Results 181–200 of 206 for speaker:Lord Donaldson of Lymington

Financial Services and Markets Bill (30 Mar 2000)

Lord Donaldson of Lymington: I have not received it.

Financial Services and Markets Bill (30 Mar 2000)

Lord Donaldson of Lymington: I thank the Minister for the letter which I am yet to receive. I am sure that it is most helpful. I am worried about one issue; everything else can be sorted out by regulations. I am worried because, as far as I can discover, there is no way in which one can move a system from the exchange or clearing house to the tribunal. Not only do I believe that it would be better if that were possible,...

Financial Services and Markets Bill (30 Mar 2000)

Lord Donaldson of Lymington: I repudiate emphatically any suggestion that one should use the Press Complaints Commission as the yardstick for deciding what we should do in this scheme. That commission invented its own scheme. If relevant, I would happily join in the debate about the unnecessary omissions from that scheme. I merely state that is not the yardstick. On the provision in Clause 224(4)(b), where costs can be...

Financial Services and Markets Bill (30 Mar 2000)

Lord Donaldson of Lymington: The noble Lord, Lord Borrie, knows far more than I do about this. However, I know quite a lot about the bank ombudsman scheme and people do not have trial runs in front of the ombudsman. One may think that they would, but they do not. Furthermore, there is no doctrine of precedent. The operation is much more like that of a mediator. Indeed, as I understand it, in practice the banking...

Financial Services and Markets Bill (27 Mar 2000)

Lord Donaldson of Lymington: Perhaps I may join in this party because I met all of this in the late 1960s when the Imperial Tobacco Company came to the commercial court--I may have the details wrong--and said, "Can we lawfully run a lottery?" We went into this and I gave a judgment saying that it could. I was overruled by the Court of Appeal on the basis that it was not for the civil courts to tell people what did and...

Financial Services and Markets Bill (27 Mar 2000)

Lord Donaldson of Lymington: While the Minister is thinking about these matters, will he think also about a confusion that has been creeping in to the discussion? I refer to the difference between "guidance" and "waiver". Noble Lords have spoken as though a waiver made by a rule-making authority were an indication that someone could by-pass the rules. I do not think that that is quite the right analysis. It is a...

Financial Services and Markets Bill (27 Mar 2000)

Lord Donaldson of Lymington: I support what was said by the noble Lord, Lord Grabiner. This amendment speaks of rates. Let me say I have no life insurance policies, but things may have changed since the days I took out with-profits policies with satisfactory results. I was always under the impression that my only right was a contractual right. If I looked in my policy, I would certainly be guaranteed a basic return--that...

Financial Services and Markets Bill (21 Mar 2000)

Lord Donaldson of Lymington: Is it possible to refer a matter to the tribunal other than under Clause 117(4)?

Financial Services and Markets Bill (21 Mar 2000)

Lord Donaldson of Lymington: That is not under Clause 117(4).

Financial Services and Markets Bill (21 Mar 2000)

Lord Donaldson of Lymington: It seemed a somewhat futile amendment if one could not do it any other way.

Financial Services and Markets Bill (21 Mar 2000)

Lord Donaldson of Lymington: I make it clear that I do not agree with the noble Lord, Lord Kingsland. Despite the fact that I believe this matter falls under criminal law, it does not follow that one ought to refer it to the courts. In my view it is a criminal tribunal.

Financial Services and Markets Bill (21 Mar 2000)

Lord Donaldson of Lymington: At the risk of causing indigestion, I shall return to a matter upon which I would have elaborated earlier but for the fact that I realised I would be drummed out for interfering with noble Lords' dinner break. I really do not understand how the Minister can say that the Government have decided to pursue a "civil" regime on the grounds, as far as I can understand it, that we are now talking...

Financial Services and Markets Bill (21 Mar 2000)

Lord Donaldson of Lymington: I thoroughly enjoyed it!

Financial Services and Markets Bill (21 Mar 2000)

Lord Donaldson of Lymington: The Minister has said on several occasions that this is a non-criminal regime. But is it? I gather that the noble and learned Lord, Lord Hobhouse, told the Burns committee that he had no doubt at all that this is a criminal regime. I think that it is. If I, as an unauthorised person, choose to go into the market and commit market abuse, what civil obligation have I infringed? It is a criminal...

Financial Services and Markets Bill (20 Mar 2000)

Lord Donaldson of Lymington: Perhaps I may suggest that the two amendments should be looked at in a slightly different light. As far as concerns the amendment of the noble Lord, Lord Borrie, it is a pure question of construction. Construction of an Act of Parliament must always have regard to its context. I find it difficult to believe that a court approaching subsection (2)(d) of Clause 5 would construe it as meaning...

Financial Services and Markets Bill (16 Mar 2000)

Lord Donaldson of Lymington: The problem is that, whereas in a court of law the prosecution will never specify the penalty but merely allege that the offence is serious or otherwise, in disciplinary tribunals of this kind it is not unknown for the prosecuting authority to say that it does not believe the offence is worth more than, say, £5 or £6 million. That produces an extremely embarrassing situation for the...

Financial Services and Markets Bill (16 Mar 2000)

Lord Donaldson of Lymington: At the risk of trespassing on the Committee's time, perhaps I can briefly answer that if the FSA goes to the courts and asks for Anton Piller orders or Mareva injunctions or anything of that sort, it will be liable in costs. Its immunity would not extend to it then. I entirely support the point of the noble and learned Lord, Lord Fraser, in relation to devolution.

Financial Services and Markets Bill (16 Mar 2000)

Lord Donaldson of Lymington: Perhaps I may say a few words about Amendment No. 42. I raised this question at Second Reading. I strongly support the idea of immunity. Perhaps I may expand on that. The reason that the courts of law have a statutory and, indeed, common law immunity is that, otherwise, there would be no end to litigation. As soon as a litigant lost his case, he would sue his counsel. When he lost that case,...

Financial Services and Markets Bill (16 Mar 2000)

Lord Donaldson of Lymington: No one else refrains from disagreeing with me!

Financial Services and Markets Bill (16 Mar 2000)

Lord Donaldson of Lymington: Perhaps I may use the opportunity of Amendment No. 33 to make a point which I shall try to make on every possible occasion. The amendment calls for a report on the operations of the penalty scheme referred to in paragraph 16. When I first began to read this monumental work, I had thought that with the statutory base to the FSA we should find that most market misconduct and the like was dealt...


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