4. Regulation 7 shall be modified by—U.K.
(a)the insertion in paragraph (2) of the words “subject to paragraph (3)” after the words “they may”; and
(b)the substitution for paragraphs (3) to (6) of—
“(3) Subsections (2) to (7) and (9) of section 11 of the 1986 Act shall apply in relation to the withdrawal by the Treasury of approval from an Operator under paragraph (2) as they apply in relation to the revocation by the Secretary of State of a recognition order under subsection (1) of that section; and in those subsections as they so apply—
(a)any reference to a recognised organisation shall be taken to be a reference to an Operator;
(b)any reference to members of a recognised organisation shall be taken to be a reference to system-users;
(c)any reference to the Secretary of State shall be taken to be a reference to the Treasury;
(d)any reference to an order other than a recognition order shall be taken to be a reference to a written instrument; and
(e)the reference in subsection (6) to the interests of investors shall be taken to be a reference to the interests of system-users.”
Commencement Information
I1Sch. 6 para. 4 in force at 26.11.2001, see reg. 1