HL Deb 13 November 1989 vol 512 cc1125-7

318 Leave out Clause 165 and insert —

'Provisions extending to Northern Ireland.

. —(1) The provisions of this Act extend to Northern Ireland so far as they amend, or provide for the amendment of, an enactment which so extends.

(2) So far as any provision of this Act amends the Companies Act 1985 or the Insolvency Act 1986, its application to companies registered or incorporated in Northern Ireland is subject to section 745(1) of the Companies Act 1985 or section 441(2) of the Insolvency Act 1986, as the case may be.

(3) In Part III (investigations and powers to obtain information), sections 76 to 81, (Exercise of powers in relation to Northern Ireland), (Prosecutions) (Offences by bodies corporate, partnerships and unincorporated associations) and (Jurisdiction and procedure in respect of Offences) (powers exercisable to assist overseas regulatory authorities) extend to Northern Ireland.

(4) Part VI (mergers and related matters) extends to Northern Ireland.

(5) In Part VII (financial markets and insolvency) the following provisions extend to Northern Ireland —

  1. (a) sections 125 and 126 (introductory provisions and definitions of "market contract"),
  2. (b) section 127 and Schedule 16 (additional requirements for recognition of investment exchange or clearing house),
  3. (c) sections 128, 131, 133, (Powers of Secretary of State to give directions), (Application to determine whether default proceedings to be taken), 138 and 139 (provisions relating to recognised investment exchanges and clearing houses),
  4. (d) sections 140, (Certain money market institutions) and (Settlement arrangements provided by the Bank of England) (power to extend provisions to other financial markets),
  5. (e) section 152 (indemnity for certain acts), and
  6. (f) sections (Power to make further provision by regulations), 153, (Construction of references to parties to market contracts), and 154 to 157 (supplementary provisions).

(6) Part (sections (Statement of principle), 158, (Application of designated rules and regulations to members of self-regulating organisations), (Codes of practice), (Regulations with other regulatory authorities), (Construction of references to incurring civil liability), (Offers of unlisted securities), (Offers of securities by private companies and old public companies), (Jurisdiction of the High Court and the Court of Session), 159, (Offers of short-dated debentures), (Standard of protection for investors), (Costs of compliance), 160 and (Consequential amendments and delegation of functions on commencement)) (amendments of Financial Services Act 1986) extends to Northern Ireland.

(7) Part (section (Transfer of securities) (transfer of securities) extends to Northern Ireland. Subject to any Order made after the passing of this Act by virtue of section 3(1)(a) of the Northern Ireland Constitution Act 1973. the transfer of securities shall not be a transferred matter for the purposes of that Act but shall for the purposes of section 3(2) be treated as specified in Schedule 3 to that Act.

(8) Part (sections (Summary proceedings in Scotland for offences connected with disqualification of directors), (Prosecutions in connection with insider dealing), 162, 163, 164, (Provisions extending to Northern Ireland), (Making of corresponding provision for Northern Ireland), 166 and 167 (miscellaneous and general provisions), this section, section (making of corresponding provision for Northern Ireland), 166 and 167 (general provisions) extend to Northern Ireland.

(9) Except as mentioned above, the provisions of this Act do not extend to Northern Ireland.

Making of corresponding provision for Northern Ireland

. —(1) An Order in Council under paragraph 1(1)(b) of Schedule 1 to the Northern Ireland Act 1974 (legislation for Northern Ireland in the interim period) which contains a statement that it is only made for purposes corresponding to the purposes of provisions of this Act to which this section applies —

  1. (a) shall not be subject to paragraph 1(4) and (5) of that Schedule (affirmative resolution of both Houses of Parliament), but
  2. (b) shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(2) The provisions of this Act to which this section applies are —

  1. (a) Parts I to V, and
  2. (b) Part VII, except sections 127, 128 and 139 and Schedule 16.'.

Lord Strathclyde

My Lords, I beg to move that the House do agree with the Commons in their Amendment No. 318. Amendment No. 318 inserts two new clauses in place of the present Clause 165. The new clauses govern the application of the Bill's provisions to Northern Ireland. They set out the provisions more clearly than before and incorporate changes made in the Bill.

Moved, That the House do agree with the Commons in the said amendment. —(Lord Strathclyde.)

On Question, Motion agreed to.