(1)The enactments mentioned in Schedule 5 are repealed to the extent specified.
(2)For the purposes of the M1Financial Services and Markets Act 2000, the functions conferred on the Financial Services Authority by virtue of Schedules 1 and 2 are to be treated as conferred by that Act.
(3)Section 356 of that Act (Authority’s powers to participate in proceedings: company voluntary arrangements) is amended as follows—
(a)for subsection (1), there is substituted—
“(1)Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, the Authority may apply to the court under section 6 or 7 of that Act.”,
(b)for subsection (2), there is substituted—
“(2)Where a voluntary arrangement has been approved under Part II of the 1989 Order in respect of a company or insolvent partnership which is an authorised person, the Authority may apply to the court under Article 19 or 20 of that Order.”,
(c)in subsection (3), for “either” there is substituted “ any ”.
Commencement Information
I1S. 15 wholly in force at 1.1.2003; s. 15 not in force at Royal Assent see s. 16(1); s. 15(1) in force for specified purposes at 2.4.2001 by S.I. 2001/766, art. 2(1)(c) (subject to art. 3); S. 15 in force at 1.1.2003 insofar as not already in force by S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)
Marginal Citations