Moved by
Lord Newby
47: After Clause 12, insert the following new Clause—
“Statements of responsibilities
(1) Section 60 of FSMA 2000 (applications for approval) is amended as follows.
(2) After subsection (2) insert—
“(2A) If—
(a) the application is for the approval of a person to perform a designated senior management function, and
(b) the authorised person concerned is a bank,
the appropriate regulator must require the application to contain, or be accompanied by, a statement setting out the aspects of the affairs of the authorised person concerned which it is intended that the person will be responsible for managing in performing the function.
(a)The administrator must obtain the approval of the Bank of England to any proposals under sub-para. (1).
(b)Treat the reference in sub-para. (2)(b) to the objective mentioned in para. 3(1)(a) or (b) as a reference to the objective in section (Objective of FMI administration) of this Act.
(c)Ignore sub-para. (3)(b).
(a)Before making an application in reliance on this paragraph the FMI administrator must give notice to the Bank of England, which is to be entitled to participate in the proceedings.
(b)In making directions the court must have regard to the objective in section (Objective of FMI administration) of this Act.
(a)Ignore sub-paras. (1) and (3).
(b)The Bank of England may apply to the court for the variation or revocation of any directions given by the court.
()“(2) Where a company is in FMI administration, a creditor or member of the company may apply to the court claiming that the FMI administrator is conducting himself or herself in a manner preventing the achievement of the objective of the FMI administration as quickly and efficiently as is reasonably practicable.”
()“(1) On an application made by a person mentioned in sub-paragraph (2), the court may provide for the appointment of an FMI administrator of a company to cease to have effect from a specified time.
()(2) The persons who may apply to the court under sub-paragraph (1) are—
()(a) the Bank of England;
()(b) with the consent of the Bank, the FMI administrator.”
(a) Para. 91(1) applies as if the only person who could make an application were the Bank of England.
(b) Ignore para. 91(2).
(a) in accordance with directions of the Bank of England, and
(b) if the Bank is satisfied that they will not prejudice the objective in section (Objective of FMI administration) of this Act.
(a) In considering making an order in reliance on section 241 the court must have regard to the objective in section (Objective of FMI administration) of this Act.
(b)Ignore subsections (2A)(a) and (3) to (3C).
(2B) A statement provided under subsection (2A) is known as a “statement of responsibilities”.
(2C) In subsection (2A) “designated senior management function” means a function designated as a senior management function under section 59(6B) or (6C).”
(3) After subsection (6) insert—
“(6A) Subsection (6) applies to references to a bank as it applies to references to the authorised person concerned.””