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The Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1996
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- UK Statutory Instruments
- 1996 No. 2996
- Explanatory Note
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Explanatory Note
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The Order restricts the scope of Part I of the Financial Services Act 1986 (the Act) and of the meaning given to the expression “collective investment scheme” in section 75 of that Act.
Article 2 of the Order amends Part III of Schedule 1 to the Act so that it does not have the effect that activities falling within the scope of Council Directive 93/22/EEC on investment services in the securities field (OJ No. L141, 11.6.93, p. 27) (the Directive) are treated as constituting investment business within the meaning of the Act for circumstances in which the Directive does not require them to be so treated. Article 2 also revokes article 6(1) of the Financial Services Act 1986 (Investment Services) (Extension of Scope of Act) Order 1995 (S.I. 1995/3271) which had the effect that the activities referred to above constituted investment business in circumstances not required by the Directive.
Article 3 of the Order amends the references to collective investment schemes in Schedule 1 to the Act. It excludes from those references any employees share schemes that meet the conditions set out in the inserted paragraph 36. It also amends section 75 of the Act so that such schemes are excluded from the definition contained in that section of what constitutes a collective investment scheme.
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