1.  This Order may be cited as the Financial Services Act 1986 (Commencement) (No. 7) Order 1987.

2.  The provisions of the Financial Services Act 1986 specified in the Schedule to this Order shall come into force on 1st January 1988.

3.  The remaining provisions of section 1 of and Schedule 1 to the Financial Services Act 1986 shall come into force on 18th January 1988.

4.  The provisions of section 211(3) of the Financial Services Act 1986 shall come into force on 27th February 1988 insorfar as they relate to-

(a)paragraph 1(1) to (3) and (5) of Schedule 15 to that Act, and

(b)paragraph 16 of that Schedule insofar as it has effect in relation to the provisions of paragraph 1 of that Schedule referred to above

and those provisions of that Schedule shall also come into force on that date.

Article 2

SCHEDULEPROVISIONS OF FINANCIAL SERVICES ACT 1986 COMING INTO FORCE ON 1st JANUARY 1988

Explanatory Note

(This note is not part of the Order)

This Order brings into force on 1st January 1988 provisions of the Financial Services Act 1986 which will enable The Securities and Investments Board to receive and grant applications for authorisation under the Act and which will enable the Secretary of State to certify that the law of another member State relating to authorisation to carry on investment business generally or of a particular kind confers protection equivalent to that afforded by the Act. The Order also brings into force on the same date provisions of the Financial Services Act 1986 conferring limited exemption from the requirement to obtain authorisation under the Act on a person who is for the time being included on a list maintained by the Bank of England.

The Order brings into force on 18th January 1988 provisions which will enable The Securities and Investments Board to certify whether the principal purpose of any particular newspaper or other periodical is to lead persons to invest in any particular investment.

The Order brings into force on 27th February 1987 transitional provisions concerning the position of persons who have applied for authorisation under the Act before a day to be appointed and of persons licensed or exempted or formerly licensed or exempted under the Prevention of Fraud (Investments) Act 1958 (c. 45).

Note as to Earlier Commencement Orders

(This note is not part of the Order)

The following provisions of the Financial Services Act 1986 have been brought into force by commencement orders made before the date of this Order.

The following provisions of the Financial Services Act 1986 will come into force on 3rd October 1988 by virtue of commencement order made before the date of this Order:

The word ("partially") is used where the provision has been brought into force in part, or for a limited purpose or for a limited area.