1. This Order may be cited as the Financial Services Act 1986 (Exemption) Order 1999 and shall come into force on registration of the memorandum and articles of association of CDC Group plc in accordance with section 4 of the Commonwealth Development Corporation Act 1999(4).

2. In the Financial Services Act 1986 (Miscellaneous Exemptions) Order 1995(5) for article 3 there shall be substituted the following-

"3. CDC Group plc shall be an exempted person."

Explanatory Note

(This note is not part of the Order)

This Order replaces the current exemption of the Commonwealth Development Corporation (to be renamed CDC Group plc) relieving that body of the need to be authorised for the purposes of the Financial Services Act 1986 (c. 60). This reflects the fact that the Commonwealth Development Corporation Act 1978 (c. 2) referred to in the current exemption is to be substantially repealed by the Commonwealth Development Corporation Act 1999 (c. 20). This Order comes into force at the time when CDC Group plc's memorandum and articles of association are registered by the Registrar of Companies pursuant to section 4 of the 1999 Act.