Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
As published
232 Definition
(1) In this group of sections “investment bank” means an institution which satisfies the following conditions.
(2) Condition 1 is that the institution has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of—
(a) safeguarding and administering investments,
(aa) managing an AIF or a UCITS,
(ab) acting as trustee or depositary of an AIF or a UCITS,
(b) dealing in investments as principal, or
(c) dealing in investments as agent.
(2A) Subsection (2) must be read with section 22 of the Financial Services and Markets Act 2000, taken with Schedule 2 to that Act and any order under section 22.
(3) Condition 2 is that the institution holds client assets.
(4) In this group of sections “client assets” means assets which an institution has undertaken to hold for a client (whether or not on trust and whether or not the undertaking has been complied with).
(5) Condition 3 is that the institution is incorporated in, or formed under the law of any part of, the United Kingdom.
(5A) In subsection (4), “assets”—
(a) includes money, but
(b) does not include anything which an institution holds for the purposes of carrying on an insurance mediation activity unless—
(i) the activity arises in the course of carrying on an investment activity, or
(ii) the institution has elected, in relation to the thing, to comply with rules that would apply in relation to it if the activity were not an insurance mediation activity.
(5B) In this section—
“rules” means general rules (within the meaning of the Financial Services and Markets Act 2000) made by virtue of section 137B(1) of that Act;
“insurance mediation activity” has the meaning given by paragraph 2(5) of Schedule 6 to that Act (read as mentioned in paragraph 2(6) of that Schedule); and
“investment activity” means—
anything that falls within the definition of “investment services and activities” in section 417(1) of that Act; or
anything that is “designated investment business” within the meaning of the Financial Conduct Authority Handbook or the Prudential Regulation Authority Handbook.
(6) The Treasury may by order—
(a) provide that a specified class of institution, which has a permission under Part 4A of the Financial Services and Markets Act 2000 to carry on a regulated activity, is to be treated as an investment bank for the purpose of this group of sections;
(b) provide that a specified class of institution is not to be treated as an investment bank for the purpose of this group of sections;
(c) provide that assets of a specified kind, or held in specified circumstances, are to be or not to be treated as client assets for the purpose of this group of sections;
(d) amend a provision of this section in consequence of provision under paragraph (a), (b) or (c).
(7) The Treasury may by order amend the definition of “investment activity” in subsection (5B), including by defining that term by reference to rules or guidance made by the PRA or the FCA under the Financial Services and Markets Act 2000.
Your change, as a redline
232 Definition
(1) In this group of sections “investment bank” means an institution which satisfies the following conditions.
(2) Condition 1 is that the institution has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of—
(a) safeguarding and administering investments,
(aa) managing an AIF or a UCITS,
(ab) acting as trustee or depositary of an AIF or a UCITS,
(b) dealing in investments as principal, or
(c) dealing in investments as agent.
(2A) Subsection (2) must be read with section 22 of the Financial Services and Markets Act 2000, taken with Schedule 2 to that Act and any order under section 22.
(3) Condition 2 is that the institution holds client assets.
(4) In this group of sections “client assets” means assets which an institution has undertaken to hold for a client (whether or not on trust and whether or not the undertaking has been complied with).
(5) Condition 3 is that the institution is incorporated in, or formed under the law of any part of, the United Kingdom.
(5A) In subsection (4), “assets”—
(a) includes money, but
(b) does not include anything which an institution holds for the purposes of carrying on an insurance mediation activity unless—
(i) the activity arises in the course of carrying on an investment activity, or
(ii) the institution has elected, in relation to the thing, to comply with rules that would apply in relation to it if the activity were not an insurance mediation activity.
(5B) In this section—
“rules” means general rules (within the meaning of the Financial Services and Markets Act 2000) made by virtue of section 137B(1) of that Act;
“insurance mediation activity” has the meaning given by paragraph 2(5) of Schedule 6 to that Act (read as mentioned in paragraph 2(6) of that Schedule); and
“investment activity” means—
anything that falls within the definition of “investment services and activities” in section 417(1) of that Act; or
anything that is “designated investment business” within the meaning of the Financial Conduct Authority Handbook or the Prudential Regulation Authority Handbook.
(6) The Treasury may by order—
(a) provide that a specified class of institution, which has a permission under Part 4A of the Financial Services and Markets Act 2000 to carry on a regulated activity, is to be treated as an investment bank for the purpose of this group of sections;
(b) provide that a specified class of institution is not to be treated as an investment bank for the purpose of this group of sections;
(c) provide that assets of a specified kind, or held in specified circumstances, are to be or not to be treated as client assets for the purpose of this group of sections;
(d) amend a provision of this section in consequence of provision under paragraph (a), (b) or (c).
(7) The Treasury may by order amend the definition of “investment activity” in subsection (5B), including by defining that term by reference to rules or guidance made by the PRA or the FCA under the Financial Services and Markets Act 2000.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.