Explanatory note

This Order appoints 27th February 1988 as the appointed day for the purposes of paragraph 1(1) of Schedule 15 to the Financial Services Act 1986. The effect is that, subject to certain exceptions specified in paragraph 1(2) and (3) of that Schedule, a person who applies before 27th February 1988 to become a member of a body which is then a recognised self-regulating organisation under the Act, or for authorisation by the Securities and Investments Board, is treated, if his application has not been determined before section 3 of the Act comes into force, as if he had been granted authorisation by the Board until such time as his application is determined.