§ Further consideration of amendments on Report resumed.
§ Clause 83 [Prospectuses]:
§ Lord Bachmoved Amendment No. 121
Page 38, line 30, after ("the") insert ("competent").The noble Lord said: My Lords, in moving Amendment No. 121 on behalf of my noble friend should like to speak also to Amendments Nos. 122, 125, 126, 129 and 130. All of these are government amendments which make minor but essential drafting changes. Amendments Nos. 121, 125, 126 and 129 insert the word "competent" before ''authority". This amendment is necessary to ensure that it is absolutely clear that it is the competent authority, rather than the FSA, to which reference is being made. The Bill names the FSA as the competent authority and that will be correct so long as the authority continues to exercise these functions. However, if the functions were ever transferred the FSA would no longer be the competent authority and there is a danger that the Bill would not make sense.The other amendments in this group, Amendments Nos. 122 and 130, concern the power to define the term "approved exchange". This power is currently contained in Clause 101. However, the definition is relevant only to Part VI as it is modified by Schedule 9 to the Bill where the term "approved exchange" appears in paragraph 5. Amendment No. 130, therefore, deletes the power in Clause 101 and Amendment No. 122 inserts it in its proper place in Schedule 9. I beg to move.
On Question, amendment agreed to.
§ Schedule 9 [Non-listing Prospectuses]:
§ Lord McIntosh of Haringeymoved Amendment No. 122:
Page 253, line 7, at end insert—("( ) After paragraph 8 of that Schedule, insert—Meaning of "approved exchange".9. "Approved exchange" has such meaning as may be prescribed." ").On Question, amendment agreed to.
§ Clause 89 [Penalties for breach of listing rules]:
§ [Amendment No. 122A not moved.]
657§ Clause 90 [Warning notices]:
§ Lord McIntosh of Haringeymoved Amendments Nos. 123 and 124:
Page 42, line 4, leave out ("impose a penalty on") and insert ("take action against").Page 42, line 6, leave out subsections (2) and (3) and insert—("(2) A warning notice about a proposal to impose a penalty must state the amount of the proposed penalty.(3) A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.(4) If the competent authority decides to take action against a person under section 89, it must give him a decision notice.(5) A decision notice about the imposition of a penalty must state the amount of the penalty.(6) A decision notice about the publication of a statement must set out the terms of the statement.(7) If the competent authority decides to take action against a person under section 89, he may refer the matter to the Tribunal.").On Question, amendments agreed to.
§ Clause 91 [Statement of policy]:
§ Lord McIntosh of Haringeymoved Amendments Nos. 125 and 126:
Page 42, line 19, after first ("The") insert ("competent").Page 42, line 37, after ("The") insert ("competent").On Question, amendments agreed to.
§ Clause 93 [Notice for payment]:
§ Lord McIntosh of Haringeymoved Amendment No. 127:
Leave out Clause 93.On Question, amendment agreed to.
§ Lord Bachmoved Amendment No. 128:
§
After Clause 93, insert the following new clause—
("Competition