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The Financial Services Act 1986 (Extension of Scope of Act) Order 1997 (Approved by Parliament)
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- 1997 No. 2543
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
The Order extends the activities that constitute the carrying on of investment business for the purposes of the Financial Services Act 1986 (“FSA”) so as to include certain activities carried on in order to communicate through the computer-based system established under the Stock Transfer Act 1982. That system was established for the purposes of transferring or allotting certain Government and other securities without the need for a written instrument. The system and its associated procedures are sometimes referred to as the CGO (Central Gifts Office) Service.
Article 2 amends paragraph 16A of Schedule 1 to the FSA, and the Notes to that paragraph, to extend the activities listed in that paragraph so as to cover instructions sent by means of the system and to provide for certain exemptions. Paragraph 18 of Schedule 1 to the FSA is consequentially amended by Article 3.
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