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The Financial Services Act 1986 (Commencement) (No. 4) Order 1987

S.I. 1987/623 · Made 2 April 1987

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

FINANCIAL SERVICES

Made 2nd April 1987

The Secretary of State, in exercise of his powers under section 211(1) of the Financial Services Act 1986f1, hereby makes the following Order—

Annotations to the whole text

Footnotes

f1

1986 c. 60.

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Schedule Schedule
  5. Explanatory note

1

This Order may be cited as the Financial Services Act 1986 (Commencement) (No. 4) Order 1987.

2

The provisions of the Financial Services Act 1986 specified in the first column of the Schedule hereto shall come into force on 23rd April 1987.

Signature

Michael Howard

Parliamentary Under-Secretary of State

Department of Trade and Industry

2nd April 1987

Provisions of ActSubject matter of provisions
Section 63Gaming contracts.
Section 183 insofar as it relates to notices relating to the carrying on of insurance business or of a deposit-taking business as a recognised bank or licensed institution within the meaning of the Banking Act 1979f1Reciprocal facilities for financial business.
Section 184(1) to (3) insofar as it relates to notices relating to the carrying on of insurance businessNotices under section 183 relating to insurance business.
Section 184(5) and (7)Partial restriction notices relating to insurance business and service of restriction or disqualification notice following such partial restriction notices.
Section 185Banking business.
Section 186(1) to (5) and (7) for purposes relating to the provisions brought into force by this OrderVariation and revocation of notices.
Section 201(3)Prosecution of offences under section 185.

Explanatory note

(This note is not part of the Order)

This Order brings into force on 23rd April 1987 provisions of the Financial Services Act 1986 enabling the Secretary of State or the Treasury to serve notices on a person connected with a country outside the United Kingdom preventing or restricting the ability of such a person to carry on insurance or deposit-taking business in or in relation to the United Kingdom. Such a notice may be served only if the Secretary of State or, as the case may be, the Treasury consider it in the national interest to do so for reasons related to the ability of persons connected with the United Kingdom to carry on business of the kinds covered by section 183 of the Act in or in relation to the country in question. The provisions brought into force also enable the Secretary of State or the Treasury, as the case may be, to vary or revoke notices served.

The Order also brings into force on the same date provisions of the Financial Services Act 1986 which prevent certain contracts for the purchase, sale, subscription for or underwriting of investments being avoided or rendered unenforceable by reason of the law relating to gaming or wagering.