Results 81–100 of 133 for speaker:Lord Fraser of Carmyllie

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: moved Amendment No. 115BA: Page 30, line 45, leave out ("it appears to the Authority") and insert ("the Authority is satisfied beyond reasonable doubt").

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I understand that this amendment is coupled with Amendments Nos. 115CA and 133CA. Two of them relate to the issue of standard of proof and one relates to the issue of publication of findings in a national newspaper. They also tie in with other amendments that I shall wish to speak to later this evening. They are all related to the issue which has been of some concern to me: that of...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: moved Amendment No. 115YA: Page 28, line 41, leave out ("may") and insert ("shall").

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, as with previous and future amendments, I had intended to be as succinct as possible. However, after that intemperate attack by the noble Lord, Lord McIntosh, on my noble friends Lord Peyton and Lord Jenkin, I see no reason why I should be succinct. If the noble Lord would care to reflect on matters more carefully than he did in the course of his attack, he would realise that this...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I had observed that my amendment sought to amend a clause which the noble Lord intended to delete. If he had not been so obviously enjoying giving the answer he gave, I might have interrupted him to tell him that it was an unnecessary response.

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I am delighted to hear that. Perhaps I may say to the Minister that I understood the point that he was making. My point about notice is not only covered in subsection (2) but, presumably, if the notice has to give notice of his right to refer a matter to the tribunal and must give an indication of the procedure, doubtless within that there would be some indication of the time limits...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I thank the noble Lord for giving way. Am I correct in understanding that not so long ago the noble Lord made a proud boast in the Dining Room of your Lordships' House that the first time he read the notes for the amendments was when he got up to read them?

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, the first amendment that I moved was simply a drafting one. There might be some argument as to whether the subsection contains just one example or perhaps two, but it was a small risk about which I thought the Government ought to be aware. It seems to me that the removal of such words would have done nothing to restrict what the authority might be able to do. However, I shall...

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: moved Amendment No. 95A: Page 17, line 44, leave out from beginning to ("as") in line 45.

Financial Services and Markets Bill (18 Apr 2000)

Lord Fraser of Carmyllie: My Lords, at an earlier stage I tabled a number of amendments which were prompted by the Law Society of Scotland. In this group are two of my amendments, to which I can speak briefly. Amendment No. 95A relates to Clause 40. The proposal is that the wording given as an example of the limitation that the authority might incorporate into the description of a regulated activity should be deleted....

Financial Services and Markets Bill (13 Apr 2000)

Lord Fraser of Carmyllie: My Lords, as the noble Lord has indicated, this is not the first time I have intervened on this issue. In my own defence, I did begin by believing that this matter should be elevated to a regulatory objective. In the spirit of moderation I am now accepting that it should occupy a lesser role. However, it still seems to me to be extremely important that the provision should enjoy its position...

Financial Services and Markets Bill (13 Apr 2000)

Lord Fraser of Carmyllie: My Lords, the noble Lord, Lord Goldsmith, advanced a lucid argument that the concept of "recklessness" should be restricted to the criminal law, and he has a body of law on his side. However, as we are dealing with the Financial Services and Markets Bill it would seem to be appropriate to examine that word in the context of this Bill. From Second Reading onwards we have been repeatedly told...

Financial Services and Markets Bill (13 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I thought I made it quite clear that I was not wholly persuaded that the idea of market abuse, as set out in this Bill, could always be, in all circumstances, civil, as has sometimes been said. The only reason why the Government seek to introduce this provision is that such statutory offences as insider trading have been unsuccessfully prosecuted in the past and we have to find an...

Financial Services and Markets Bill (13 Apr 2000)

Lord Fraser of Carmyllie: My Lords, before the Minister sits down, perhaps I may ask him a question. He may recollect that on the last day of Committee I raised the rather curious position whereby the Law Society of England and Wales might be invited by the FSA to carry out a monitoring function in relation to solicitors in Scotland. We may return to that issue at a later stage. What came through from that interesting...

Financial Services and Markets Bill (13 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I rise briefly to support my noble friend in his Amendment No. 12. This is a matter that we raised in Committee. I am still baffled as to why the Government do not understand the impossibility of the situation in which we fear the FSA might be placed. Under the provisions in paragraph 2 of Schedule 1, the Treasury is given the absolute and exclusive power both to appoint and remove...

Financial Services and Markets Bill (13 Apr 2000)

Lord Fraser of Carmyllie: My Lords, I support the amendments spoken to by the noble Lord, Lord Newby. When the noble Lord, Lord Borrie, congratulated someone on "spinning" in the press, I thought that he was about to deliver a fulsome tribute to Mr Howard Davies for the effective way in which he managed to put across his position on the issue we are discussing. I agree with the noble Lord that Schedule 1 permits one...

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: I compliment the Minister on what he has said. I took the 1985 Bill through another place. His recollection of its terms is infinitely greater than my own.

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: As the noble Lord has anticipated, this amendment is welcome. While looking at the legal luminaries ranged on the Government Back Benches behind the noble Lord, I should like to ask one question. Although the clause is desirable, does the noble Lord believe that subsection (2) adds anything to the provision? Does it not add only somewhat otiose, redundant and unnecessary verbiage to the Bill?

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: Before the Minister responds, my noble friend on the Front Bench has many qualities but none more subtle than the signal to me that I had failed to mention Amendments Nos. 259AA and 259AB.

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: It may not be subtle, but it is correct. Amendment No. 259AA is a paving amendment to allow me to introduce Amendment No. 259AB. The point is simple. At present the Bill requires that if anyone earns a commission, it must be accounted for to his client. The amendment proposes the obligation to disclose to the client such a payment in order for the client to decide whether or not he is...


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