The Financial Services Act 1986 (Delegation) (No. 2) Order 1988

Whereas it appears to the Secretary of State that The Securities and Investments Board is able and willing to discharge the functions transferred by this Order and that the requirements of Schedule 7 to the Financial Services Act 19861 are satisfied with respect to it, and

Whereas the Secretary of State has been furnished by The Securities and Investments Board with a copy of the regulations it proposes to make in the exercise of the functions transferred by this Order, and

Whereas the Secretary of State is satisfied that the regulations which The Securities and Investments Board proposes to make in the exercise of the functions transferred by this Order will afford investors an adequate level of protection and comply with the principle set out in paragraph 1 of Schedule 8 to the Financial Services Act 1986, and

Whereas the Secretary of State has required The Securities and Investments Board to furnish him with a copy of any guidance intended to have continuing effect which it proposes to issue in writing or other legible form, and

Whereas The Securities and Investments Board is not proposing to issue, in writing or other legible form, any guidance intended to have continuing effect, and

Whereas the Secretary of State has sent to the Director General of Fair Trading a copy of the regulations which the Secretary of State is required to consider in making the decision whether he is precluded by section 121(1) of the Financial Services Act 1986 from making this Order together with such other information as the Secretary of State considers will assist the Director General of Fair Trading in discharging his functions under section 122(2) of that Act, and

Whereas the Secretary of State has had regard to the report made to him by the Director General of Fair Trading under section 122(2) of the Financial Services Act 1986 in deciding whether he is precluded by section 121(1) of that Act from making this Order, and

Whereas the Secretary of State is satisfied that the regulations of which copies have been furnished to him under section 114(9) of the Financial Services Act 1986 do not have, and are not intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition, and

Whereas a draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 114(11) of the Financial Services Act 1986: