Schedule 13
Legal Services Bill [Lords]
Public Bill Committees, 21 June 2007, 1:00 pm
Amendments made: No. 158, in schedule 13, page 197, line 15, leave out ‘an interest in’ and insert ‘holding’.
No. 159, in schedule 13, page 197, line 18, leave out ‘power’ and insert ‘rights’.
No. 160, in schedule 13, page 197, line 24, leave out ‘an interest in’ and insert ‘holding’.
No. 161, in schedule 13, page 197, line 27, leave out ‘power’ and insert ‘rights’.
No. 162, in schedule 13, page 208, line 29, leave out ‘an interest in shares in a licensed body’ and insert
‘a shareholding in a licensed body, or in a parent undertaking of a licensed body,’.
No. 163, in schedule 13, page 208, line 31, at end insert—
‘(aa) a non-authorised person may not have an entitlement to exercise, or control the exercise of, voting rights in a licensable body, or a parent undertaking of a licensable body, which exceeds a limit specified in the rules (“the voting limit”);’.
No. 164, in schedule 13, page 208, line 32, leave out ‘in which non-authorised persons have an interest’ and insert
‘, or a parent undertaking of a licensed body, held by non-authorised persons’.
No. 165, in schedule 13, page 208, line 34, at end insert—
‘(c) the total proportion of voting rights in a licensed body, or a parent undertaking of a licensed body, which non-authorised persons are entitled to exercise or control the exercise of, may not exceed a limit specified in the rules.
( ) Rules made under any paragraph of sub-paragraph (1) in relation to a licensed body and a parent undertaking may specify different limits in relation to the licensed body and the parent undertaking.’.
No. 166, in schedule 13, page 208, line 35, leave out from ‘(1)(a)’ to end of line 37 and insert
‘or (aa) may provide that references in those rules to a person, in relation to a person’s shareholding or entitlement to exercise or control the exercise of voting rights, are to—
(a) the person,
(b) any of the person’s associates, or
(c) the person and any of the person’s associates taken together.’.
No. 167, in schedule 13, page 209, line 2, after ‘body’, insert
‘, or a parent undertaking of a licensed body,’.
No. 168, in schedule 13, page 209, line 4, at end insert
‘or (aa) in relation to the body.’.
No. 169, in schedule 13, page 209, line 5, leave out from ‘acquires’ to ‘and’ in line 6 and insert ‘—
(a) a shareholding in the body which exceeds the share limit, or
(b) an entitlement to exercise, or control the exercise of, voting rights in the body which exceeds the voting limit,
must notify the body (and, if the body is a parent undertaking of a licensed body, the licensed body)’.
No. 170, in schedule 13, page 209, line 21, leave out ‘licensed body’ and insert
‘body (and, if the body is a parent undertaking of a licensed body, the licensed body)’.
No. 171, in schedule 13, page 209, line 33, leave out paragraph 41.
No. 172, in schedule 13, page 209, line 38, leave out ‘relevant’.
No. 173, in schedule 13, page 210, line 2, leave out ‘interest in shares in any body’ and insert
‘shareholding in a body corporate with a share capital’.
No. 174, in schedule 13, page 210, line 12, leave out sub-paragraph (3) and insert—
‘( ) In sub-paragraph (1)(b), references to a person’s shareholding are to be read in accordance with paragraph 3(3) or 4(2) (as the case may be).’.
No. 175, in schedule 13, page 210, line 15, after ‘38(1)(a)’, insert ‘or (aa)’.
No. 176, in schedule 13, page 210, line 16, leave out from ‘a’ to end of line 17 and insert ‘licensed body if—
(a) the person’s shareholding in the body, or a parent undertaking of the body, exceeds the share limit, and the body or parent undertaking (as the case may be) is a body corporate with a share capital, or
(b) the person’s entitlement to exercise or control the exercise of voting rights in the body, or a parent undertaking of the body, exceeds the voting limit by virtue of the person holding shares in a body corporate with a share capital.’.
No. 177, in schedule 13, page 210, line 18, leave out from ‘means’ to end of line 19 and insert—
‘(a) in a case within sub-paragraph (1)(a), the number of shares by which the person’s shareholding exceeds the share limit, and
(b) in a case within sub-paragraph (1)(b), the number of shares held by the person in excess of the number of shares the person could hold without the person’s entitlement to exercise, or control the exercise of, voting rights exceeding the voting limit.’.
No. 178, in schedule 13, page 210, line 20, leave out sub-paragraph (3) and insert—
‘( ) References in this paragraph to a person’s shareholding (or holding of shares) or entitlement are to be read in accordance with any applicable licensing rules made under paragraph 38(2).’.
No. 179, in schedule 13, page 210, line 25, leave out ‘relevant’.
No. 180, in schedule 13, page 213, line 20, at end insert ‘or (aa).’.
No. 181, in schedule 13, page 213, line 22, leave out from ‘where’ to end of line 24 and insert ‘a non-authorised person acquires—
(a) a shareholding in a licensed body or parent undertaking of a licensed body which exceeds the share limit, or
(b) an entitlement to exercise, or control the exercise of, voting rights in a licensed body or parent undertaking of a licensed body which exceeds the voting limit.’.
No. 182, in schedule 13, page 213, line 36, at end insert—
‘( ) If the share limit or voting limit is breached in relation to a parent undertaking of a licensed body, references in sub-paragraphs (3) and (6) to the licensed body include the parent undertaking.’.
No. 183, in schedule 13, page 214, line 7, at end insert—
‘( ) If the share limit or voting limit is breached in relation to a parent undertaking of a licensed body, references in sub-paragraphs (1) and (5) to the licensed body include the parent undertaking.’.—[Bridget Prentice.]