http://www.legislation.gov.uk/ukpga/1986/60/section/18Financial Services Act 1986 (repealed)2025-07-08Financial Services Act 1986 (repealed)1986-11-07texttext/xmlenStatute Law Database2001-12-01
Financial Services Act 1986 (Repealed)Financial Services Act 1986specified amended provision(s)The Criminal Justice and Police Act 2001 (Commencement No. 9) Order 2003art. 2commencement order for 2001 c. 16Financial Services Act 1986 (Repealed)Financial Services Act 1986specified amended provision(s)The Ethical Standards in Public Life etc. (Scotland) Act 2000 (Commencement No. 3) Order 2003art. 2commencement order for 2000 asp 7
Part I Regulation of Investment BusinessChapter III Authorised Persons Persons authorised by recognised professional bodies Grant and refusal of recognition.
18
1
The Secretary of State may, on an application duly made in accordance with section 17 above and after being furnished with all such information as he may require under that section, make or refuse to make an order (“a recognition order") declaring the applicant to be a recognised professional body.
2
The Secretary of State may make a recognition order if it appears to him from the information furnished by the body making the application and having regard to any other information in his possession that the requirements of subsection (3) below and of Schedule 3 to this Act are satisfied as respects that body.
3
The body must have rules which impose acceptable limits on the kinds of investment business which may be carried on by persons certified by it and the circumstances in which they may carry on such business and which preclude a person certified by that body from carrying on any investment business outside those limits unless he is an authorised person otherwise than by virtue of the certification or an exempted person in respect of that business.
4
Where the Secretary of State refuses an application for a recognition order he shall give the applicant a written notice to that effect, stating the reasons for the refusal.
5
A recognition order shall state the date on which it takes effect.
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)
Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2
Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)
Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5