Explanatory note

These Regulations amend the Banking Act 1979 (Exempt Transactions) Regulations 1986 in consequence of the commencement on 16th February 1987 of Part IV of the Financial Services Act 1986 and the repeal on that date of related provisions.

In Regulation 1(2) of the 1986 Regulations, the definition of “company” (which depends on certain statutory provisions to be partially repealed by the 1986 Act) is replaced with a single definition. There is inserted in that Regulation a definition of “the listing rules”, to mean rules made pursuant to section 142(6) of the Financial Services Act 1986. Such rules will for certain purposes supersede the Stock Exchange (Listing) Regulations 1984 (S.I. 1984/716).

In Regulations 14 and 15, references to the new listing rules are substituted for references to the 1984 Regulations and, where appropriate, reference both to the rules and to Regulations is made to cover transitional cases.