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The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Information Requirements and Investigations) Order 2001
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- 2001 No. 3646
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order makes transitional provisions for requirement to provide information made under the Banking Act 1987 (“the Banking Act”), the Financial Services Act 1986 (“the Financial Services Act”) and the Insurance Companies Act 1982 (“the Insurance Companies Act”) and requirements made by recognised self-regulating organisations that are outstanding on 1st December 2001 (“commencement”). From that date, these requirements are treated as requirements under section 165 of the Financial Services and Markets Act 2000 (“the Act”) with certain modifications.
The Order also makes transitional provisions for requirements to supply a report by a skilled person that are pending at commencement which were made under the Banking Act or Insurance Companies Act. Such requirements are treated as requirements imposed under section 166 of the Act with certain modifications.
The Order also makes transitional provisions for investigators appointed under the Insurance Companies Act, the Banking Act and the Financial Services Act where the investigations are in progress at commencement. After commencement, the appointment of the investigator has effect as if it were an appointment under Part XI or section 284 of the Act with certain modification (including the modification of criminal sanctions under the Act). Under article 10, the investigating authority that has appointed the inspector must notify the person who is the subject of the investigation of the provision of the Act the investigator is treated as having been appointed under by virtue of this Order unless this would frustrate the investigation.
The Order also makes savings of certain provisions of the Financial Services Act and of the Banking Act for connected purposes.
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