text_body: --- DIVISION TITLE ---
  
  Financial Services Bill - Clause 6 - Extension of scope of regulation
  
  --- MOTION EFFECT ---
  
  
  
  MPs were considering the Financial Services Bill[1]. The amendment rejected in this vote was:
  
  :Amendment (a) proposed to Lords amendment 60
  
  Lords amendment 60[2][3] stated:
  
  :Page 38, line 30, after â(1A),â insertâ 
  :â( ) after subsection (5) insertâ 
  :â(6)    âBenchmarkâ means an index, rate or price thatâ
  :(a)    is determined from time to time by reference to the state of the market,
  :(b)   is made available to the public (whether free of charge or on payment), and 	
  :(c)    is used for reference for purposes that include one or more of the followingâ
  :(i)    determining the interest payable, or other sums due, under loan agreements or under other contracts relating to investments;
  :(ii)    determining the price at which investments may be bought or sold or the value of investments;
  :(iii)   measuring the performance of investments.
  
  amendment (a)[4] which was the amendment to the Lords amendment rejected in this vote stated:
  
  :Line  12,  after âinvestmentsâ, insert âor commoditiesâ.
   
   	
  The Lords amendment sought to extend clause 6 of the Bill[5] titled ''Extension of scope of regulation'' which provided for amendments to [http://www.legislation.gov.uk/ukpga/2000/8/section/22 Section 22 of the Financial Services and Markets Act 2000] which, via [http://www.legislation.gov.uk/ukpga/2000/8/schedule/2 schedule 2 of that act] defines the activities regulated by the Financial Services Authority. The amendments extended the scope of activities regulated by the Financial Services Authority.
  
  What was covered by the 2000 act was:
  
  :(1)Rights under any contract under whichâ
  :(a)one person provides another with credit; and
  :(b)the obligation of the borrower to repay is secured on land.
  :(2)âCreditâ includes any cash loan or other financial accommodation.
  :(3)âCashâ includes money in any form.
  
  The Lords amendment sought to replace this with:
  
  :(1) Rights under any contract under which one person provides another
  with credit.
  :(2) âCreditâ includes any cash loan or other financial accommodation.
  :(3) âCashâ includes money in any form.
  :(4) It is immaterial for the purposes of sub-paragraph (1) whether or not the obligation of the borrower is secured on property of any kind.â 
  
  The effect is to extend the powers of the Financial Services Authority to regulate unsecured loans. A further provision also extended such regulation to "Contracts for hire of goods".
  
  	
  
  ==
  
  
  * [1] [http://services.parliament.uk/bills/2012-13/financialservices.html Parliament's webpage on the Financial Services Bill]
  * [2] [http://www.publications.parliament.uk/pa/bills/cbill/2012-2013/0101/101.1-4.html Lords Amendments to the Financial Services Bill ]
  * [3] [http://www.publications.parliament.uk/pa/bills/cbill/2012-2013/0101/101.10-13.html Page of Lords Amendments to the Financial Services Bill containing amendment 60]
  * [4] [http://www.publications.parliament.uk/pa/bills/cbill/2012-2013/0101/amend/pbc1011012m.609-613.html Amendment paper for consideration of the Lords amendments to the Financial Services Bill on 10 December 2012]
  * [5] [http://www.publications.parliament.uk/pa/bills/lbill/2012-2013/0025/lbill_2012-20130025_en_5.htm#pt2-pb2-l1g6 Clause 6 of the Financial Services Bill to which the amendments relate]
  
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  