Results 101–120 of 133 for speaker:Lord Fraser of Carmyllie

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: First, I thank the noble Lord, Lord Bach, for the courtesy and care with which he has responded to the amendments. Furthermore, I thank him for the acknowledgement that he has given that it is appropriate for us to explore these matters on Part XX because these provisions were first introduced into the Bill on Report in another place. I assure him that I have no intention of pursuing the...

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: moved Amendment No. 259XA: Page 165, line 30, leave out ("and in other ways").

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: I understand that I am now speaking to three amendments standing in my name. I shall happily be corrected, but I understand them to be Amendments Nos. 259XA, 259YA and 259ZA. I understand the Minister's desire to gallop towards a conclusion, and the idea of building up momentum is a technique that I readily accept I have previously deployed--

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: I am deeply honoured that the noble Lord should have intervened in that way to indicate to me that I can take as long as I wish to over this set of amendments. If he is getting up from his place to attract the attention of the Chief Whip, he need not bother. I am not going to undertake anything now that might cause him any concern. There are a number of points relating to Part XX of the Bill...

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: The Minister may grin. One matter that takes up an excessive amount of time at Scottish Law Society AGMs and otherwise is the onerous and proper requirement imposed upon lawyers in Scotland to contribute to a guarantee fund. If the complaint is that the burden of that fund is so heavy, solicitors in Scotland ought to have the opportunity to withdraw by their own hand from that activity. The...

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: If I have properly understood the Minister's response and the import of the new clauses, I will join him in voting that Clause 202 should not stand part. It seems appropriate, given the amendments, for that clause to be withdrawn. If I understood the Minister correctly, under his Amendment No. 275K if the authority resolved to discontinue any action against an authorised person, a notice of...

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: I beg leave to withdraw the amendment.

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: moved Amendment No. 241N: Page 102, line 12, at end insert ("unless an appeal has been made to the Tribunal").

Financial Services and Markets Bill (30 Mar 2000)

Lord Fraser of Carmyllie: This amendment has been prompted by the Law Society of Scotland and is essentially probing in nature. I trust that the Government will respond to it in that fashion. A number of other amendments have been prompted by the Law Society of Scotland. In the main, they are of the same character. However, I am bound to say to the Government that a number of administrative decisions may be taken...

Financial Services and Markets Bill (21 Mar 2000)

Lord Fraser of Carmyllie: I am grateful to the noble Lord for giving way. He has now repeatedly gone back to the paragraph where we indicated that we wanted any regime on market abuse to complement the criminal law. I do not depart from that at all. What I want to see as clearly as possible is a proper boundary between the criminal law and the civil law. I certainly do not understand the idea that complementing the...

Financial Services and Markets Bill (21 Mar 2000)

Lord Fraser of Carmyllie: That is exactly what we wanted to extract from the noble Lord. He has now given the game away. He is not trying to determine a precise description or a precise complementing between the criminal law and market abuse. What he is trying to achieve, and what the Government have been trying to achieve, is in some way a looser approach which gets over the problem of the difficulties that have been...

Financial Services and Markets Bill (21 Mar 2000)

Lord Fraser of Carmyllie: There is some validity in the worry about the assumption that a regular user of a market--simply by reason of the frequency with which he uses the market--is a non-abusing and honourable member of that market. That assumption requires detailed consideration. Indeed, I can think of one circumstance where the difficulty was not that the abuser was an infrequent user of the market but that he...

Financial Services and Markets Bill (21 Mar 2000)

Lord Fraser of Carmyllie: Before my noble friend develops his argument--I very much wish to avoid interrupting his line of thought--it would help me to understand all of his argument, much of which I support, if I could understand the following point a little more clearly. My noble friend's Amendment No. 208A to Clause 109(1)(c) states, "Page 51, line 1, leave out from ("which") to ("the") in line 3 and insert ("falls...

Financial Services and Markets Bill (21 Mar 2000)

Lord Fraser of Carmyllie: I may have missed something that the Minister said; if so, I apologise. In regard to the penalties to be imposed under Schedule 1, the language in the new clause exactly reflects that. Is there some reason why that has been put in as a new clause and the other remains in a schedule? Is this just a quirk of the drafting?

Gold Auctions (21 Mar 2000)

Lord Fraser of Carmyllie: asked Her Majesty's Government: Whether the outcome to date of their auction of United Kingdom gold reserves is satisfactory.

Gold Auctions (21 Mar 2000)

Lord Fraser of Carmyllie: My Lords, I am grateful to the Minister for his reply. In rejecting the unequivocal advice of the Governor of the Bank of England that those bullion sales should not take place, was it not the declared intention of the Government that those decisions should make the poor people of the world richer? Can the Minister say whether those poor people of the world have been made richer or poorer as...

Financial Services and Markets Bill (20 Mar 2000)

Lord Fraser of Carmyllie: Before the noble Baroness decides whether or not to withdraw the amendment, I wish to ask the Minister a question. He has advanced a clear and coherent argument as to why this measure should not be imposed on a financial services regulator. At the present time the Utilities Bill is progressing through another place. I understand that the Government intend to impose certain social and ethical...

Financial Services and Markets Bill (16 Mar 2000)

Lord Fraser of Carmyllie: Perhaps I may briefly make my final point. I wish the Minister would recognise the enormity of the concession I was making. Both the noble Lord, Lord Eatwell, and the noble Lord, Lord Burns, know how vehemently I argued for the international competitiveness of the United Kingdom to be placed fairly and squarely among the objectives and not to be relegated to subsection (3). What I did not...

Financial Services and Markets Bill (16 Mar 2000)

Lord Fraser of Carmyllie: The noble Lord, Lord Borrie, has advanced what I would describe as a "reckless" argument. When we discussed the matter in the Joint Committee, I attempted--I must admit that I failed--to persuade the other members that the issue of the international competitiveness of the United Kingdom, rather than simply of the City of London--I stress that to my noble friend--should be included among the...

Financial Services and Markets Bill (16 Mar 2000)

Lord Fraser of Carmyllie: I think that we are getting into a Clause 28 argument. The amendment reads: "which does not unnecessarily impair the competitive position of the United Kingdom". There is a distinction to be drawn.


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