The Financial Services Act 1986 (Delegation) Order 1987

Statutory Instruments

1987 No. 942

FINANCIAL SERVICES

The Financial Services Act 1986 (Delegation) Order 1987

Made

18th May 1987

Coming into force

19th May 1987

Whereas it appears to the Secretary of State that The Securities and Investments Board Limited is able and willing to discharge the functions transferred by this Order and that the requirements of Schedule 7 to the Financial Services Act 1986(1) are satisfied with respect to it, and

Whereas the Secretary of State has been furnished by The Securities and Investments Board Limited with a copy of the rules and regulations it proposes to make in the exercise of the functions transferred by this Order, and

Whereas the Secretary of State is satisfied that the rules and regulations which The Securities and Investments Board Limited proposes to make in the exercise of the functions transferred by this Order will afford investors an adequate level of protection and, in the case of such rules and regulations as are mentioned in Schedule 8 to the Financial Services Act 1986, comply with the principles set out in that Schedule, and

Whereas the Secretary of State has required The Securities and Investments Board Limited to furnish him with a copy of any guidance intended to have continuing effect which it proposes to issue in writing or other legible form, and

Whereas the Secretary of State has sent to the Director-General of Fair Trading a copy of the rules and regulations and of any guidance which the Secretary of State is required to consider in making the decision whether he is precluded by 121(1) of the Financial Services Act 1986 from making this Order together with such other information as the Secretary of State considers will assist the Director-General of Fair Trading in discharging his functions under section 122(2) of that Act, and

Whereas the Secretary of State has had regard to the report made to him by the Director-General of Fair Trading under section 122(2) of the Financial Services Act 1986 in deciding whether he is precluded by section 121(1) of that Act from making this Order, and

Whereas the Secretary of State is satisfied that the rules, regulations and guidance of which copies have been furnished to him under section 114(9) and (10) of the Financial Services Act 1986 do not have, and are not intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition, and

Whereas the Secretary of State is satisfied that the rules and regulations which The Securities and Investments Board Limited proposes to make under Chapter V of Part I of the Financial Services Act 1986 with respect to regulated insurance companies will take proper account of Part II of the Insurance Companies Act 1982(2) or, as the case may be, of the provisions for corresponding purposes in the law of the member State in which a regulated insurance company is established, and

Whereas a draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 114(11) of the Financial Services Act 1986:

Now, therefore, the Secretary of State in exercise of the powers conferred on him by sections 114, 118, 178(10), 199(7), 201(4) and 206(4) of and paragraph 3(3) of Schedule 10 and paragraph 12 of Schedule 15 to that Act and of all other powers enabling him in that behalf hereby makes the following Order:—

(1)

1986 c. 60.

(2)

1982 c. 50.