Official Listing of Securities (Change of Competent Authority) Regulations 2000

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Financial Services Act 1986 (c. 60) (“the Act”) so as to change the competent authority for the purposes of Part IV of the Act (official listing of securities). The competent authority for the purposes of Part IV was originally the Council of The Stock Exchange, but was changed by the Official Listing of Securities (Change of Competent Authority) Regulations 1991 (S.I. 1991/2000) to The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited (since 9 December 1995 known simply as The London Stock Exchange Limited).

Regulation 3 of these Regulations substitutes the Financial Services Authority as the new competent authority, with effect from the transfer date of 1st May 2000 when these Regulations (apart from regulation 8) come into force.

Regulation 4 updates references to the competent authority or to the Official List maintained for the purposes of Part IV by the competent authority, whether those references appear in primary and secondary legislation or other documents. This applies however the references are expressed but has no effect on references to the Daily Official List published by The London Stock Exchange Limited (see regulation 2(4)).

Regulation 5 transfers to the new competent authority all rights and obligations of the old competent authority in relation to investments admitted to the Official List otherwise than in accordance with Part IV (the power to admit certain investments to the Official List otherwise than under Part IV is preserved by section 142(9) of the Act).

Regulation 6 makes a number of transitional provisions. These carry forward existing listings and listing rules, and anything done or in the process of being done at the time of the transfer. They also substitute the new competent authority in legal proceedings (except in relation to liabilities for things done or omitted in bad faith). Regulation 7 has the effect of tranferring staff to the new competent authority. Regulation 8 (which comes into force on the day after the Regulations are made) allows the new competent authority to make listing rules in advance of the transfer date, to come into force on that date.

Consequential upon the transfer, regulation 9 repeals one provision in the Act concerning the conditions for recognition of an investment exchange.

Part IV of the Act implements Council Directive No. 79/279/EEC (OJ No. L66, 16.3.1979, p.21), Council Directive No. 80/390/EEC (OJ No. L 100, 17.4.1980, p.1) and Council Directive No. 82/121/EEC (OJ No. L 48, 20.2.1982, p.26), and partly implements Council Directive No. 89/298/EEC (OJ No. L124, 5.5.1989, p.8). Council Directive No. 80/390/EEC has been amended by Council Directives 82/148/EEC, 87/345/EEC and 90/211/EEC (OJ Nos. L62, 5.3.1982, p.22, L185, 4.7.1987 p.81, and L112, 3.5.1990, p.24) and Parliament Directive 94/18/EC (OJ No. L135, 31.5.1994, p.1).