Financial Services and Markets Bill — 18 May 2000 at 19:03
[Amendment No. 57 not moved.]
moved Amendment No. 58:
Page 72, line 24, leave out from ("have") to end of line 26 and insert ("to disclose to a person ("B") for or with whom A does business in the course of carrying on any regulated or other activity;
(b) specify circumstances in which A may withhold information which he would otherwise have to disclose to B;
(c) require A not to use for the benefit of B information A holds which A would otherwise have to use in that way;
(d) specify circumstances in which A may decide not to use for the benefit of B information A holds which A would otherwise have to use in that way.").
On Question, amendment agreed to.
[Amendment No. 59 not moved.]
moved Amendment No. 60:
Page 72, line 27, leave out subsections (3) and (4).
On Question, amendment agreed to.
Clause 145 [Actions for damages]:
moved Amendment Nos. 61:
Page 74, line 21, leave out from beginning to ("subject") in line 23 and insert ("In prescribed cases, a contravention of a rule 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,").
On Question, amendment agreed to.
[Amendment No. 62 not moved.]
moved Amendment No. 63:
After Clause 153, insert the following new clause--
:TITLE3:("CHAPTER IIA")
:TITLE3:POLICIES RELATING TO TAKEOVER REGULATION
:TITLE3:MARKET ABUSE: BEHAVIOUR CONFORMING WITH CITY CODE
.--(1) Subject to subsections (2) and (3), the Authority is authorised to include in the code issued under section 115 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 subsection 114(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 115, 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 by the 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.").
On Question, Whether the said amendment (No. 63) shall be agreed to?
Their Lordships divided: Contents, 144; Not-Contents, 106.
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