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Framework for FSA gets go-ahead

The legislation that will give the FSA its legal basis finally concluded

its tortuous path through Parliament this week when an Opposition attempt

to amend it was narrowly defeated in the Lords.

The Government won the vote over the independence of the takeover panel by

188-182. The amendment had been carried in the Lords two weeks ago but the

Government used its massive majority in the Commons to reverse the vote.

The Bill has taken two years to get this far, with over 1,700 amendments.

It could get royal assent this week but it will still be necessary to

write the volumes of secondary legislation required to put the framework

into practice.

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