Regulation 2

The Securities and Investments Board shall, in addition to the power exercisable by it under section 78(8) of the Financial Services Act 1986, also have power, exercisable otherwise than on the making of an order under the said section 78, to issue a certificate to the effect that an authorised unit trust scheme complies with the conditions necessary for it to enjoy the rights conferred by Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.