COMMENTED by
The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (Note)

The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002

STATUTORY INSTRUMENTS

2002 No. 1555

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002

Made 12th June 2002

Laid before Parliament 12th June 2002

Coming into force 3rd July 2002

The Treasury, in exercise of the powers conferred on them by sections 416(4), 426 and 427 of the Financial Services and Markets Act 2000[1], hereby make the following Order:

Citation and commencement

1. This Order may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 and comes into force on 3rd July 2002.

PRIMARY LEGISLATION

The Industrial Assurance Act 1923 (c. 8)

Illegal policies: liability of insurer

2. - (1) The Industrial Assurance Act 1923 (as that Act has effect, notwithstanding its repeal[2], by virtue of the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001[3]) is amended as follows.

(3) In section 5 (prohibition on issue of illegal policies), in subsection (1)[4] for "entitled" (in the second place it occurs) substitute "liable".

The Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65)

Contraventions of the 1951 Act

3. In subsection (5)[5] of section 57 of the Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (provisions supplementary to the three preceding sections), before "of regulations under this section" insert "this Part or".

Offences under the 1951 Act: application to Guernsey and Jersey

4. - (1) In relation to the Channel Islands[6], section 57 of the Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 is amended as follows.

(2) For subsection (5)[7] substitute -

(5) An industrial assurance company, a collecting society or a friendly society which fails to comply with the provisions of this Part or of regulations under this section shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 4 on the standard scale.".

(3) Subsections (5A) and (5B) are omitted.

The Local Government Act 1972 (c. 70)

Meaning of "securities"

5. - (1) In subsection (1) of section 98 of the Local Government Act 1972 (interpretation of sections 95 and 97)[8] for paragraph (a)[9] substitute -

(a) any of the following kinds of investments, namely -

(i) shares,

(ii) instruments creating or acknowledging indebtedness,

(iii) government and public securities,

(iv) instruments giving entitlement to investments,

(v) certificates representing securities,

(vi) units in a collective investment scheme,

(vii) rights to, or interests in, any security of a kind mentioned in sub-paragraphs (i) to (vi); or".

(2) After subsection (2) of...

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