# The Financial Services Act 1986 (Corporate Debt Exemption) Order 1997

S.I. 1997/816 · made 13 March 1997

This Order extends the range of corporate debt instruments which can be the subject of transactions which fall within Schedule 5 of the Financial Services Act 1986 (c. 60) (“FSA”) and therefore benefit from the exemption granted in section 43 of the FSA. The order replaces the separate categories of investment currently set out in paragraphs 2(2)(a) and (b) of Schedule 5 of the FSA and in Article 2 of the Financial Services Act 1986 (Listed Money Market Institutions and Miscellaneous Exemptions) Order 1990 (S.I. 1990/696) with a single category of corporate debt instruments having a maturity date of not more than five years from the date of issue.

Made under: Financial Services Act 1986 (repealed) (Section 46)

## Introductory text

FINANCIAL SERVICES
Made 13th March 1997
Laid before Parliament 13th March 1997
Coming into force 3rd April 1997
The Treasury in the exercise of powers conferred on them by section 46 of the Financial Services Act 1986 and of all other powers enabling them in that behalf hereby make the following Order:

## 1 Citation, commencement and interpretation

(1) This Order may be cited as the Financial Services Act 1986 (Corporate Debt Exemption) Order 1997 and shall come into force on 3rd April 1997.
(2) In this Order “the Act” means the Financial Services Act 1986.

## 2 Corporate debt exemption

Part I of Schedule 5 to the Act shall be amended as follows:
(a) for paragraphs (a) and (b) of paragraph 2(2) there shall be substituted—
“(a) a debenture or other instrument falling within paragraph 2 of Schedule 1 to this Act which is issued on terms requiring repayment not later than five years from the date of issue;”
(b) in paragraphs (d), (e), (f)(i) and (g)(i) of paragraph 2(2), for “paragraph (a), (b) or (c)” there shall be substituted “paragraph (a) or (c)”.

## 3 Corporate debt exemption

In Part II of Schedule 5 to the Act, in paragraph 5(2), for “paragraph (2)(a), (b), (c) or (e)” there shall be substituted “paragraph (2)(a), (c) or (e) above”.

## 4 Revocation

Articles 1(2) and 2 of the Financial Services Act 1986 (Listed Money Market Institutions and Miscellaneous Exemptions) Order 1990 are hereby revoked.

## 5 Revocation

Paragraph 23 of Schedule 10 to the Banking Coordination (Second Council Directive) Regulations 1992 is hereby revoked.

## Signature

Roger Knapman
Patrick McLoughlin
Two of the Lord Commissioners of Her Majesty’s Treasury
13th March 1997

## Explanatory note

(This note is not part of the Order)
This Order extends the range of corporate debt instruments which can be the subject of transactions which fall within Schedule 5 of the Financial Services Act 1986 (c. 60) (“FSA”) and therefore benefit from the exemption granted in section 43 of the FSA. The order replaces the separate categories of investment currently set out in paragraphs 2(2)(a) and (b) of Schedule 5 of the FSA and in Article 2 of the Financial Services Act 1986 (Listed Money Market Institutions and Miscellaneous Exemptions) Order 1990 (S.I. 1990/696) with a single category of corporate debt instruments having a maturity date of not more than five years from the date of issue.

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Source: https://www.legislation.gov.uk/uksi/1997/816 (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-corporate-debt-exemption-order-1997
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.