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| Companies Act 1989 |
| 1989 c. 40 - continued
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| Companies Act Index |
Part VIII |
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Amendments of the Financial Services Act 1986 |
Statements of principle.
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192. In
Chapter V of Part I of the [1986 c. 60.] Financial Services
Act 1986 (conduct of investment business), after section 47 insert
"Statements of principle.
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47A. (1) The
Secretary of State may issue statements of principle with
respect to the conduct and financial standing expected of
persons authorised to carry on investment business.
(2) The conduct expected may
include compliance with a code or standard issued by another
person, as for the time being in force, and may allow for
the exercise of discretion by any person pursuant to any
such code or standard.
(3) Failure to comply with
a statement of principle under this section is a ground
for the taking of disciplinary action or the exercise of
powers of intervention, but it does not of itself give rise
to any right of action by investors or other persons affected
or affect the validity of any transaction.
(4) The disciplinary action
which may be taken by virtue of subsection (3) is
(a) the withdrawal or suspension of authorisation
under section 28 or the termination or suspension of authorisation
under section 33,
(b) the giving of a disqualification direction
under section 59,
(c) the making of a public statement under section
60, or
(d) the application by the Secretary of State
for an injunction, interdict or other order under section
61(1);
and the reference in that subsection to powers of intervention
is to the powers conferred by Chapter VI of this Part.
(5) Where a statement of principle
relates to compliance with a code or standard issued by
another person, the statement of principle may provide
(a) that failure to comply with the code or standard
shall be a ground for the taking of disciplinary action,
or the exercise of powers of intervention, only in such
cases and to such extent as may be specified; and
(b) that no such action shall be taken, or any
such power exercised, except at the request of the person
by whom the code or standard in question was issued.
(6) The Secretary of State
shall exercise his powers in such manner as appears to him
appropriate to secure compliance with statements of principle
under this section.
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Modification or waiver of statements of principle
in particular cases.
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47B. (1) The
relevant regulatory authority may on the application of any
person
(a) modify a statement of principle issued under
section 47A so as to adapt it to his circumstances or to
any particular kind of business carried on by him, or
(b) dispense him from compliance with any such
statement of principle, generally or in relation to any
particular kind of business carried on by him.
(2) The powers conferred by
this section shall not be exercised unless it appears to
the relevant regulatory authority
(a) that compliance with the statement of principle
in question would be unduly burdensome for the applicant
having regard to the benefit which compliance would confer
on investors, and
(b) that the exercise of those powers will not
result in any undue risk to investors.
(3) The powers conferred by
this section may be exercised unconditionally or subject
to conditions; and section 47A(3) applies in the case of
failure to comply with a condition as in the case of failure
to comply with a statement of principle.
(4) The relevant regulatory
authority for the purposes of this section is
(a) in the case of a member of a recognised self-regulating
organisation or professional body, in relation to investment
business in the carrying on of which he is subject to the
rules of the organisation or body, that organisation or
body;
(b) in any other case, or in relation to other
investment business, the Secretary of State.
(5) The references in paragraph
4(1) of Schedule 2 and paragraph 4(2) of Schedule 3 (requirements
for recognition of self-regulating organisations and professional
bodies) to monitoring and enforcement of compliance with
statements of principle include monitoring and enforcement
of compliance with conditions imposed by the organisation
or body under this section.
" |
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Restriction of right to bring action for contravention
of rules, regulations, &c.
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193.(1) In
Chapter V of Part I of the [1986 c. 60.] Financial Services
Act 1986 (conduct of investment business), after section 62 (actions
for damages) insert
"Restriction of right of action.
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62A. (1) No
action in respect of a contravention to which section 62 above
applies shall lie at the suit of a person other than a private
investor, except in such circumstances as may be specified
by regulations made by the Secretary of State.
(2) The meaning of the expression
"private investor" for the purposes of subsection
(1) shall be defined by regulations made by the Secretary
of State.
(3) Regulations under subsection
(1) may make different provision with respect to different
cases.
(4) The Secretary of State
shall, before making any regulations affecting the right
to bring an action in respect of a contravention of any
rules or regulations made by a person other than himself,
consult that person.
" |
.
(2) In section 114(5) of the [1986
c. 60.] Financial Services Act 1986 (transfer of functions
to designated agency: excluded functions), after paragraph (d) insert
.
(3) In Schedule 11 to the Financial
Services Act 1986 (friendly societies), after paragraph 22 insert
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" 22A. (1) No
action in respect of a contravention to which paragraph 22(4)
above applies shall lie at the suit of a person other than
a private investor, except in such circumstances as may be
specified by regulations made by the Registrar.
(2) The meaning of the expression
"private investor" for the purposes of sub-paragraph
(1) shall be defined by regulations made by the Registrar.
(3) Regulations under sub-paragraph
(1) may make different provision with respect to different
cases.
(4) The Registrar shall, before
making any regulations affecting the right to bring an action
in respect of a contravention of any rules or regulations
made by a person other than himself, consult that person.
" |
.
(4) In paragraph 28(5) of Schedule
11 to the Financial Services Act 1986 (transfer of Registrar's functions
to transferee body), after "paragraphs 2 to 25" insert
"(except paragraph 22A)". |
Application of designated rules and regulations to members
of self-regulating organisations.
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194. In
Chapter V of Part I of the Financial Services Act 1986 (conduct of
investment business), after section 63 insert
"Application of designated rules and regulations
to members of self-regulating organisations.
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63A. (1) The
Secretary of State may in rules and regulations under
(a) section 48 (conduct of business rules),
(b) section 49 (financial resources rules),
(c) section 55 (clients' money regulations),
or
(d) section 56 (regulations as to unsolicited
calls),
designate provisions which apply, to such extent as may be
specified, to a member of a recognised self-regulating organisation
in respect of investment business in the carrying on of which
he is subject to the rules of the organisation.
(2) It may be provided that
the designated rules or regulations have effect, generally
or to such extent as may be specified, subject to the rules
of the organisation.
(3) A member of a recognised
self-regulating organisation who contravenes a rule or regulation
applying to him by virtue of this section shall be treated
as having contravened the rules of the organisation.
(4) It may be provided that,
to such extent as may be specified, the designated rules
or regulations may not be modified or waived (under section
63B below or section 50) in relation to a member of a recognised
self-regulating organisation.
Where such provision is made any modification or waiver
previously granted shall cease to have effect, subject to
any transitional provision or saving contained in the rules
or regulations.
(5) Except as mentioned in
subsection (1), the rules and regulations referred to in
that subsection do not apply to a member of a recognised
self-regulating organisation in respect of investment business
in the carrying on of which he is subject to the rules of
the organisation.
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Modification or waiver of designated rules and
regulations.
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63B. (1) A
recognised self-regulating organisation may on the application
of a member of the organisation
(a) modify a rule or regulation designated under
section 63A so as to adapt it to his circumstances or to
any particular kind of business carried on by him, or
(b) dispense him from compliance with any such
rule or regulation, generally or in relation to any particular
kind of business carried on by him.
(2) The powers conferred by
this section shall not be exercised unless it appears to
the organisation
(a) that compliance with the rule or regulation
in question would be unduly burdensome for the applicant
having regard to the benefit which compliance would confer
on investors, and
(b) that the exercise of those powers will not
result in any undue risk to investors.
(3) The powers conferred by
this section may be exercised unconditionally or subject
to conditions; and section 63A(3) applies in the case of
a contravention of a condition as in the case of contravention
of a designated rule or regulation.
(4) The reference in paragraph
4(1) of Schedule 2 (requirements for recognition of self-regulating
organisations) to monitoring and enforcement of compliance
with rules and regulations includes monitoring and enforcement
of compliance with conditions imposed by the organisation
under this section.
" |
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Codes of practice.
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195. In
Chapter V of Part I of the [1986 c. 60.] Financial Services
Act 1986 (conduct of investment business), after the sections inserted
by section 194 above, insert
"Codes of practice.
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63C. (1) The
Secretary of State may issue codes of practice with respect
to any matters dealt with by statements of principle issued
under section 47A or by rules or regulations made under any
provision of this Chapter.
(2) In determining whether
a person has failed to comply with a statement of principle
(a) a failure by him to comply with any relevant
provision of a code of practice may be relied on as tending
to establish failure to comply with the statement of principle,
and
(b) compliance by him with the relevant provisions
of a code of practice may be relied on as tending to negative
any such failure.
(3) A contravention of a code
of practice with respect to a matter dealt with by rules
or regulations shall not of itself give rise to any liability
or invalidate any transaction; but in determining whether
a person's conduct amounts to contravention of a rule or
regulation
(a) contravention by him of any relevant provision
of a code of practice may be relied on as tending to establish
liability, and
(b) compliance by him with the relevant provisions
of a code of practice may be relied on as tending to negative
liability.
(4) Where by virtue of section
63A (application of designated rules and regulations to
members of self-regulating organisations) rules or regulations
(a) do not apply, to any extent, to a member
of a recognised self-regulating organisation, or
(b) apply, to any extent, subject to the rules
of the organisation,
a code of practice with respect to a matter dealt with by
the rules or regulations may contain provision limiting its
application to a corresponding extent.
" |
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Relations with other regulatory authorities.
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196. In
Part I of the [1986 c. 60.] Financial Services Act 1986
(regulation of investment business), after section 128 insert
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"Chapter XV |
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Relations with other Regulatory Authorities |
"Relevance of other controls.
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128A. In
determining
(a) in relation to a self-regulating organisation,
whether the requirements of Schedule 2 are met, or
(b) in relation to a professional body, whether
the requirements of Schedule 3 are met,
the Secretary of State shall take into account the effect
of any other controls to which members of the organisation
or body are subject. |
Relevance of information given and action taken
by other regulatory authorities.
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128B. (1) The
following provisions apply in the case of
(a) a person whose principal place of business
is in a country or territory outside the United Kingdom,
or
(b) a person whose principal business is other
than investment business;
and in relation to such a person "the relevant regulatory
authority" means the appropriate regulatory authority
in that country or territory or, as the case may be, in relation
to his principal business.
(2) The Secretary of State
may regard himself as satisfied with respect to any matter
relevant for the purposes of this Part if
(a) the relevant regulatory authority informs
him that it is satisfied with respect to that matter, and
(b) he is satisfied as to the nature and scope
of the supervision exercised by that authority.
(3) In making any decision
with respect to the exercise of his powers under this Part
in relation to any such person, the Secretary of State may
take into account whether the relevant regulatory authority
has exercised, or proposes to exercise, its powers in relation
to that person.
(4) The Secretary of State
may enter into such arrangements with other regulatory authorities
as he thinks fit for the purposes of this section.
(5) Where any functions under
this Part have been transferred to a designated agency,
nothing in this section shall be construed as affecting
the responsibility of the Secretary of State for the discharge
of Community obligations or other international obligations
of the United Kingdom.
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Enforcement in support of overseas regulatory
authority.
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128C. (1) The
Secretary of State may exercise his disciplinary powers or
powers of intervention at the request of, or for the purpose
of assisting, an overseas regulatory authority.
(2) The disciplinary powers
of the Secretary of State means his powers
(a) to withdraw or suspend authorisation under
section 28 or to terminate or suspend authorisation under
section 33,
(b) to give a disqualification direction under
section 59,
(c) to make a public statement under section
60, or
(d) to apply for an injunction, interdict or
other order under section 61(1);
and the reference to his powers of intervention is to the
powers conferred by Chapter VI of this Part.
(3) An "overseas regulatory
authority" means an authority in a country or territory
outside the United Kingdom which exercises
(a) any function corresponding to (i) a
function of the Secretary of State under this Act, the Insurance
Companies Act 1982 or the Companies Act 1985, (ii) a
function under this Act of a designated agency, transferee
body or competent authority, or (iii) a function
of the Bank of England under the Banking Act 1987, or
(b) any functions in connection with the investigation
of, or the enforcement of rules (whether or not having the
force of law) relating to, conduct of the kind prohibited
by the Company Securities (Insider Dealing) Act 1985, or
(c) any function prescribed for the purposes
of this subsection, being a function which in the opinion
of the Secretary of State relates to companies or financial
services.
(4) In deciding whether to
exercise those powers the Secretary of State may take into
account, in particular
(a) whether corresponding assistance would be
given in that country or territory to an authority exercising
regulatory functions in the United Kingdom;
(b) whether the case concerns the breach of a
law, or other requirement, which has no close parallel in
the United Kingdom or involves the assertion of a jurisdiction
not recognised by the United Kingdom;
(c) the seriousness of the case and its importance
to persons in the United Kingdom;
(d) whether it is otherwise appropriate in the
public interest to give the assistance sought.
(5) The Secretary of State
may decline to exercise those powers unless the overseas
regulatory authority undertakes to make such contribution
towards the cost of their exercise as the Secretary of State
considers appropriate.
(6) The reference in subsection
(3)(c) to financial services includes, in particular, investment
business, insurance and banking.
" |
. |
Construction of references to incurring civil liability.
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197.(1) In
section 150(6) of the [1986 c. 60.] Financial Services
Act 1986 (exclusion of liability in respect of false or misleading
listing particulars), at the end insert
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"The reference above to a person incurring liability
includes a reference to any other person being entitled as
against that person to be granted any civil remedy or to rescind
or repudiate any agreement." |
.
(2) In section 154(5) of the Financial
Services Act 1986 (exclusion of civil liability in respect of advertisements
or other information in connection with listing application), at
the end insert
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"The reference above to a person incurring civil liability
includes a reference to any other person being entitled as
against that person to be granted any civil remedy or to rescind
or repudiate any agreement." |
. |
Offers of unlisted securities.
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198.(1) In
Part V of the Financial Services Act 1986 (offers of unlisted securities),
after section 160 insert
"Exemptions.
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160A. (1) The
Secretary of State may by order exempt from sections 159 and
160 when issued in such circumstances as may be specified
in the order
(a) advertisements appearing to him to have a
private character, whether by reason of a connection between
the person issuing them and those to whom they are addressed
or otherwise;
(b) advertisements appearing to him to deal with
investments only incidentally;
(c) advertisements issued to persons appearing
to him to be sufficiently expert to understand any risks
involved;
(d) such other classes of advertisements as he
thinks fit.
(2) The Secretary of State
may by order exempt from sections 159 and 160 an advertisement
issued in whatever circumstances which relates to securities
appearing to him to be of a kind that can be expected normally
to be bought or dealt in only by persons sufficiently expert
to understand any risks involved.
(3) An order under subsection
(1) or (2) may require a person who by virtue of the order
is authorised to issue an advertisement to comply with such
requirements as are specified in the order.
(4) An order made by virtue
of subsection (1)(a), (b) or (c) or subsection (2) shall
be subject to annulment in pursuance of a resolution of
either House of Parliament; and no order shall be made by
virtue of subsection (1)(d) unless a draft of it has been
laid before and approved by a resolution of each House of
Parliament.
" |
.
(2) The following amendments of the
Financial Services Act 1986 are consequential on that above.
(3) In section 159, in subsection
(1) omit the words from the beginning to "section 161 below,"
and after subsection (2) insert
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"(3) Subsection (1) above has effect subject to
section 160A (exemptions) and section 161 (exceptions)." |
.
(4) In section 160, in subsection
(1) omit the words from the beginning to "section 161 below,"
and for subsections (6) to (9) substitute
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"(6) Subsection (1) above has effect subject to
section 160A (exemptions) and section 161 (exceptions)." |
.
(5) In section 171, in subsection
(1)(b) and subsection (3) for "section 160(6) or (7)"
substitute "section 160A". |
Offers of securities by private companies and old public
companies.
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199. In
Part V of the [1986 c. 60.] Financial Services Act 1986
(offers of unlisted securities), in section 170 (advertisements by
private companies and old public companies), for subsections (2) to
(4) substitute
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"(2) The Secretary of State may by order exempt
from subsection (1) when issued in such circumstances as may
be specified in the order
(a) advertisements appearing to him to have a
private character, whether by reason of a connection between
the person issuing them and those to whom they are addressed
or otherwise;
(b) advertisements appearing to him to deal with
investments only incidentally;
(c) advertisements issued to persons appearing
to him to be sufficiently expert to understand any risks
involved;
(d) such other classes of advertisements as he
thinks fit. |
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(3) The Secretary of State may by order exempt from
subsection (1) an advertisement issued in whatever circumstances
which relates to securities appearing to him to be of a kind
that can be expected normally to be bought or dealt in only
by persons sufficiently expert to understand any risks involved. |
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(4) An order under subsection (2) or (3) may require
a person who by virtue of the order is authorised to issue
an advertisement to comply with such requirements as are specified
in the order. |
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(4A) An order made by virtue of subsection (2)(a),
(b) or (c) or subsection (3) shall be subject to annulment
in pursuance of a resolution of either House of Parliament;
and no order shall be made by virtue of subsection (2)(d)
unless a draft of it has been laid before and approved by
a resolution of each House of Parliament." |
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Jurisdiction of High Court and Court of Session.
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200.(1) In
the Financial Services Act 1986, for section 188 (jurisdiction as
respects actions concerning designated agency, &c.), substitute
"Jurisdiction of High Court and Court of
Session.
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188. (1) Proceedings
arising out of any act or omission (or proposed act or omission)
of
(a) a recognised self-regulating organisation,
(c) a transferee body, or
(d) the competent authority,
in the discharge or purported discharge of any of its functions
under this Act may be brought in the High Court or the Court
of Session.
(2) The jurisdiction conferred
by subsection (1) is in addition to any other jurisdiction
exercisable by those courts.
" |
.
(2) In Schedule 5 to the [1982
c. 27.] Civil Jurisdiction and Judgments Act 1982 (proceedings
excluded from general provisions as to allocation of jurisdiction
within the United Kingdom), for paragraph 10 substitute
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Financial Services Act 1986
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10. Proceedings
such as are mentioned in section 188 of the Financial Services
Act 1986." |
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Directions to secure compliance with international obligations.
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201. In
the Financial Services Act 1986, for section 192 (international obligations)
substitute
"International obligations.
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192. (1) If
it appears to the Secretary of State
(a) that any action proposed to be taken by an
authority or body to which this section applies would be
incompatible with Community obligations or any other international
obligations of the United Kingdom, or
(b) that any action which that authority or body
has power to take is required for the purpose of implementing
any such obligation,
he may direct the authority or body not to take or, as the
case may be, to take the action in question.
(2) The authorities and bodies
to which this section applies are the following
(a) a recognised self-regulating organisation,
(b) a recognised investment exchange (other than
an overseas investment exchange),
(c) a recognised clearing house (other than an
overseas clearing house),
(f) a competent authority.
(3) This section also applies
to an approved exchange within the meaning of Part V of
this Act in respect of any action which it proposes to take
or has power to take in respect of rules applying to a prospectus
by virtue of a direction under section 162(3) above.
(4) A direction under this
section may include such supplementary or incidental requirements
as the Secretary of State thinks necessary or expedient.
(5) Where the function of
making or revoking a recognition order in respect of an
authority or body to which this section applies is exercisable
by a designated agency, any direction in respect of that
authority or body shall be a direction requiring the agency
to give the authority or body such a direction as is specified
in the direction given by the Secretary of State.
(6) A direction under this
section is enforceable, on the application of the person
who gave it, by injunction or, in Scotland, by an order
under section 45 of the Court of Session Act 1988.
" |
. |
Offers of short-dated debentures.
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202. In
section 195 of the [1986 c. 60.] Financial Services Act
1986 (circumstances in which certain offers of debentures not treated
as offers to the public), for "repaid within less than one year
of the date of issue" substitute "repaid within five years
of the date of issue". |
Standard of protection for investors.
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203.(1) In
Schedule 2 to the Financial Services Act 1986 (requirements for recognition
of self-regulating organisations), in paragraph 3 (safeguards for
investors) for sub-paragraphs (1) and (2) substitute
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"(1) The organisation must have rules governing
the carrying on of investment business by its members which,
together with the statements of principle, rules, regulations
and codes of practice to which its members are subject under
Chapter V of Part I of this Act, are such as to afford an
adequate level of protection for investors. |
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(2) In determining in any case whether an adequate
level of protection is afforded for investors of any description,
regard shall be had to the nature of the investment business
carried on by members of the organisation, the kinds of investors
involved and the effectiveness of the organisation's arrangements
for enforcing compliance." |
.
(2) In Schedule 3 to the Financial
Services Act 1986 (requirements for recognition of professional
bodies), for paragraph 3 (safeguards for investors) substitute
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" 3. (1) The
body must have rules regulating the carrying on of investment
business by persons certified by it which, together with the
statements of principle, rules, regulations and codes of practice
to which those persons are subject under Chapter V of Part
I of this Act, afford an adequate level of protection for
investors.
(2) In determining in any
case whether an adequate level of protection is afforded
for investors of any description, regard shall be had to
the nature of the investment business carried on by persons
certified by the body, the kinds of investors involved and
the effectiveness of the body's arrangements for enforcing
compliance.
" |
.
(3) The order bringing this section
into force may provide that, for a transitional period, a self-regulating
organisation or professional body may elect whether to comply with
the new requirement having effect by virtue of subsection (1) or
(2) above or with the requirement which it replaces.
The Secretary of State may by order specify when the transitional
period is to end. |
Costs of compliance.
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204.(1) In
Schedule 2 to the [1986 c. 60.] Financial Services Act
1986 (requirements for recognition of self-regulating organisations),
after paragraph 3 insert
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Taking account of costs of compliance
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3A. The
organisation must have satisfactory arrangements for taking
account, in framing its rules, of the cost to those to whom
the rules would apply of complying with those rules and any
other controls to which they are subject." |
;
and in Schedule 3 to that Act (requirements for recognition of professional
body), after paragraph 3 insert
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Taking account of costs of compliance
|
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3A. The
body must have satisfactory arrangements for taking account,
in framing its rules, of the cost to those to whom the rules
would apply of complying with those rules and any other
controls to which they are subject." |
.
(2) The additional requirements having
effect by virtue of subsection (1) do not affect the status of a
self-regulating organisation or professional body recognised before
the commencement of that subsection; but if the Secretary of State
is of the opinion that any of those requirements is not met in the
case of such an organisation or body, he shall within one month
of commencement give notice to the organisation or body stating
his opinion.
(3) Where the Secretary of State gives
such a notice, he shall not
(a) take action to revoke the recognition of such an
organisation or body on the ground that any of the additional requirements
is not met, unless he considers it essential to do so in the interests
of investors, or
(b) apply on any such ground for a compliance order under
section 12 of the Financial Services Act 1986,
until after the end of the period of six months beginning with the
date on which the notice was given.
(4) In Schedule 7 to the Financial
Services Act 1986 (qualifications of designated agency), after paragraph
2 insert
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Taking account of costs of compliance
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2A. (1) The
agency must have satisfactory arrangements for taking account,
in framing any provisions which it proposes to make in the
exercise of its legislative functions, of the cost to those
to whom the provisions would apply of complying with those
provisions and any other controls to which they are subject.
(2) In this paragraph "legislative
functions" means the functions of issuing or making
statements of principle, rules, regulations or codes of
practice.
" |
.
(5) The additional requirement having
effect by virtue of subsection (4) above does not affect the status
of a designated agency to which functions have been transferred
before the commencement of that subsection; but if the Secretary
of State is of the opinion the requirement is not met in the case
of such an agency, he shall within one month of commencement give
notice to the agency stating his opinion.
(6) Where the Secretary of State gives
such a notice, he shall not take action under section 115(2) of
the [1986 c. 60.] Financial Services Act 1986 to resume
any functions exercisable by such an agency on the ground that the
additional requirement is not met until after the end of the period
of six months beginning with the date on which the notice was given.
(7) References in this section to
a recognised self-regulating organisation include a recognised self-regulating
organisation for friendly societies and references to a designated
agency include a transferee body (within the meaning of that Act).
In relation to such an organisation or body
(a) references to the Secretary of State shall be construed
as references to the Registrar (within the meaning of Schedule
11 to the Financial Services Act 1986), and
(b) the reference to section 12 of that Act shall be
construed as a reference to paragraph 6 of that Schedule.
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Requirements for recognition of investment exchange.
|
205.(1) In
Schedule 4 to the Financial Services Act 1986 (requirements for recognition
of investment exchange), after paragraph 5 insert
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Supplementary
|
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6. (1) The
provisions of this Schedule relate to an exchange only so
far as it provides facilities for the carrying on of investment
business; and nothing in this Schedule shall be construed
as requiring an exchange to limit dealings on the exchange
to dealings in investments.
(2) The references in this
Schedule, and elsewhere in this Act, to ensuring the performance
of transactions on an exchange are to providing satisfactory
procedures (including default procedures) for the settlement
of transactions on the exchange.
" |
.
(2) The above amendment shall be deemed
always to have had effect.
(3) In section 207(1) of the [1986
c. 60.] Financial Services Act 1986 (interpretation), at
the appropriate place insert
| |
""ensure" and "ensuring" , in relation
to the performance of transactions on an investment exchange,
have the meaning given in paragraph 6 of Schedule 4 to this
Act;" |
. |
Consequential amendments and delegation of functions
on commencement.
|
206.(1) The
Financial Services Act 1986 has effect with the amendments specified
in Schedule 23 which are consequential on the amendments made by sections
192, 194 and 195.
(2) If immediately before the commencement
of any provision of this Part which amends Part I of the Financial
Services Act 1986
(a) a designated agency is exercising by virtue of a
delegation order under section 114 of that Act any functions of
the Secretary of State under that Part, and
(b) no draft order is lying before Parliament resuming
any of those functions,
the order bringing that provision into force may make, in relation
to any functions conferred on the Secretary of State by the amendment,
any such provision as may be made by an order under that section.
(3) If immediately before the commencement
of any provision of Schedule 23 which amends Part III of the Financial
Services Act 1986
(a) a transferee body (within the meaning of that Act)
is exercising by virtue of a transfer order under paragraph 28 of
Schedule 11 to that Act any functions of the Registrar under that
Part, and
(b) no draft order is lying before Parliament resuming
any of those functions,
the order bringing that provision into force may make, in relation
to any functions conferred on the Registrar by the amendment, any
such provision as may be made by an order under that paragraph.
(4) References in the Financial Services
Act 1986 to a delegation order made under section 114 of that Act
or to a transfer order made under paragraph 28 of Schedule 11 to
that Act include an order made containing any such provision as
is authorised by subsection (2) or (3). |
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