Article 2 The Financial Services Authority
On and after the appointed day—
paragraphs 1 and 2 of Schedule 7 to the Financial Services Act 1986f1 (which are superseded by paragraphs 2 to 5 of Schedule 1) cease to apply to the Authority;
the reference to the Authority’s functions in paragraph 5 of Schedule 1 includes its functions as a designated agency under the Financial Services Act 1986; and
the reference to the Authority’s legislative functions in that paragraph includes its functions of issuing statements of principle, rules, regulations and codes of practice under that Act.
On and after the appointed day, a person who immediately before the appointed day holds office as chairman of, or as a member of, the governing body of the Authority is to be treated as having been appointed under paragraph 2(3) of Schedule 1.
Annotations
Footnotes
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1986 c. 60; paragraph 1 of Schedule 7 was amended by S.I. 1992/1315, Schedule 4, paragraph 4; paragraph 2 of Schedule 7 was amended by the Companies Act 1989 (c. 40), Schedule 23, paragraph 22.