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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services Act 1986 (Delegation) (Transitional Provisions) Order 1987 No. 2035 URL: http://www.bailii.org/uk/legis/num_reg/1987/uksi_19872035_en.html |
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Statutory Instruments
FINANCIAL SERVICES
Made
27th November 1987
Laid before Parliament
30th November 1987
Coming into force
14th December 1987
The Secretary of State, in exercise of the powers conferred by section 118(2) of the Financial Services Act 1986(1), hereby makes the following Order:
1. This Order may be cited as the Financial Services Act 1986 (Delegation) (Transitional Provisions) Order 1987 and shall come into force on 14th December 1987.
2. This Order shall have effect in relation to the function of making or revoking a recognition order in respect of a self-regulating organisation or professional body exercisable by a designated agency (in this Order referred to as "recognition functions").
3. In relation to the exercise of recognition functions at any time before 3rd October 1988, the requirements in paragraph 3(1) of Schedules 2 and 3 respectively to the Financial Services Act 1986 that rules afford to investors protection at least equivalent to that afforded by rules and regulations under Chapter V of Part I of that Act shall be modified as follows, that is to say that the requirements shall not be treated as unsatisfied by reason only of the fact that a contravention of the rules is not actionable at the suit of a person who suffers loss as a result of the contravention.
Francis Maude
Parliamentary Under-Secretary of State,
Department of Trade and Industry
27th November 1987
(This note is not part of the Order)
This Order makes transitional provision modifying the requirements in paragraph 3(1) of Schedules 2 and 3 respectively to the Financial Services Act 1986 in their application to certain functions transferred by the Financial Services Act 1986 (Delegation) Order 1987 (S.I. 1987/942). The Order is consequential on Article 2 of the Financial Services Act 1986 (Commencement) (No. 6) Order 1987 (S.I. 1987/1997 (C.59)).