The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002

Explanatory Note

(This Note does not form part of the Order)

This Order is supplementary to the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649) (“the principal Order”) which came into force on 1st December 2001 at the same time as the coming into force of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). This Order corrects or adjusts amendments made in the principal Order, and makes additional amendments which are consequential upon the repeal by article 3 of the principal order of the legislation which established the regulatory regimes which have been replaced by FSMA.

The first group of articles makes amendments to primary legislation, including Acts which apply to Northern Ireland. Article 4 makes an amendment to the Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65) which applies exclusively in relation to the Channel Islands.

The second group amends secondary legislation, and includes an amendment by article 48 to the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001 (S.I. 2001/3647). That article amends in relation to the Channel Islands savings made by that Order of provisions of the Industrial Assurance Act 1923 (c. 8) and the Industrial Insurance and Friendly Societies Act 1948 (c. 39), both of which were repealed by section 416 of FSMA.

The third group amends Northern Ireland legislation, and the fourth group amends Northern Ireland Statutory Rules.