Statutory Instruments
FINANCIAL SERVICES
Made
9th November 1988
The Secretary of State in exercise of his powers under section 211(1) of the Financial Services Act 1986(1) hereby makes the following Order—
1. This Order may be cited as the Financial Services Act 1986 (Commencement) (No. 10) Order 1988.
2. Articles 6(2) and 7 of the Financial Services Act 1986 (Commencement) (No. 8) Order 1988(2) shall be revoked.
3. Insofar as it is not yet in force, section 76 of the Financial Services Act 1986 shall come into force on 31st December 1988 except insofar as it has effect in relation to—
(a)an open-ended investment company units in which are either included in the Official List of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited or are offered on terms such that any agreement for their acquisition is conditional upon such listing being an open-ended investment company which either—
(i)is managed in and authorised under the law of a country or territory in respect of which an order under section 87 of the Financial Services Act 1986 is in force on 31st December 1988 and which is of a class specified in that order; or
(ii)is constituted in a member State in respect of which an order under paragraph 10 of Schedule 15 to the Financial Services Act 1986 is in force on 31st December 1988 and which meets the requirements specified in that order; or
(b)any prospectus issued by or on behalf of an open-ended investment company which fulfils the conditions described in paragraph (a)(i) of this article being a prospectus which complies with Chapter II of Part III of the Companies Act 1985(3) or the corresponding provisions of the Companies (Northern Ireland) Order 1986(4) and the issue of which in the United Kingdom does not contravene section 74 or 75 of the Companies Act 1985 or the corresponding provisions of the Companies (Northern Ireland) Order 1986 as the case may be, and
shall come into force on 1st March 1989 for all remaining purposes.
4. Section 212(3) of and Schedule 17 to the Financial Services Act 1986 shall come into force on 31st December 1988 insofar as is necessary to have the effect that, to the extent that they do apply, the provisions of Part III and section 693 of, and Schedule 3 to, the Companies Act 1985 and the corresponding provisions of the Companies (Northern Ireland) Order 1986 cease to apply to a prospectus offering for subscription, or to any application form for, units in an open-ended investment company which does not fulfil the conditions described in article 3(a)(i) of this Order and shall come into force on 1st March 1989 insofar as is necessary to have the effect described in this article with respect to a prospectus offering for subscription, or to any application form for, units in an open-ended investment company which does fulfil those conditions.
Francis Maude
Parliamentary Under Secretary of State,
Department of Trade and Industry
9th November 1988
(This note is not part of the Order)
This Order revokes articles 6(2) and 7 of the Financial Services Act 1986 (Commencement) (No. 8) Order 1988 as amended by the Financial Services Act 1986 (Commencement) (No. 9) Order 1988. Those articles would have brought the provisions of the Financial Services Act 1986 restricting the promotion of certain collective investment schemes, namely those included in the Official List or promoted by a compliant prospectus, into force on 1st December 1988. This Order brings the relevant restrictions into force on—
(a)31st December 1988 except in the cases described in Article 3 of the Order; and
(b)on 1st March 1989 in those cases. NOTE AS TO EARLIER COMMENCEMENT (This note is not part of the Order)
The following provisions of the Financial Services Act 1986 have been brought into force before the date of this Order in pursuance either of the Act or of previous commencement orders.
S.I. 1988/740. Articles 6(2) and 7 of the Financial Services Act 1986 (Commencement) (No. 8) Order 1988 were amended by article 3 of the Financial Services Act 1986 (Commencement) (No. 9) Order 1988 (S.I. 1988/995).
S.I. 1986/1032 (N.I. 6).