Citation and interpretation

1.-(1) This Order may be cited as the Financial Services Act 1986 (Commencement) (No. 12) Order 1989.

(2) In this Order "the Act" means the Financial Services Act 1986.

Provisions brought into force

2.-(1) Insofar as they are not yet in force, sections 24 and 86 of the Act shall come into force on 1st October 1989.

(2) Section 212(3) of and Schedule 17 to the Act shall come into force on 1st October 1989-

(a)to the extent necessary to repeal the Prevention of Fraud (Investments) Act (Northern Ireland) 1940(2) and the Prevention of Fraud (Investments) Act 1958;(3) for all remaining purposes and

(b)insofar as they provide for the repeal of words in the following enactments-

(i)the Tribunal and Inquiries Act 1971(4); and

(ii)The House of Commons Disqualification Act 1975(5).

Explanatory Note

(This note is not part of the Order)

This Order brings sections 24 and 86 of the Financial Services Act 1986 into force on 1st October 1989. Those sections implement Community obligations arising by virtue of Council Directive No. 85/611/EEC (O.J. No. L375/3) as amended by Council Directive No. 88/22O/EEC (O.J. No. L100/31). The relevant provisions concern the right of certain collective investment schemes constituted in other Member States to be recognised schemes for the purposes of the Financial Services Act 1986 and the right of the operators and trustees of such schemes to be authorised persons. The Order repeals the Prevention of Fraud (Investments) Act (Northern Ireland) 1940 and the Prevention of Fraud (Investments) Act 1958 for all remaining purposes with effect from 1st October 1989. It also brings certain related repeals into force.

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.