Financial Services Act 1986 (Extension of Scope of Act) Order 1997 (Approved by Parliament)
1997 No. 2543
FINANCIAL SERVICES
The Financial Services Act 1986 (Extension of Scope of Act) Order 1997 (Approved by Parliament)
Made 27th October 1997
Laid before Parliament 27th October 1997
Coming into force 10th November 1997
The Treasury in the exercise of the powers conferred on them by sections 2 and 205A1of the Financial Services Act 19862and of all other powers enabling them in that behalf hereby make the following Order:—
Citation and commencement
1.—(1) This Order may be cited as the Financial Act 1986 (Extension of Scope of Act) Order 1997.
(2) This Order shall come into force on 10th November 1997.
Dematerialised instructions sent etc through CGO Service
2.—(1) Paragraph 16A3of Schedule 1 to the Financial Services Act 1986 (sending dematerialised instructions etc as activity constituting investment business) shall be amended as follows.
(2) For paragraph 16A there shall be substituted—
“Sending dematerialised instructions etc(16A) Sending on behalf of another person dematerialised instructions relating to an investment by means of—(a) a relevant system in respect of which an Operator is approved under the Uncertificated Securities Regulations 19954; or(b) a computer-based system, established by the Bank of England and the London Stock Exchange, through the medium of which specified securities may be transferred or allotted without the need for an instrument in writing,or offering or agreeing to do so, or causing on behalf of another person such instructions to be sent by such means or offering or agreeing to do so.”.
(3) In Note (1), after the word “instructions” there shall be inserted “by means of a system falling within (a) above”.
(4) After Note (1) there shall be inserted—
S-1A “1A This paragraph does not apply to a person—
(a) by reason of his sending, or causing the sending of, instructions by means of a system falling within (b) above on behalf of a settlement bank acting in its capacity as such, or by reason of his offering or agreeing to do so; or
(b) by reason of any activity in which he engages, or in which he offers or agrees to engage, at a time when he is accredited by the Bank of England as a provider of a network for the purposes of a system falling within (b) above and which is a necessary part of the provision of such a network.”.
(5) For Notes (2) and (3) there shall be substituted—
“2 For the purposes of this paragraph a person shall be taken to cause, or to offer or agree to cause, the sending of a dematerialised instruction only if—
(a) in the case of a system falling within (a) above, he is a system-participant; and
(b) in the case of a system falling within (b) above, he is a person who, under an agreement with the Bank of England, is responsible for the operation of, and the maintenance of security over, a gateway.
3 In this...
To continue reading
Request your trial