Introductory text

Whereas it appears to the Chief Registrar of Friendly Societies that The Securities and Investments Board Limited (“the transferee body”) is able and willing to discharge the functions transferred by this Order and that the requirements mentioned in paragraph 28(1)(b) of Schedule 11 to the Financial Services Act 1986^f1 (“the Act”) are satisfied in the case of the transferee body;

And whereas the Secretary of State and the Chief Registrar of Friendly Societies have been furnished by the transferee body with a copy of the rules and regulations it proposes to make in the exercise of the functions transferred by this Order;

And whereas the Chief Registrar of Friendly Societies has required the transferee body to furnish him and the Secretary of State with a copy of any guidance intended to have continuing effect which it proposes to issue in writing or other legible form;

And whereas the Secretary of State and the Chief Registrar of Friendly Societies are both satisfied that the rules and regulations which the transferee body proposes to make in exercise of the functions transferred by this Order will—

And whereas the Secretary of State has sent to the Director General of Fair Trading a copy of the rules and regulations and of any guidance which the Secretary of State is required to consider in making the decision whether he is precluded by paragraph 36(1) of Schedule 11 to the Act from giving his consent to the making of this Order together with such other information as the Secretary of State considered would assist the Director General of Fair Trading in discharging his functions under section 122(2) of the Act as it has effect by virtue of paragraph 36(2) and (5) of Schedule 11 to the Act;

And whereas the Secretary of State has had regard to the report made to him by the Director General of Fair Trading under section 122(2) of the Act, as it has effect by virtue of paragraph 36(2) and (5) of Schedule 11 to the Act, in deciding whether he is precluded by paragraph 36(1) of Schedule 11 to the Act from giving his consent to the making of this Order;

And whereas the Secretary of State is satisfied that the rules, regulations and guidance of which copies have been furnished to him under paragraphs 29(a) and 30(1) of Schedule 11 to the Act do not have, and are not intended or likely to have, to any significant extent the effect of restricting, distorting or preventing competition;

And whereas a draft of this Order has been laid before and approved by resolution of each House of Parliament in accordance with paragraph 28(9) of Schedule 11 to the Act;