Financial Services and Markets Bill — EEA Passport Rights — 5 Jun 2000
Lords amendment agreed to.
Lords amendments Nos. 183 to 267 agreed to.
Lords Amendment : No. 268, in page 115, line 1, leave out from ("for") to ("of") in line 4 and insert ("--
(a) financial loss; or
(b) any other loss, or any damage,")
I beg to move, That this House agrees with the Lords in the said amendment.
The amendment is technical; it clarifies subsection (3) of clause 223 and results from concerns raised on Report in another place that the provision might be open to misinterpretation. There was concern that the subsection might be read as requiring the ombudsman to try to construct hypothetical contracts, or to award compensation according to whether there had been a breach of an actual contract.
fair and reasonable in all the circumstances.
Lords amendment agreed to.
Lords amendment No. 269 agreed to.
Lords amendment: No. 270, after clause 229, to insert the following new clause-- Open-ended investment companies --
(".--(1) In this Part "an open-ended investment company" means a collective investment scheme which satisfies both the property condition and the investment condition.
(2) The property condition is that the property belongs beneficially to, and is managed by or on behalf of, a body corporate ("BC") having as its purpose the investment of its funds with the aim of--
(a) spreading investment risk; and
(b) giving its members the benefit of the results of the management of those funds by or on behalf of that body.
(3) The investment condition is that, in relation to BC, a reasonable investor would, if he were to participate in the scheme--
(a) expect that he would be able to realize, within a period appearing to him to be reasonable, his investment in the scheme (represented, at any given time, by the value of shares in, or securities of, BC held by him as a participant in the scheme); and
(b) be satisfied that his investment would be realised on a basis calculated wholly or mainly by reference to the value of property in respect of which the scheme makes arrangements
(4) In determining whether the investment condition is satisfied, no account is to be taken of any actual or potential redemption or repurchase of shares or securities under--
(a) Chapter VII of Part V of the Companies Act 1985;
(b) Chapter VII of Part VI of the Companies (Northern Ireland) Order 1986;
(c) corresponding provisions in force in another EEA State; or
(d) provisions in force in a country or territory other than an EEA state which the Treasury have, by order, designated as corresponding provisions.
(5) The Treasury may by order amend the definition of "an open-ended investment company" for the purposes of this Part.")
Motion made, and Question proposed, That this House agrees with the Lords in the said amendment.--[ Miss Melanie Johnson. ]
a much more flexible and forward-looking definition of open-ended investment schemes.--[ Official Report, House of Lords , 30 March 2000; Vol. 611, c. 942.]
the time he decides to participate in the scheme
if he were to participate . . .
scope for a wider range of authorised funds which are intended for domestic consumption--[ Official Report, House of Lords , 30 March 2000; Vol. 611, c. 943.]
Lords amendment agreed to.
Lords amendments Nos. 271 to 442 agreed to.
Lords amendment: No. 443, after clause 342, to insert the following new clause-- Authority's duty to co-operate with others --
.--(1) The Authority must take such steps as it considers appropriate to co-operate with other persons (whether in the United Kingdom or elsewhere) who have functions--
(a) similar to those of the Authority; or
(b) in relation to the prevention or detection of financial crime.
(2) Co-operation may include the sharing of information which the Authority is not prevented from disclosing.
(3) "Financial crime" has the same meaning as in section 6.")
Motion made, and Question proposed, That this House agrees with the Lords in the said amendment.-- [ Miss Melanie Johnson. ]
other persons (whether in the United Kingdom or elsewhere).
Lords amendment agreed to.
Lords amendments Nos. 444 to 588 agreed to.
Lords amendment: No. 589, in page 219, line 8, leave out sub-paragraph (4) and insert--
("(4) in a case where the investigator--
(a) has reported that a complaint is well-founded, or
(b) has criticised the Authority in his report,
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.")
Motion made, and Question proposed, That this House agrees with the Lords in the said amendment.-- [Miss Melanie Johnson.]
Lords amendment and amendment thereto agreed to.
Lords amendments Nos. 590 and 591 agreed to .
Lords amendment : No. 592, in page 229, leave out line 19 to 23 and insert--
("12.--(1) Once an EEA firm which is seeking to establish a branch in the United Kingdom in exercise of an EEA right satisfies the establishment conditions, it qualifies for authorisation
(2) Once an EEA firm which is seeking to provide services in the United Kingdom in exercise of an EEA right satisfies the service conditions, it")
Motion made, and question proposed, That this House agrees with the Lords in the said amendment.--[ Miss Melanie Johnson .]
It being Eleven o'clock, Mr. Deputy Speaker put the remaining Questions required to be put at that hour, pursuant to Order [this day].
Lords amendment No. 592 agreed to.
Question put, That this House agrees with the Lords in the remaining Lords amendments:--
The House divided: Ayes 287, Noes 114.
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