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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order provides for certain exemptions from the provisions of the Financial Services Act 1986 (c. 60) (FSAct) which are additional to the exemptions specified in Chapter IV of Part I of that Act.

The Order widens the current exemption from the need to be authorised under the FSAct conferred by section 36 of that Act on investment exchanges which have been recognised in accordance with that section. A recognised investment exchange, as defined in the FSAct, is exempted by the Order in respect of any clearing services it may provide otherwise than in its capacity as a recognised investment exchange.

The Order also exempts Treasury Taskforce from the need to be authorised under the FSAct. Treasury Taskforce is a company limited by guarantee which was established following the recommendations in the Bates Report on the Private Finance Initiative.