The Financial Services (Schemes Constituted in Other Member States) Regulations 1989

Statutory Instruments

1989 No. 1585

FINANCIAL SERVICES

The Financial Services (Schemes Constituted in Other Member States) Regulations 1989

Made

31st August 1989

Laid before Parliament

6th September 1989

Coming into force

1st October 1989

The Secretary of State, in exercise of the powers conferred on him by sections 86(1), 205(1) and 207(1) of the Financial Services Act 1986(1) and of all other powers enabling him in that behalf hereby makes the following regulations–

1.  These regulations may be cited as the Financial Services (Schemes Constituted in Other Member States) Regulations 1989 and shall come into force on 1st October 1989.

2.  The requirements prescribed for the purposes of section 86 of the Financial Services Act 1986 are that the collective investment scheme is one which, in accordance with Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities(2), is an undertaking for collective investment in transferable securities subject to that Directive.

Eric Forth

Parliamentary Under Secretary of State

Department of Trade and Industry

31st August 1989

Explanatory Note

(This note is not part of the Regulations)

These Regulations prescribe the requirements which a collective investment scheme must satisfy if, subject to the provisions of section 86(2) of the Financial Services Act 1986, it is to be a recognised scheme under section 86 of that Act. Section 86 of the Financial Services Act implements a Community obligation arising by virtue of Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.

(1)

1986 c. 60.

(2)

O.J. No. L375/3. Council Directive No. 85/611/EEC has been amended by Council Directive No 88/220/EEC (O.J. No. L100/31) articles 1 and 2 of Council Directive No. 85/611/EEC contain provisions as to the undertakings which are subject to the Directive.