Section 67 Vesting of assets in trustee.C1
United Kingdom
The Secretary of State may impose a requirement that all assets, or all assets of any specified class or description, which at any time while the requirement is in force—
belong to an authorised person or appointed representative; or
belong to investors and are held by or to the order of an authorised person or appointed representative,
shall be transferred to and held by a trustee approved by the Secretary of State.
Where a requirement is imposed under this section it shall be the duty of the authorised person or, as the case may be, appointed representative to transfer the assets to the trustee and to give him all such other assistance as may be required to enable him to discharge his functions in accordance with the requirement.
Assets held by a trustee in accordance with a requirement under this section shall not be released or dealt with except in accordance with directions given by the Secretary of State or in such circumstances as may be specified by him.
A requirement under this section may relate to assets outside the United Kingdom.
Annotations
Modifications
- C1
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S. 67 amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para.23.
- C2
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S. 67(1)(b) amended (1.1.1993) by S.I. 1992/3218, reg. 16(3).
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)
Notes on Part I
Modifications
- C1
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Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2
- C2
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Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)
Notes on Chapter VI
Modifications
- C1
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Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5