Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) (No. 2) Order 1990

JurisdictionUK Non-devolved
CitationSI 1990/1493

1990 No. 1493

FINANCIAL SERVICES

The Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme)(No. 2) Order 1990

Made 24th July 1990

Laid before Parliament 24th July 1990

Coming into force 25th July 1990

The Secretary of State, in exercise of the powers conferred on him by sections 2 and 75(9) of the Financial Services Act 19861and of all other powers enabling him in that behalf, hereby makes the following Order:

S-1 Citation, commencement and interpretation

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) (No. 2) Order 1990 and shall come into force on 25th July 1990.

(2) In this Order, “the Act” means the Financial Services Act 1986.

S-2 Employee share schemes in the electricity industry

Employee share schemes in the electricity industry

2. In paragraph 35 of Schedule 1 to the Act2after paragraph (e) there shall be added the following paragraph—

“(f)

“(f) arrangements where—

(i) each of the participants is a bona fide employee or former employee (or the wife, husband, widow, widower, or child (including, in Northern Ireland, adopted child) or step-child under the age of eighteen of such an employee or former employee) of any of the following bodies corporate, that is to say, The National Grid Company plc, Electricity Association Services Limited or any other body corporate in the same group as either of them and which is operated by any of those bodies corporate; and

(ii) the property to which the arrangements relate consists of shares or debentures (as defined in paragraph 20(4) above) in or of a body corporate which is an electricity successor company for the purposes of Part II of the Electricity Act 19893or a body corporate which would be regarded as connected with such an electricity successor company for the purposes of paragraph 20 above.

and for the purposes of this paragraph references to former employees shall have the same meaning as in the Financial Services Act 1986 (Electricity Industry Exemptions) Order 19904.”.

S-3 Sale of goods and supply of services

Sale of goods and supply of services

3. Paragraph 19 of Schedule 1 to the Act5shall be amended by the substitution, in paragraph 19(3)(a), of the figure “5” for the figure “6”.

S-4 Revocation

Revocation

4. Article 4 of the Financial Services Act...

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