HC Deb 26 October 1989 vol 158 c1229

Amendments made: No. 203, in page 170, line 13, leave out from beginning to 'in' in line 15 and insert 'is approved by him'.

No. 204, in page 170, line 20, leave out subsections (2) and (3) and insert— '(2) The Secretary of State shall not approve an overseas investment exchange or clearing house unless he is satisfied—

  1. (a) that the rules and practices of the body, together with the law of the country in which the body's head office is situated, provide adequate procedures for dealing with the default of persons party to contracts connected with the body, and
  2. (b) that it is otherwise appropriate to approve the body.

(3) The reference in subsection (2)(a) to default is to a person being unable to meet his obligations.'.

No. 205, in page 170, line 33, leave out 'regulations may' and insert 'Secretary of State may make regulations which'.

No. 206, in page 170, line 38. at end insert '; and different provision may be made with respect to different bodies or descriptions of body.'.

No. 207, in page 170, line 38, at end insert— '(6) Where the regulations apply any provisions of the Financial Services Act 1986, they may provide that those provisions apply with such exceptions, additions and adaptations as appear to the Secretary of State to be necessary or expedient.'.

No. 208, in page 170, line 39, leave out Clause 160.—[Mr. Redwood.]

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