leave out subsection (1) and insert— The Treasury may by regulations revoke any legislation referred to in Schedule 1 provided that—
Bill texts 9
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Amendments 40
Committee stage — Lords 20
Insert the following new Clause— “Persons carrying out both regulated and unregulated activities
Insert the following new Clause— “FCA powers beyond designated activities
Insert the following new Clause— “Regulation of commercial lending to SMEs
leave out from “facilitating” to end of line 23
leave out lines 34 to 36 and insert— In complying with the duty in subsection (1) the relevant regulators must ensure that any information or other requirements imposed on a critical third party minimise, so far as is reasonably practicable, the burden placed on the critical third party.”
at end insert— Omit subsections (3), (6) and (7).”
at end insert— The condition is that the Treasury considers that it is necessary for the FCA to regulate the designated activities in order to meet its operational objectives in section 1B(3).”
at beginning insert “If the condition specified in subsection (1A) is met,”
after “provided” insert “by designated activity regulations under section 71Q or”
at end insert “, and the Bank’s duties under section 30D(1)(a) of that Act;”
at end insert— authorise the making of subordinate legislation by the Treasury;”
at end insert— financial products made under a bill of sale to which any of the following apply—
The above-named Lords give notice of their intention to oppose the Question that Clause 24 stand part of the Bill.
Insert the following new Clause— “Vote reporting
at end insert— The FCA must monitor and measure to what extent it has advanced the competitiveness and growth objective in various ways, including but not limited to—
at end insert “and the climate and nature objective (see section 1EC).”
Insert the following new Clause— “Reporting of revenue from derivative trading
Insert the following new Clause— “Regulation of consumer credit
at end insert— When discharging its general functions in the way mentioned in subsection (1) the FCA must, so far as reasonably possible, act in a way which, as a secondary objective, advances the predictability and consistency objective (see section 1EC).”
Report stage — Lords 20
Leave out Clause 24
leave out lines 11 to 13 and insert— the need to contribute towards achieving compliance with sections 1 (the target for 2050) and 4(1)(b) (net UK carbon account) of the Climate Change Act 2008, and the conservation and enhancement of the natural environment, including compliance with relevant targets approved by Parliament, the Scottish Parliament, Senedd Cymru, and the Northern Ireland Assembly.”
Insert the following new Clause— “FCA to have regard to financial inclusion within consumer protection objective
leave out subsection (1) and insert— A Minister of the Crown may by regulation revoke or replace any legislation referred to in Schedule 1 provided that—
Insert the following new Clause— “Vote reporting
leave out “including in particular” and insert “through fair and efficient operation of”
Insert the following new Clause— “Regulators’ duty to report on competitiveness and growth objective
Insert the following new Clause— “Regulatory principles to be applied by both regulators: proportionality principle
at end insert— In section 232A (scheme operator’s duty to provide information to FCA)—
Insert the following new Clause— “Competitiveness and growth objective: reporting requirements
Insert the following new Clause— “Sustainability disclosure requirements
after “section 1B(1)” insert “, (4A)”
at end insert— In section 1JA (Treasury recommendations in connection with general duties), after subsection (1)(c) insert—
Insert the following new Clause— “Financial Inclusion Objective for the FCA
Insert the following new Clause— “Regulatory Decisions Committee
Insert the following new Clause— “Consumer protection objective: mental health
leave out “aligning with” and insert “having regard to”
leave out “aligning with” and insert “having regard to”
Insert the following new Clause— “Report on retained EU law
at end insert— Before making designated activity regulations the Treasury must consult persons who may be affected by the regulations unless the regulations contain a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the regulations without carrying out consultation.”