Introductory text

FINANCIAL SERVICES

Made 23rd May 1991

Coming into force 24th May 1991

Whereas it appears to the Secretary of State that The Securities andInvestments Board is able and willing to discharge the functionstransferred by this Order and that the requirements of Schedule 7 to theFinancial Services Act 1986^f1 are met with respect to it, and

Whereas the Secretary of State has been furnished by The Securities and Investments Board with a copy of the regulations it proposes to make in the exercise of the functions transferred by this Order, and

Whereas the Secretary of State is satisfied that the regulations which The Securities and Investments Board proposes to make in the exercise of the functions transferred by this Order will afford investors an adequate level of investor protection and comply with the principle set out in paragraph 1A ofSchedule 8 to the Financial Services Act 1986 ^f2, and

Whereas the Secretary of State has required The Securities and Investments Board to furnish him with a copy of any guidance intended to have continuing effect which it proposes to issue in writing or other legible form, and

Whereas the Secretary of State has sent to the Director-General of Fair Trading a copy of the regulations and of any guidance which the Secretary of State is required to consider in making the decision whether he is precluded by section 121(1) of the Financial Services Act 1986 from making this Order together with such other information as the Secretary of State considers will assist the Director-General of Fair Trading in discharging his functions undersection 122(2) of that Act, and

Whereas the Secretary of State has had regard to the report made to him by the Director-General of Fair Trading under section 122(2) of the Financial Services Act 1986 in deciding whether he is precluded by section 121(1) of that Act from making this Order, and

Whereas the Secretary of State is satisfied that the regulations and guidance of which copies have been furnished to him under section 114(9) and (10) of the Financial Services Act 1986 do not have, and are not intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition, and

Whereas a draft of this Order has been approved by resolution of each House of Parliament pursuant to section 114(11) of the Financial Services Act 1986:

Now, therefore, the Secretary of State in exercise of the powers conferred on him by section 114 of that Act and of all other powers enabling him in that behalf hereby makes the following Order: