Orders of the Day — Financial Services and Markets Bill – in the House of Commons at 7:30 pm on 1 February 2000.
.—(1) The Authority may make rules applicable to persons to whom, as a result of section (Exemption from the general prohibition)(1), the general prohibition does not apply.
(2) The power conferred by subsection (1) is to be exercised for the purpose of ensuring that clients are aware that such persons are not authorised persons.
(3) A designated professional body must make rules—
(4) Rules made in compliance with subsection (3) must be designed to secure that, in providing a particular professional service to a particular client, the member carries on only regulated activities which arise out of, or are complementary to, the provision by him of that service to that client.
(5) Rules made by a designated professional body under subsection (3) require the approval of the Authority.".— [Miss Melanie Johnson.]
Brought up, read the First and Second time, and added to the Bill.
Further consideration adjourned.—[Mr. Betts.]
Bill, as amended in the Standing Committee, to be further considered tomorrow.
In a normal session there are up to ten standing committees on bills. Each has a chair and from 16 to 50 members. Standing committee members on bills are appointed afresh for each new bill by the Committee of Selection which is required to take account of the composition of the House of Commons (ie. party proportions) as well as the qualification of members to be nominated. The committees are chaired by a member of the Chairmen's Panel (whose members are appointed by the Speaker). In standing committees the Chairman has much the same function as the Speaker in the House of Commons. Like the Speaker, a chairman votes only in the event of a tie, and then usually in accordance with precedent. The committees consider each bill clause by clause and may make amendments. There are no standing committees in the House of Lords.
