Schedule 18 - Further minor and consequential amendments

Financial Services Bill – in a Public Bill Committee at 10:25 am on 22nd March 2012.

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Amendments made: 112, in schedule 18, page 284, line 7, at end insert—

8A (1) Section 249 (disqualification of auditor for breach of trust scheme rules) is amended as follows.

(2) In subsection (1) for the words from “it may” to the end substitute “it may do one or more of the following—

(a) disqualify the auditor from being the auditor of any authorised unit trust scheme or authorised open-ended investment company;

(b) publish a statement to the effect that it appears to the FCA that the auditor has failed to comply with the duty;

(c) impose on the auditor a penalty, payable to the FCA, of such amount as the FCA considers appropriate.”

(3) For subsection (2) substitute—

(2) Sections 345B to 345E have effect in relation to the taking of action under subsection (1) as they have effect in relation to the taking of action under section 345(2).”

(4) For the heading substitute “Disciplinary measures”’.

Amendment 120, in schedule 18, page 284, line 43, at end insert—

( ) in the heading, for “Authority’s” substitute “FCA’s”.’.

Amendment 121, in schedule 18, page 285, line 18, leave out

‘“section 44 or 45 of a Part IV permission”’

and insert ‘paragraph (a)’.

Amendment 122, in schedule 18, page 285, line 26, leave out from ‘Part IV’ to end of line 27 and insert ‘substitute “Part 4A”’.

Amendment 113, in schedule 18, page 285, line 41, leave out from beginning to ‘subsection’ in line 2 on page 286 and insert—

‘In section 409 (Gibraltar), in’.—(Mr Hoban.)

Schedule 18, as amended, agreed to.

Schedule 19 agreed to.

Clauses 95 to 99 ordered to stand part of the Bill.