Amendments made: 22, page 58, line 31, after “that” insert “—
(a) is incorporated in the United Kingdom or has its principal place of business in the United Kingdom, and
This amendment provides that, for the purposes of Part 9C of the Financial Services and Markets Act 2000, the definition of “authorised parent undertaking” only includes a parent undertaking that is incorporated, or has its principal place of business, in the United Kingdom.
Amendment 23, page 59, line 9, leave out “a place” and insert “its principal place”.
The definition of “non-authorised parent undertaking” in Part 9C of the Financial Services and Markets Act 2000 refers to an undertaking that is incorporated, or has a place of business, in the United Kingdom. This amendment changes the definition to refer instead to an undertaking’s principal place of business.
Amendment 24, page 60, line 27, at end insert
“the following types of prudential requirements”.
This amendment inserts words into section 143D(1) of the Financial Services and Markets Act 2000 for consistency with equivalent wording in section 143C(1).
Amendment 25, page 61, line 36, at end insert—
“(6A) Section 137H (rules about remuneration) applies where the FCA makes rules under subsection (3) prohibiting persons, or persons of a specified description, from being remunerated in a specified way as it applies where the FCA makes general rules imposing such a prohibition.
(6B) Section 137I (Treasury direction to consider compliance with remuneration policies) applies where the FCA makes rules under subsection (3) requiring non-authorised parent undertakings, or non-authorised parent undertakings of a specified description, to act in accordance with a remuneration policy as it applies where the FCA makes general rules imposing such requirements on authorised persons, but as if—
(a) the references in that section to authorised persons were references to non-authorised parent undertakings of FCA investment firms, and
(b) subsection (7) of that section were omitted.”
This amendment provides that sections 137H and 137I of the Financial Services and Markets Act 2000, which apply where the FCA makes certain general rules about remuneration applying to authorised persons, also apply where the FCA makes equivalent rules relating to non-authorised parent undertakings of FCA investment firms.
Amendment 26, page 62, line 30, after “143D(5)” insert “, (6A), (6B)”.—(John Glen.)
This amendment is consequential on Amendment 25.
Amendment proposed: 1, page 63, line 5, at end insert—
“(ba) the target for net UK emissions of greenhouse gases in 2050 as set out in the Climate Change Act 2008 as amended by the Climate Change Act (2050 Target Amendment) Order 2019, and”.—(Mr McFadden.)
Question put, That the amendment be made.