Financial Services Act 1986 (Stabilisation) Order 1988
| Jurisdiction | UK Non-devolved |
| Citation | SI 1988/717 |
| Year | 1988 |
1988No. 717
FINANCIAL SERVICES
The Financial Services Act 1986 (Stabilisation)
Order 1988
5thApril1988
6thApril1988
Whereas a draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 48(9) of the Financial Services Act 1986 ( a);
Now, therefore, the Secretary of State, in exercise of the powers conferred on him by section 48(8) of the Financial Services Act 1986 hereby makes the following Order:-
Citation and commencement
1. This Order may be cited as the Financial Services Act 1986 (Stabilisation) Order 1988 and shall come into force on the day after the day on which it is made.
Amendment of section 48(7) of the Financial Services Act 1986
2. Subsection (7) of section 48 of the Financial Services Act 1986 shall be amended by-
(a) inserting "(i)" after "(a)";(b) substituting "(ii)" for "(b)";(c) adding at the end of the subsection-"or
(b)(i) in respect of such investments as are mentioned in subparagraph (a)(i) above: and
(ii) during a period starting with the date of the first public announcement of an offer of those investments which states the price or the minimum price at which the investments are to be sold and ending on the 30th day after the closing date specified in the announcement for acceptances of such offer."
(d) adding a new subsection after the subsection-"(7A) For the purposes of subparagraph (b)(ii) of subsection (7) above "an offer" means an offer for cash (other than in relation to the issue of the investments in question) where either-
(a) the investments have been admitted to dealing on a recognised investment exchange or any other exchange of repute outside the United Kingdom; or(b) the offer is on the occasion of such admission or conditional on such admission:(a) 1986 c.60.
and the total cost of the investments subject to the offer at the price stated in the first public announcement mentioned in subsection (7) above is at least ±15,000,000 (or the equivalent in the currency or unit of account in which the price is stated on the date of the announcement)."
Francis Maude |
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends section 48(7) of the Financial Services Act 1986 so as to extend the scope of the exception to the offence in section 47(2) of that Act concerning market manipulation. As a result of the amendment, anything done for the purpose of stabilising the price of investments will not be a contravention of...
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