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The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 2827
- PART IV
- Regulation 73
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SIB’s functions under the Regulations
73.—(1) The functions of SIB under these Regulations, except its function of instituting proceedings, shall be treated for the purposes of the 1986 Act and the Transfer of Functions (Financial Services) Order 1992(1) as if they were functions to which section 114 of that Act applies which—
(a)had been functions of the Secretary of State; and
(b)had been transferred to SIB by the Financial Services Act 1986 (Delegation) Order 1987(2).
(2) The function of SIB of instituting proceedings under these Regulations shall be treated for the purposes of the 1986 Act and the Transfer of Functions (Financial Services) Order 1992 as if it were a function to which section 114 of the 1986 Act applies by virtue of the provisions of section 201(4) of that Act which had been transferred to SIB by the Financial Services Act 1986 (Delegation) Order 1987 so as to be exercisable concurrently with the Secretary of State.
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