Explanatory note

This Order brings into force on 29th April 1988 provisions of the Financial Services Act 1986 concerning the criminal and civil sanctions applicable if a person carries on investment business in the United Kingdom without authorisation or exemption under the Act. The Order also brings into force on the same date certain provisions of the Act concerning the regulation of investment business and of persons authorised to carry on that business.

Article 3 of the Order brings the provisions of the Act concerning the issue of certain investment advertisements into force on 29th April 1988 except insofar as those provisions concern certain advertisements which are contained in newspapers, journals, magazines and other periodical publications or are broadcast, televised or distributed through films or recordings. Depending upon the nature of the advertisement Article 4 brings the relevant provisions into force on either 6th May 1988, 29th May 1988 or 29th July 1988. Article 5 of the Order contains provisions concerning advertisements contained in a publication first issued before whichever is relevant of the dates mentioned above.

Article 6 of the Order brings the provisions of the Financial Services Act 1986 concerning the promotion of collective investment schemes into force on 29th April 1988 except insofar as those provisions concern units which are listed or issued on terms conditional upon their being listed on The International Stock Exchange or are the subject of a prospectus which complies with relevant companies legislation. The relevant provisions come into force for all remaining purposes on 1st July 1988.

The Order brings into force on 29th April 1988 provisions of the Act concerning the authorisation and recognition of collective investment schemes and concerning the subsequent regulation of such schemes. Provisions concerning —

are also brought into force on 29th April 1988.

The Order brings certain transitional and consequential provisions and repeals into force on 29th April 1988 including the repeal of the major part of the Prevention of Fraud (Investments) Act 1958 and the corresponding Northern Irish legislation.