Results 61–80 of 133 for speaker:Lord Fraser of Carmyllie

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I am certainly satisfied. I beg leave to withdraw my amendment.

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: moved Amendment No. 140ZA: Page 62, line 17, after ("may") insert ("after consulting the Lord President of the Court of Session").

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I believe that I can move the amendment very shortly. If I get a bloody nose over it, I shall be more than content. My interest is not in any sense to restrict the writ of the Lord Chancellor. For reasons I have previously indicated, I should like to see the powers of the financial services and markets tribunal operate on a UK basis. That is what I understand is proposed. However, I...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I am a little surprised that the noble Lord has not grasped the technique I have deployed in the three amendments. It is the tried and tested one of looking at what I regard as an enfeebled set of provisions and suggesting their deletion--although I should wish to see them strengthened--in the hope that the Minister might be in a position to explain to me that I am wrong and that...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, the noble Lord is at long last right on this matter. That is the important point that we are seeking to make. I believe that the relationship between the two clauses is important and I was therefore strongly minded to divide the House on the matter. However, I hope that my faith is not misplaced. While I did not entirely agree with the amendment moved by the noble Lords, Lord...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: moved Amendment No. 133BA: Page 57, line 11, leave out ("among other things").

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I have tabled three amendments that seek to amend Clause 116. It may be surprising, in view of what I have hitherto argued, but essentially they seek to restrict what should be included within the code. Thus, if my amendments were accepted, the code would not allow for a specification or description of behaviour that in the opinion of the authority amounted to market abuse. All that...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: moved Amendment No. 133AA: Page 56, line 18, leave out ("may") and insert ("shall after consultation with all relevant interests").

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, we have had such an interesting and important debate that it is something of an unnecessary interlude to interject this amendment. I cannot wait to get back to the next part of our debate, which I promise the Minister will be somewhat shorter than the first part. The amendment seeks to ensure that the Treasury will consult with all relevant interests before prescribing the markets...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I believe that the Minister could have said "Of course". I beg leave to withdraw the amendment.

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, the practice of indolent judges who cannot be bothered to prepare their own judgments is to say, "I concur in the judgment previously delivered". There is little in what the noble Lord, Lord Eatwell, has said that would not lead me to conclude that I could offer up the same view. His words seem to be exceptionally apposite. They penetrated with great clarity of analysis exactly the...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, the noble Lord takes me slightly by surprise in that approach. I want to make a relatively brief intervention on this matter. I believe that the Minister will understand that my greater interest lies not so much in what is contained within Clause 115 as in a wish to explore at a later stage exactly what is the relationship between market abuse in terms of that clause and what the...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, perhaps I may resort to the rather tired device of addressing the Minister before he sits down. We would want to reflect on his extremely helpful statement. Having pursued at earlier stages of the Bill interest in ensuring that the international competitiveness of the United Kingdom should be maintained, what the noble Lord said was encouraging. The noble Lord may be encouraged to...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: moved Amendment No. 117A: Page 33, line 24, at end insert ("but shall in any event include natural persons and Scottish partnerships under section 4 of the Partnership Act 1890").

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, this is a very "tartanising" short point. As I understand Clause 71(2), the opportunity is provided that a "private person" will be defined and shall have, "such meaning as may be prescribed". I seek to ensure that there is due acknowledgement of the fact that in Scotland a partnership enjoys the status of a separate legal persona. I should like to see some provision made to ensure...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I am grateful to the noble Lord for that answer. I shall reflect on it. I am sure that there are also professionals who will reflect on it with even greater care than I. Although the amendment concerned partnerships rather than the status of professional persons, that of itself is revealing. I beg leave to withdraw the amendment.

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, the noble Lord cited what the Minister said in evidence before the Joint Committee. He accurately recorded what her evidence was. But if he goes through the whole of the evidence, I should be surprised if he can discern from all that evidence one clear, unequivocal line of opinion given to the Joint Committee. Indeed, some were really quite troubled that it should have anything of a...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I am grateful to the Minister for that intervention. It is not quite the answer to my point. He is absolutely right about that: if anyone has an adverse press notice about him posted or given any degree of publicity, I am aware that such individuals are often far more concerned about that than about any level of penalty that might be imposed upon them because of the reputational...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, it has taken us a little time to get there, but I am grateful that we have done so. That is what I wanted to ascertain. As I indicated, publication in a national newspaper does not seem to be at the core of matters. As the Minister has indicated, publication on a website, where perhaps the whole world may pick it up, may be far more damaging than anything else. As I indicated, I beg...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I express some disappointment that the noble Lord did not take the opportunity to offer any sort of apology, but I will leave that for the time being. I am also very much aware of the circumstances in which the courts have construed "may" as "shall" and other circumstances where they have construed "shall" as "may". My conclusion, however, is that this is a circumstance where the...


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