder is an individual, to the EEA State in which he has his habitual residence at the date when the contract is entered into; and
(ii) otherwise, to the EEA State in which the establishment of the policyholder to which the policy relates is situated at that date.
Part II
Banking Business Transfer Schemes
7.--(1) For the purposes of section ( Sanction of the court for business transfer schemes )(3) the appropriate certificates, in relation to a banking business transfer scheme, are--
(a) a certificate under paragraph 8; and
(b) if sub-paragraph (2) applies, a certificate under paragraph 9.
(2) This sub-paragraph applies if the authorised person concerned or the transferee is an EEA firm falling within paragraph 5(b) of Schedule j05036.s.
Certificates as to financial resources
8.--(1) A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.
(2) "Relevant authority" means--
(a) if the transferee is a person with a Part IV permission or with permission under Schedule j04188.s, the Authority;
(b) if the transferee is an EEA firm falling within paragraph 5(b) of Schedule j05036.s, its home state regulator;
(c) if the transferee does not fall within paragraph (a) or (b), the authority responsible for the supervision of the transferee's business in the place in which the transferee has its head office.
(3) In sub-paragraph (2), any reference to a transferee of a particular description of person includes a reference to a transferee who will be of that description if the proposed banking business transfer scheme takes effect.
Certificates as to consent of home state regulator
9. A certificate under this paragraph is one given by the Authority and certifying that the home State regulator of the authorised person concerned or of the transferee has been notified of the proposed scheme and that--
(a) the home State regulator has responded to the notification; or
(b) the period of three months beginning with the notification has elapsed.".-- [Miss Melanie Johnson.]
Brought up, read the First and Second time, and added to the Bill.
Consideration of matters arising on a report
2. In considering any matter arising from a report made by the Director under section ( Reports by Director General of Fair Trading ), the Commission must have regard to--
(a) any representations made to it in connection with the matter by any person appearing to the Commission to have a substantial interest in the matter; and
(b) any cost benefit analysis prepared by the Authority (at any time) in connection with the regulatory provision or practice, or any of the regulatory provisions or practices, which are the subject of the report.
Applied provisions
3.--(1) The provisions mentioned in sub-paragraph (2) are to apply in relation to the functions of the Commission under section ( Consideration by Competition Commission ) as they apply in relation to the functions of the Commission in relation to a reference to the Commission under the Fair Trading Act 1973.
(2) The provisions are--
(a) section 82(2), (3) and (4) of the Fair Trading Act 1973 (general provisions about reports);
(b) section 85 of that Act (attendance of witnesses and production of documents);
(c) section 93B of that Act (false or misleading information);
(d) section 24 of the Competition Act 1980 (modifications of provisions about the performance of the Commission's functions);
(d) Part II of Schedule 7 to the Competition Act 1998 (performance by the Commission of its general functions).
(3) But the reference in paragraph 15(7)(b) in Schedule 7 to the 1998 Act to section 75(5) of that Act is to be read as a reference to the power of the Commission to decide not to make a report in accordance with section ( Consideration by Competition Commission )(2).
Publication of reports
4.--(1) If the Commission makes a report under section ( Consideration by Competition Commission ), it must publish it in such a way as appears to it to be best calculated to bring it to the attention of the public.
(2) Before publishing the report the Commission must, so far as practicable, exclude any matter which relates to the private affairs of a particular individual the publication of which, in the opinion of the Commission, would or might seriously and prejudicially affect his interests.
(3) Before publishing the report the Commission must, so far as practicable, also exclude any matter which relates to the affairs of a particular body the publication of which, in the opinion of the Commission, would or might seriously and prejudicially affect its interests.
(4) Sub-paragraphs (2) and (3) do not apply in relation to copies of a report which the Commission is required to send under section ( Consideration by Competition Commission )(10).".-- [Miss Melanie Johnson.]
Brought up, read the First and Second time, and added to the Bill.
Amendments made: No. 345, in page 198, line 8, leave out "or varying".
No. 346, in page 198, line 9, leave out "details of its proposals" and insert--
No. 363, in page 201, line 2, at end insert--
"(7) If the Authority makes the proposed scheme, it must publish an account, in general terms, of--
(a) the representations made to it in accordance with sub-paragraph (5); and
(b) its response to them.
(8) If the scheme differs from the draft published under sub-paragraph (4) in a way which is, in the opinion of the Authority, significant the Authority must (in addition to complying with sub-paragraph (7)) publish details of the difference.
(9) The Authority must, without delay, give the Treasury a copy of any scheme details published by it.
(10) The Authority may charge a reasonable fee for providing a person with a copy of--
(a) a draft published under sub-paragraph (4);
(b) scheme details.
(11) Sub-paragraphs (4) to (8) and (10)(a) also apply to a proposal to alter or replace the complaints scheme.".-- [Miss Melanie Johnson.]
I beg to move amendment No. 483, in page 202, line 4, at end insert--
"Value for money examinations
22. Section 6 of the National Audit Office Act 1983 (which enables the Comptroller and Auditor General to conduct examinations into the economy, efficiency and effectiveness with which certain departments, authorities and bodies have used their resources) shall apply to the Authority.".
Amendment, by leave, withdrawn.
I beg to move amendment No. 444, in page 205, line 12, at end insert--
Mortgages for house purchase
"23A. The provision of loans for the purchase of property for residential use, where the obligation of the borrower to repay the lender is secured on the value of the property in question.".
Amendment, by leave, withdrawn.
Amendments made: No. 158, in page 208, line 3, leave out
Amendments made: No. 178, in page 215, line 5, leave out paragraph 1.
Amendment made: No. 443, in page 218, line 23, leave out "enactment" and insert--
Amendments made: No. 180, in page 234, line 37, leave out
I beg to move amendment No. 1, in page 239, line 5 at end insert--
"7A. In section 13 (control of subsidiaries and other bodies corporate),--
(a) in subsection (2)(a) for 'of the activities specified in Schedule 7 to this Act' substitute 'activities authorised by the Commission'; and
(b) omit subsection (8).
7B. In section 52 (applications to court), in subsection (2)(d) for 'mentioned in Schedule 7 to' substitute 'authorised by virtue of section 13(2)(a) of'.
7C. Omit Schedule 7 (activities which may be carried on by a subsidiary of or body jointly controlled by an incorporated friendly society).".
Amendment, by leave, withdrawn.
Amendment made: No. 182, in page 240, line 14, at end insert--
The Finance Act 1991 (c. 31)
.--(1) The Finance Act 1991 is amended as follows.
(2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4).
(3) In section 116 (investment exchanges and clearing houses: stamp duty), in subsection (4)(b), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".".-- [Miss Melanie Johnson.]
Amendment made: No. 183, in page 241, line 23, at end insert--
Bill, as amended, to be reported.
Order for Third Reading read.
I beg to move, That the Bill be now read the Third time.
9 Feb 2000 : Column 358
Question put, That the Bill be now read the Third time:--
The House proceeded to a Division--
The House having divided: Ayes 340, Noes 128.
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