SCHEDULESF1
SCHEDULE 21 Transitional Provisions and Savings
Self-regulating organisations
1
1
No new application under section 9 of the 1986 Act (application for recognition) may be entertained.
2
No outstanding application made under that section before the passing of this Act may continue to be entertained.
3
After the date which is the designated date for a recognised self-regulating organisation—
a
the recognition order for that organisation may not be revoked under section 11 of the 1986 Act (revocation of recognition);
b
no application may be made to the court under section 12 of the 1986 Act (compliance orders) with respect to that organisation.
4
The powers conferred by section 13 of the 1986 Act (alteration of rules for protection of investors) may not be exercised.
5
“Designated date” means such date as the Treasury may by order designate.
6
Sub-paragraph (3) does not apply to a recognised self-regulating organisation in respect of which a notice of intention to revoke its recognition order was given under section 11(3) of the 1986 Act before the passing of this Act if that notice has not been withdrawn.
7
Expenditure incurred by the Authority in connection with the winding up of any body which was, immediately before the passing of this Act, a recognised self-regulating organisation is to be treated as having been incurred in connection with the discharge by the Authority of functions under this Act.
8
“Recognised self-regulating organisation” means an organisation which, immediately before the passing of this Act, was such an organisation for the purposes of the 1986 Act.
9
“The 1986 Act” means the M1Financial Services Act 1986.