§ 303 After Clause 158, insert the following new Clause —
§ 'Jurisdiction of High Court and Court of Session.
§ "Jurisdiction of High Court and Court of Session.
§ 188. —(1) Proceedings arising out of any act or omission (or proposed act or omission) of —
- (a) a recognised self-regulating organisation,
- (b) a designated agency,
- (c) a transferee body, or
- (d) the competent authority,
§ (2) The jurisdiction conferred by subsection (1) is in addition to any other jurisdiction exercisable by those courts.".
§ (2) In Schedule 5 to the Civil Jurisdiction and Judgments Act 1982 (proceedings excluded from general provisions as to allocation of jurisdiction within the United Kingdom), for paragraph 10 substitute —
§ Lord Trefgarne
My Lords, I beg to move that the House do agree with the Commons in their Amendment No. 303.
The amendment makes it clear that proceedings can be taken against a recognised self-regulating organisation in any part of the United Kingdom, regardless of whether it has a presence there. Section 188 of the Financial Services Act already makes this clear as regards the position of SIB or of the International Stock Exchange in its capacity as the competent authority under Part IV of the Act.
Unlike those bodies, the SRO's powers depend on contract with their members, not statute. Nevertheless, it seems clear that they can to a certain extent be regarded as performing a function analogous to that of a public authority. Having considered representations on this point, we have therefore decided that it is more appropriate to apply Section 188 to SROs than to regard them simply as commercial organisations for jurisdictional 1111 purposes. That is the effect of the revised Section 188.
§ Moved, That the House do agree with the Commons in the said amendment. —(Lord Trefgarne.)
§ On Question, Motion agreed to.