Explanatory note

This Order brings into force on 23rd November 1987 those provisions of the Financial Services Act 1986 which will enable the Secretary of State to recognise and to revoke the recognition of investment exchanges and clearing houses which have their head office outside the United Kingdom.

The Order also brings into force on 1st December 1987 certain provisions of the Act concerning the Rehabilitation of Offenders Act 1974, and the Rehabilitation of Offenders (Northern Ireland) Order 1978, the establishment of the Financial Services Tribunal, the power to obtain compliance orders against recognised self-regulating organisations and recognised professional bodies and the provision of financial assistance for employees' share schemes.

The Order brings section 62 of and paragraphs 22(4) and (5) of Schedule 11 to the Financial Services Act 1986 into force on 1st December 1987 except insofar as those provisions would have the effect of making a breach of rules by a member of a recognised self-regulating organisation or recognised professional body actionable as a breach of statutory duty. Those provisions will come into force for that purpose on 3rd October 1988.