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The Financial Services (Schemes Constituted in Other Member States) Regulations 1989

S.I. 1989/1585 · Made 31 August 1989

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

FINANCIAL SERVICES

Made 31st August 1989

Laid before Parliament 6th September 1989

Coming into force 1st October 1989

The Secretary of State, in exercise of the powers conferred on him by sections 86(1), 205(1) and 207(1) of the Financial Services Act 1986f1 and of all other powers enabling him in that behalf hereby makes the following regulations–

Annotations to the whole text

Footnotes

f1

1986 c. 60.

Contents

  1. 1Regulation 1
  2. 2Regulation 2
  3. Signature
  4. Explanatory note

1

These regulations may be cited as the Financial Services (Schemes Constituted in Other Member States) Regulations 1989 and shall come into force on 1st October 1989.

2

The requirements prescribed for the purposes of section 86 of the Financial Services Act 1986 are that the collective investment scheme is one which, in accordance with Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securitiesf1, is an undertaking for collective investment in transferable securities subject to that Directive.

Signature

Eric Forth

Parliamentary Under Secretary of State

Department of Trade and Industry

31st August 1989

Explanatory note

(This note is not part of the Regulations)

These Regulations prescribe the requirements which a collective investment scheme must satisfy if, subject to the provisions of section 86(2) of the Financial Services Act 1986, it is to be a recognised scheme under section 86 of that Act. Section 86 of the Financial Services Act implements a Community obligation arising by virtue of Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.