Financial Services Act 1986 (repealed)

• (8) The revocation of such a notice as is mentioned in subsection (3)(a) above shall not have the effect of reviving the authorisation cancelled by the notice except where the person would (apart from the notice) at the time of the revocation be an authorised person by virtue of his membership of a recognised self-regulating organisation or certification by a recognised professional body ; but nothing in this subsection shall be construed as preventing any person who has been subject to such a notice from again becoming authorised after the revocation of the notice.

• (9) If it appears to the Secretary of State—

• (a) that a person on whom he serves a notice under subsection (3) above is an authorised person by virtue of an authorisation granted by a designated agency or by virtue of membership of a recognised self-regulating organisation or certification by a recognised professional body; or

• (b) that a person on whom he serves a revocation notice under subsection (7) above was such an authorised person at the time that the notice which is being revoked was served,

he shall serve a copy of the notice on that agency, organisation or body.

• (10) The functions to which section 114 above applies shall include the functions of the Secretary of State under this section but any transfer of those functions shall be subject to a reservation that they are to be exercisable by him concurrently with the designated agency and so as to be exercisable by the agency subject to such conditions or restrictions as the Secretary of State may from time to time impose.

PART VIII — Restrictions on Disclosure of Information

Restrictions on disclosure of information

179

• (1) Subject to section 180 below, information which is restricted information for the purposes of this section and relates to the business or other affairs of any person shall not be disclosed by a person mentioned in subsection (3) below (" the primary recipient") or any person obtaining the information directly or indirectly from him without the consent of the person from whom the primary recipient obtained the information and if different, the person to whom it relates.

• (2) Subject to subsection (4) below, information is restricted information for the purposees of this section if it was obtained by the primary recipient for the purposes of, or in the discharge of his functions under, this Act or any rules or regulations made under this Act (whether or not by virtue of any requirement to supply it made under those provisions).

• (3) The persons mentioned in subsection (1) above are—

• (a) the Secretary of State;

• (b) any designated agency, transferee body or body administering a scheme under section 54 above ;

• (c) the Director General of Fair Trading ;

• (d) the Chief Registrar of friendly societies;

• (e) the Registrar of Friendly Societies for Northern Ireland ;

• (f) the Bank of England ;

• (g) any member of the Tribunal;

• (h) any person appointed or authorised to exercise any powers under section 94, 106 or 177 above ; and

• (i) any officer or servant of any such person.

• (4) Information shall not be treated as restricted information for the purposes of this section if it has been made available to the public by virtue of being disclosed in any circumstances in which or for any purpose for which disclosure is not precluded by this section.

• (5) Subject to section 180 below, information obtained by the competent authority in the exercise of its functions under Part IV of this Act or received by it pursuant to a Community obligation from any authority exercising corresponding functions in another member State shall not be disclosed without the consent of the person from whom the competent authority obtained the information and, if different, the person to whom it relates.

• (6) Any person who contravenes this section shall be guilty of an offence and liable—

• (a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both ;

• (b) on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding the statutory maximum or to both.

Exceptions from restrictions on disclosure

180

• (1) Section 179 above shall not preclude the disclosure of information—

• (a) with a view to the institution of or otherwise for the purposes of criminal proceedings :

• (b) with a view to the institution of or otherwise for the purposes of any civil proceedings arising under or by virtue of this Act or proceedings before the Tribunal;

• (c) for the purpose of enabling or assisting the Secretary of State to exercise any powers conferred on him by this Act or by the enactments relating to companies insurance companies or insolvency or for the purpose of enabling or assisting any inspector appointed by him under the enactments relating to companies to discharge his functions;

• (d) for the purpose of enabling or assisting the Department of Economic Development for Northern Ireland to exercise any powers conferred on it by the enactments relating to companies or insolvency or for the purpose of enabling or assisting any inspector appointed by it under the enactments relating to companies to discharge his functions;

• (e) for the purpose of enabling or assisting a designated agency or transferee body or the competent authority to discharge its functions under this Act or of enabling or assisting the body administering a scheme under section 54 above to discharge its functions under the scheme;

• (f) for the purpose of enabling or assisting the Bank of England to discharge its functions under the Banking Act 1979 or any other functions ;

• (g) for the purpose of enabling or assisting the Deposit Protection Board to discharge its functions under that Act;

• (h) for the purpose of enabling or assisting the Chief Registrar of friendly societies or the Registrar of Friendly Societies for Northern Ireland to discharge his functions under this Act or under the enactments relating to friendly societies or building societies ;

• (i) for the purpose of enabling or assisting the Industrial Assurance Commissioner or the Industrial Assurance Commissioner for Northern Ireland to discharge his functions under the enactments relating to industrial assurance;

• (j) for the purpose of enabling or assisting the Insurance Brokers Registration Council to discharge its functions under the Insurance Brokers (Registration) Act 1977;

• (k) for the purpose of enabling or assisting an official receiver to discharge his functions under the enactments relating to insolvency or for the purpose of enabling or assisting a body which is for the time being a recognised professional body for the purposes of section 391 of the Insolvency Act 1986 to discharge its functions as such;

• (l) for the purpose of enabling or assisting the Building Societies Commission to discharge its functions under the Building Societies Act 1986 ;

• (m) for the purpose of enabling or assisting the Director General of Fair Trading to discharge his functions under this Act;

• (n) for the purpose of enabling or assisting a recognised self-regulating organisation, recognised investment exchange, recognised professional body, or recognised clearing house to discharge its functions as such;

• (o) with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise by a solicitor, auditor, accountant, valuer or actuary of his professional duties ;

• (p) for the purpose of enabling or assisting any person appointed or authorised to exercise any powers under section 94, 106 or 177 above to discharge his functions ;

• (q) for the purpose of enabling or assisting an auditor of an authorised person or a person approved under section 108 above to discharge his functions ;

• (r) if the information is or has been available to the public from other sources;

• (s) in a summary or collection of information framed in such a way as not to enable the identity of any person to whom the information relates to be ascertained; or

• (t) in pursuance of any Community obligation.

• (2) Section 179 above shall not preclude the disclosure of information to the Secretary of State or to the Treasury if the disclosure is made in the interests of investors or in the public interest.

• (3) Subject to subsection (4) below, section 179 above shall not preclude the disclosure of information for the purpose of enabling or assisting any public or other authority for the time being designated for the purposes of this section by an order made by the Secretary of State to discharge any functions which are specified in the order.

• (4) An order under subsection (3) above designating an authority for the purposes of that subsection may—

• (a) impose conditions subject to which the disclosure of information is permitted by that subsection ; and

• (b) otherwise restrict the circumstances in which that subsection permits disclosure.

• (5) Section 179 above shall not preclude the disclosure—

• (a) of any information contained in an unpublished report of the Tribunal which has been made available to any person under this Act, by the person to whom it was made available or by any person obtaining the information directly or indirectly from him ;

• (b) of any information contained in any notice or copy of a notice served under this Act, notice of the contents of which has not been given to the public, by the person on whom it was served or any person obtaining the information directly or indirectly from him;

• (c) of any information contained in the register kept under section 102 above by virtue of subsection (1)(e) of that section, by a person who has inspected the register under section 103(2) or (3) above or any person obtaining the information directly or indirectly from him.

• (6) Section 179 above shall not preclude the disclosure of information for the purpose of enabling or assisting an authority in a country or territory outside the United Kingdom to exercise functions corresponding to those of the Secretary of State under this Act or the Insurance Companies Act 1982 or to those of the Bank of England under the Banking Act 1979 or to those of the competent authority under this Act or any other functions in connection with rules of law corresponding to the provisions of the Company Securities (Insider Dealing) Act 1985 or Part VII of this Act.

• (7) Section 179 above shall not preclude the disclosure of information by the Director General of Fair Trading or any officer or servant of his or any person obtaining the information directly or indirectly from the Director or any such officer or servant if the information was obtained by the Director or any such officer or servant for the purposes of or in the discharge of his functions under this Act (whether or not he was the primary recipient of the information within the meaning of section 179 above) and the disclosure is made—

• (a) for the purpose of enabling or assisting the Director, the Secretary of State or any other Minister, the Monopolies and Mergers Commission or any Northern Ireland department to discharge any function conferred on him or them by the Fair Trading Act 1973 (other than Part II or III of that Act), the Restrictive Trade Practices Act 1976 or the Competition Act 1980; or

• (b) for the purposes of any civil proceedings under any of those provisions;

and information shall not be treated as restricted information for the purposes of section 179 above if it has been made available to the public by virtue of this subsection.

• (8) The Secretary of State may by order modify the application of any provision of this section so as—

• (a) to prevent the disclosure by virtue of that provision ; or

• (b) to restrict the extent to which disclosure is permitted by virtue of that provision,

of information received by a person specified in the order pursuant to a Community obligation from a person exercising functions in relation to a collective investment scheme who is also so specified.

• (9) An order under subsection (3) or (8) above shall be subject to annulment in pursuance of a resolution of either House of Parliament.

Directions restricting disclosure of information overseas

181

• (1) If it appears to the Secretary of State to be in the public interest to do so, he may give a direction prohibiting the disclosure to any person in a country or territory outside the United Kingdom which is specified in the direction, or to such persons in such a country or territory as may be so specified, of such information to which this section applies as may be so specified.

• (2) A direction under subsection (1) above—

• (a) may prohibit disclosure of the information to which it applies by all persons or only by such persons or classes of person as may be specified in it; and

• (b) may prohibit such disclosure absolutely or in such cases or subject to such conditions as to consent or otherwise as may be specified in it;

and a direction prohibiting disclosure by all persons shall be published by the Secretary of State in such manner as appears to him to be appropriate.

• (3) This section applies to any information relating to the business or other affairs of any person which was obtained (whether or not by virtue of any requirement to supply it) directly or indirectly—

• (a) by a designated agency, a transferee body, the competent authority or any person appointed or authorised to exercise any powers under section 94,106 or 177 above (or any officer or servant of any such body or person) for the purposes or in the discharge of any functions of that body or person under this Act or any rules or regulations made under this Act or of any monitoring agency functions; or

• (b) by a recognised self-regulating organisation, a recognised professional body, a recognised investment exchange or a recognised clearing house other than an overseas investment exchange or clearing house (or any officer or servant of such an organisation, body, investment exchange or clearing house) for the purposes or in the discharge of any of its functions as such or of any monitoring agency functions.

• (4) In subsection (3) above " monitoring agency functions" means any functions exercisable on behalf of another body by virtue of arrangements made pursuant to paragraph 4(2) of Schedule 2, paragraph 4(6) of Schedule 3, paragraph 3(2) of Schedule 4 or paragraph 3(2) of Schedule 7 to this Act or of such arrangements as are mentioned in section 39(4)(6) above.

• (5) A direction under this section shall not prohibit the disclosure by any person other than a person mentioned in subsection (3) above of—

• (a) information relating only to the affairs of that person; or

• (b) information obtained by that person otherwise than directly or indirectly from a person mentioned in subsection (3) above.

• (6) A direction under this section shall not prohibit the disclosure of information in pursuance of any Community obligation.

• (7) A person who knowingly discloses information in contravention of a direction under this section shall be guilty of an offence and liable—

• (a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both ;

• (b) on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding the statutory maximum or to both.

• (8) A person shall not be guilty of an offence under this section by virtue of anything done or omitted to be done by him outside the United Kingdom unless he is a British citizen, a British Dependent Territories citizen, a British Overseas citizen or a body corporate incorporated in the United Kingdom.

Disclosure of information under enactments relating to fair trading, banking, insurance and companies

182

The enactments mentioned in Schedule 13 to this Act shall have effect with the amendments there specified (which relate to the circumstances in which information obtained under those enactments may be disclosed).

PART IX — Reciprocity

Reciprocal facilities for financial business

183

• (1) If it appears to the Secretary of State or the Treasury that by reason of—

• (a) the law of any country outside the United Kingdom ; or

• (b) any action taken by or the practices of the government or any other authority or body in that country,

persons connected with the United Kingdom are unable to carry on investment, insurance or banking business in, or in relation to, that country on terms as favourable as those on which persons connected with that country are able to carry on any such business in, or in relation to, the United Kingdom, the Secretary of State or, as the case may be, the Treasury may serve a notice under this subsection on any person connected with that country who is carrying on or appears to them to intend to carry on any such business in, or in relation to, the United Kingdom.

• (2) No notice shall be served under subsection (1) above unless the Secretary of State or, as the case may be, the Treasury consider it in the national interest to serve it; and before doing so the Secretary of State or, as the case may be, the Treasury shall so far as they consider expedient consult such body or bodies as appear to them to represent the interests of persons likely to be affected.

• (3) A notice under subsection (1) above shall state the grounds on which it is given (identifying the country in relation to which those grounds are considered to exist); and any such notice shall come into force on such date as may be specified in it.

• (4) For the purposes of this section a person is connected with a country if it appears to the Secretary of State or, as the case may be, the Treasury—

• (a) in the case of an individual, that he is a national of or resident in that country or carries on investment, insurance or banking business from a principal place of business there;

• (b) in the case of a body corporate, that it is incorporated or has a principal place of business in that country or is controlled by a person or persons connected with that country;

• (c) in the case of a partnership, that it has a principal place of business in that country or that any partner is connected with that country;

• (d) in the case of an unincorporated association which is not a partnership, that it is formed under the law of that country, has a principal place of business there or is controlled by a person or persons connected with that country.

• (5) In this section " country " includes any territory or part of a country or territory ; and where it appears to the Secretary of State or, as the case may be, the Treasury that there are such grounds as are mentioned in subsection (1) above in the case of any part of a country or territory their powers under that subsection shall also be exercisable in respect of any person who is connected with that country or territory or any other part of it.

Investment and insurance business

184

• (1) A notice under section 183 above relating to the carrying on of investment business or insurance business shall be served by the Secretary of State and such a notice may be a disqualification notice, a restriction notice or a partial restriction notice and may relate to the carrying on of business of both kinds.

• (2) A disqualification notice as respects investment business or insurance business shall have the effect of—

• (a) cancelling any authorisation of the person concerned to carry on that business after the expiry of such period after the service of the notice as may be specified in it;

• (b) disqualifying him from becoming authorised to carry on that business after the expiry of that period; and

• (c) restricting any authorisation of the person concerned in respect of that business during that period to the performance of contracts entered into before the notice comes into force;

and the period specified in such a notice shall be such period as appears to the Secretary of State to be reasonable to enable the person on whom it is served to complete the performance of those contracts and to terminate such of them as are of a continuing nature.

• (3) A restriction notice as respects investment business or insurance business shall have the effect of restricting any authorisation of the person concerned in respect of that business to the performance of contracts entered into before the notice comes into force.

• (4) A partial restriction notice as respects investment business may prohibit the person concerned from—

• (a) entering into transactions of any specified kind or enterering into them except in specified circumstances or to a specified extent;

• (b) soliciting business from persons of a specified kind or otherwise than from such persons ;

• (c) carrying on business in a specified manner or otherwise than in a specified manner.

• (5) A partial restriction notice as respects insurance business may direct that the person concerned shall cease to be authorised under section 3 or 4 of the Insurance Companies Act 1982 to effect contracts of insurance of any description specified in the notice.

• (6) If it appears to the Secretary of State that a person on whom he serves a notice under section 183 above as respects investment business is an authorised person by virtue of an authorisation granted by a designated agency or by virtue of membership of a recognised self-regulating organisation or certification by a recognised professional body he shall serve a copy of the notice on that agency, organisation or body.

• (7) If it appears to the Secretary of State—

• (a) that any person on whom a partial restriction notice has been served by him has contravened any provision of that notice or, in the case of a notice under subsection (5) above, effected a contract of insurance of a description specified in the notice; and

• (b) that any such grounds as are mentioned in subsection (1) of section 183 above still exist in the case of the country concerned,

he may serve a disqualification notice or a restriction notice on him under that section.

• (8) Sections 28, 33, 60, 61 and 62 above shall have effect in relation to a contravention of such a notice as is mentioned in subsection (4) above as they have effect in relation to any such contravention as is mentioned in those sections.

Banking business

185

• (1) A notice under section 183 above relating to the carrying on of a deposit-taking business as a recognised bank or licensed institution within the meaning of the Banking Act 1979 shall be served by the Treasury and may be either a disqualification notice or a partial restriction notice.

• (2) A disqualification notice relating to such business shall have the effect of—

• (a) cancelling any recognition or licence granted to the person concerned under the Banking Act 1979 ; and

• (b) disqualifying him from becoming a recognised bank or licensed institution within the meaning of that Act

• (3) A partial restriction notice relating to such business may—

• (a) prohibit the person concerned from dealing with or disposing of his assets in any manner specified in the direction;

• (b) impose limitations on the acceptance by him of deposits ;

• (c) prohibit him from soliciting deposits either generally or from persons who are not already depositors;

• (d) prohibit him from entering into any other transaction or class of transactions;

• (e) require him to take certain steps, to pursue or refrain from pursuing a particular course of activities or to restrict the scope of his business in a particular way.

• (4) The Treasury shall serve on the Bank of England a copy of any notice served by them under section 183 above.

• (5) Any person who contravenes any provision of a partial restriction notice served on him by the Treasury under this section shall be guilty of an offence and liable—

• (a) on conviction on indictment, to a fine ;

• (b) on summary conviction, to a fine not exceeding the statutory maximum.

• (6) Any such contravention shall be actionable at the suit of a person who suffers loss as a result of the contravention subject to the defences and other incidents applying to actions for breach of statutory duty, but no such contravention shall invalidate any transaction.

• (7) At the end of subsection (1) of section 8 of the Banking Act 1979 (power to give directions in connection with termination of deposit-taking authority) there shall be inserted—

(d) at any time after a disqualification notice has been served on the institution by the Treasury under section 183 of the Financial Services Act 1986.

.

Variation and revocation of notices

186

• (1) The Secretary of State or the Treasury may vary a partial restriction notice served under section 183 above by a notice in writing served on the person concerned ; and any such notice shall come into force on such date as is specified in the notice.

• (2) A notice under section 183 above may be revoked at any time by the Secretary of State or, as the case may be, the Treasury by serving a revocation notice on the person concerned; and the Secretary of State or, as the case may be, the Treasury shall revoke a notice if it appears to them that there are no longer any such grounds as are mentioned in subsection (1) of that section in the case of the country concerned.

• (3) The revocation of a disqualification notice as respects investment business or insurance business shall not have the effect of reviving the authorisation which was cancelled by the notice except where the notice relates to investment business and the person concerned would (apart from the disqualification notice) at the time of the revocation be an authorised person as respects the investment business in question by virtue of his membership of a recognised self-regulating organisation or certification by a recognised professional body.

• (4) The revocation of a disqualification notice as respects banking business shall not have the effect of reviving the recognition or licence which was cancelled by the notice.

• (5) Nothing in subsection (3) or (4) above shall be construed as preventing any person who has been subject to a disqualification notice as respects any business from again becoming authorised or, as the case may be, becoming a recognised bank or licensed institution within the meaning of the Banking Act 1979 after the revocation of the notice.

• (6) If it appears to the Secretary of State that a person on whom he serves a notice under this section as respects investment business was an authorised person by virtue of an authorisation granted by a designated agency or by virtue of membership of a recognised self-regulating organisation or certification by a recognised professional body at the time that the notice which is being varied or revoked was served, he shall serve a copy of the notice on that agency, organisation or body.

• (7) The Treasury shall serve on the Bank of England a copy of any notice served by them under this section.

PART X — Miscellaneous and Supplementary

Exemption from liability for damages

187

• (1) Neither a recognised self-regulating organisation nor any of its officers or servants or members of its governing body shall be liable in damages for anything done or omitted in the discharge or purported discharge of any functions to which this subsection applies unless the act or omission is shown to have been in bad faith.

• (2) The functions to which subsection (1) above applies are the functions of the organisation so far as relating to, or to matters arising out of—

• (a) the rules, practices, powers and arrangements of the organisation to which the requirements in paragraphs 1 to 6 of Schedule 2 to this Act apply ;

• (b) the obligations with which paragraph 7 of that Schedule requires the organisation to comply ;

• (c) any guidance issued by the organisation ;

• (d) the powers of the organisation under section 53(2), 64(4), 72(5), 73(5) or 105(2)(a) above ; or

• (e) the obligations to which the organisation is subject by virtue of this Act.

• (3) No designated agency or transferee body nor any member, officer or servant of a designated agency or transferee body shall be liable in damages for anything done or omitted in the discharge or purported discharge of the functions exercisable by the agency by virtue of a delegation order or, as the case may be, the functions exercisable by the body by virtue of a transfer order unless the act or omission is shown to have been in bad faith.

• (4) Neither the competent authority nor any member, officer, or servant of that authority shall be liable in damages for anything done or omitted in the discharge or purported discharge of any functions of the authority under Part IV of this Act unless the act or omission is shown to have been in bad faith.

• (5) The functions to which subsections (1) and (3) above apply also include any functions exercisable by a recognised self-regulating organisation, designated agency or transferee body on behalf of another body by virtue of arrangements made pursuant to paragraph 4(2) of Schedule 2, paragraph 4(6) of Schedule 3, paragraph 3(2) of Schedule 4 or paragraph 3(2) of Schedule 7 to this Act or of such arrangements as are mentioned in section 39(4)(6) above.

• (6) A recognised professional body may make it a condition of any certificate issued by it for the purposes of Part I of this Act that neither the body nor any of its officers or servants or members of its governing body is to be liable in damages for anything done or omitted in the discharge or purported discharge of any functions to which this subsection applies unless the act or omission is shown to have been in bad faith.

• (7) The functions to which subsection (6) above applies are the functions of the body so far as relating to, or to matters arising out of—

• (a) the rules, practices and arrangements of the body to which the requirements in paragraphs 2 to 5 of Schedule 3 to this Act apply ;

• (b) the obligations with which paragraph 6 of that Schedule requires the body to comply ;

• (c) any guidance issued by the body in respect of any matters dealt with by such rules as are mentioned in paragraph (a) above;

• (d) the powers of the body under the provisions mentioned in subsection (1)(d) above or under section 54(3) above ; or

• (e) the obligations to which the body is subject by virtue of this Act.

Jurisdiction as respects actions concerning designated agency etc.

188

• (1) Proceedings arising out of any act or omission (or proposed act or omission) of a designated agency, transferee body or the competent authority in the discharge or purported discharge of any of its functions under this Act may be brought in the High Court or the Court of Session.

• (2) At the end of Schedule 5 to the Civil Jurisdiction and Judgments Act 1982 (exclusion of certain proceedings from the provisions of Schedule 4 to that Act which determine whether the courts in each part of the United Kingdom have jurisdiction in proceedings) there shall be inserted—

(10) Such proceedings as are mentioned in section 188 of the Financial Services Act 1986.

.

Restriction of Rehabilitation of Offenders Act 1974

189

• (1) The Rehabilitation of Offenders Act 1974 shall have effect subject to the provisions of this section in cases where the spent conviction is for—

• (a) an offence involving fraud or other dishonesty ; or

• (b) an offence under legislation (whether or not of the United Kingdom) relating to companies (including insider dealing), building societies, industrial and provident societies, credit unions, friendly societies, insurance, banking or other financial services, insolvency, consumer credit or consumer protection.

• (2) Nothing in section 4(1) (restriction on evidence as to spent convictions in proceedings) shall prevent the determination in any proceedings specified in Part I of Schedule 14 to this Act of any issue, or prevent the admission or requirement in any such proceedings of any evidence, relating to a person's previous convictions for any such offence as is mentioned in subsection (1) above or to circumstances ancillary thereto.

• (3) A conviction for any such offence as is mentioned in subsection (1) above shall not be regarded as spent for the purposes of section 4(2) (questions relating to an individual's previous convictions) if—

• (a) the question is put by or on behalf of a person specified in the first column of Part II of that Schedule and relates to an individual (whether or not the person questioned) specified in relation to the person putting the question in the second column of that Part; and

• (b) the person questioned is informed when the question is put that by virtue of this section convictions for any such offence are to be disclosed.

• (4) Section 4(3)(b) (spent conviction not to be ground for excluding person from office, occupation etc.) shall not prevent a person specified in the first column of Part III of that Schedule from taking such action as is specified in relation to that person in the second column of that Part by reason, or partly by reason, of a spent conviction for any such offence as is mentioned in subsection (1) above of an individual who is—

• (a) the person in respect of whom the action is taken ;

• (b) as respects action within paragraph 1 or 4 of that Part, an associate of that person ; or

• (c) as respects action within paragraph 1 of that Part consisting of a decision to refuse or revoke an order declaring a collective investment scheme to be an authorised unit trust scheme or a recognised scheme, the operator or trustee of the scheme or an associate of his,

or of any circumstances ancillary to such a conviction or of a failure (whether or not by that individual) to disclose such a conviction or any such circumstances.

• (5) Parts I, II and III of that Schedule shall have effect subject to Part IV.

• (6) In this section and that Schedule " associate " means—

• (a) in relation to a body corporate, a director, manager or controller;

• (b) in relation to a partnership, a partner or manager;

• (c) in relation to a registered friendly society, a trustee, manager or member of the committee of the society;

• (d) in relation to an unincorporated association, a member of its governing body or an officer, manager or controller ; *

• (e) in relation to an individual, a manager.

• (7) This section and that Schedule shall apply to Northern Ireland with the substitution for the references to the said Act of 1974 and section 4(1), (2) and (3)(b) of that Act of references to the Rehabilitation of Offenders (Northern Ireland) Order 1978 and Article 5(1), (2) and (3)(b) of that Order.

Data protection

190

An order under section 30 of the Data Protection Act 1984 (exemption from subject access provisions of data held for the purpose of discharging designated functions conferred by or under enactments relating to the regulation of financial services etc.) may designate for the purposes of that section as if they were functions conferred by or under such an enactment as is there mentioned—

• (a) any functions of a recognised self-regulating organisation in connection with the admission or expulsion of members, the suspension of a person's membership or the supervision or regulation of persons carrying on investment business by virtue of membership of the organisation;

• (b) any functions of a recognised professional body in connection with the issue of certificates for the purposes of Part I of this Act, the withdrawal or suspension of such certificates or the supervision or regulation of persons carrying on investment business by virtue of certification by that body;

• (c) any functions of a recognised self-regulating organisation for friendly societies in connection with the supervision or regulation of its member societies.

Occupational pension schemes

191

• (1) Subject to the provisions of this section, a person who apart from this section would not be regarded as carrying on investment business shall be treated as doing so if he engages in the activity of management falling within paragraph 14 of Schedule 1 to this Act in a case where the assets referred to in that paragraph are held for the purposes of an occupational pension scheme.

• (2) Subsection (1) above does not apply where all decisions, or all day to day decisions, in the carrying on of that activity so far as relating to assets which are investments are taken on behalf of the person concerned by—

• (a) an authorised person ;

• (b) an exempted person who in doing so is acting in the course of the business in respect of which he is exempt ; or

• (c) a person who does not require authorisation to manage the assets by virtue of Part IV of Schedule 1 to this Act.

• (3) The Secretary of State may by order direct that a person of such description as is specified in the order shall not by virtue of this section be treated as carrying on investment business where the assets are held for the purposes of an occupational pension scheme of such description as is so specified, being a scheme in the case of which it appears to the Secretary of State that management by an authorised or exempted person is unnecessary having regard to the size of the scheme and the control exercisable over its affairs by the members.

• (4) An order under subsection (3) above shall be subject to annulment in pursuance of a resolution of either House of Parliament.

• (5) For the purposes of subsection (1) above paragraph 14 of Schedule 1 to this Act shall be construed without reference to paragraph 22 of that Schedule.

International obligations

192

• (1) If it appears to the Secretary of State—

• (a) that any action proposed to be taken by a recognised self-regulating organisation, designated agency, transferee body or competent authority would be incompatible with Community obligations or any other international obligations of the United Kingdom ; or

• (b) that any action which that organisation, agency, body or authority has power to take is required for the purpose of implementing any such obligations,

he may direct the organisation, agency, body or authority not to take or, as the case may be, to take die action in question.

• (2) Subsection (1) above applies also to an approved exchange within the meaning of Part V of this Act in respect of any action which it proposes to take or has power to take in respect of rules applying to a prospectus by virtue of a direction under section 162(3) above.

• (3) A direction under this section may include such supplementary or incidental requirements as the Secretary of State thinks necessary or expedient.

• (4) Where the function of making or revoking a recognition order in respect of a self-regulating organisation is exercisable by a designated agency any direction under subsection (1) above in respect of that organisation shall be a direction requiring the agency to give the organisation such a direction as is specified in the direction given by the Secretary of State.

• (5) Any direction under this section shall, on the application of the person by whom it was given, be enforceable by mandamus or, in Scotland, by an order for specific performance under section 91 of the Court of Session Act 1868.

Exemption from Banking Act 1979

193

• (1) Section 1(1) of the Banking Act 1979 (control of deposit-taking) shall not apply to the acceptance of a deposit by an authorised or exempted person in the course or for the purpose of engaging in any activity falling within paragraph 12 of Schedule 1 to this Act with or on behalf of the person by whom or on whose behalf the deposit is made or any activity falling within paragraph 13, 14 or 16 of that Schedule on behalf of that person.

• (2) Subsection (1) above applies to an exempted person only if the activity is one in respect of which he is exempt; and for the purposes of that subsection the paragraphs of Schedule 1 there mentioned shall be construed without reference to Parts III and IV of that Schedule.

• (3) This section is without prejudice to any exemption from the said Act of 1979 which applies to an authorised or exempted person apart from this section.

Transfers to or from recognised clearing houses

194

• (1) In section 5 of the Stock Exchange (Completion of Bargains) Act 1976 (protection of trustees etc. in case of transfer of shares etc. to or from a stock exchange nominee)—

• (a) for the words " a stock exchange nominee ", in the first place where they occur, there shall be substituted the words " a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange " ;

• (b) for those words in the second place where they occur there shall be substituted the words " such a clearing house or nominee " ;

• (c) at the end there shall be added the words " ; but no person shall be a nominee for the purposes of this section unless he is a person designated for the purposes of this section in the rules of the recognised investment exchange in question ".

• (2) The provisions of that section as amended by subsection (1) above shall become subsection (1) of that section and after that subsection there shall be inserted—

(2) In this section " a recognised clearing house " means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange within the meaning of that Act and " a recognised investment exchange has the same meaning as in that Act.

• (3) In Article 7 of the Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 (protection of trustees etc. in case of transfer of shares etc. to or from a stock exchange nominee)—

• (a) for the words " a stock exchange nominee ", in the first place where they occur, there shall be substituted the words " a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange " ;

• (b) for those words in the second place where they occur there shall be substituted the words " such a clearing house or nominee ";

• (c) at the end there shall be added the words " ; but no person shall be a nominee for the purposes of this Article unless he is a person designated for the purposes of this Article in the rules of the recognised investment exchange in question ".

• (4) The provisions of that Article as amended by subsection (3) above shall become paragraph (1) of that Article and after that paragraph there shall be inserted—

(2) In this Article " a recognised clearing house " means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange within the meaning of that Act and " a recognised investment exchange " has the same meaning as in that Act.

• (5) In subsection (4) of section 185 of the Companies Act 1985 (exemption from duty to issue certificates in respect of shares etc. in cases of allotment or transfer to a stock exchange nominee)—

• (a) for the words " a stock exchange nominee " in the first place where they occur there shall be substituted the words " a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange " ;

• (b) for those words in the second place where they occur there shall be substituted the words " such a clearing house or nominee " ;

• (c) at the end of the first paragraph in that subsection there shall be inserted the words " ; but no person shall be a nominee for the purposes of this section unless he is a person designated for the purposes of this section in the rules of the recognised investment exchange in question " ; and

• (d) for the second paragraph in that subsection there shall be substituted—

• ' Recognised clearing house ' means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange and ' recognised investment exchange ' has the same meaning as in that Act.

.

• (6) In paragraph (4) of Article 195 of the Companies (Northern Ireland) Order 1986 (duty to issue certificates in respect of shares etc. in cases of allotment or transfer unless it is to a stock exchange nominee)—

• (a) for the words " a stock exchange nominee " in the first place where they occur there shall be substituted the words " a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange " ;

• (b) for those words in the second place where they occur there shall be substituted the words " such a clearing house or nominee " ;

• (c) at the end of the first sub-paragraph in that paragraph there shall be inserted the words " ; but no person shall be a nominee for the purposes of this Article unless he is a person designated for the purposes of this Article in the rules of the recognised investment exchange in question " ; and

• (d) for the second sub-paragraph in that paragraph there shall be substituted " ' recognised clearing house ' means a recognised clearing house within the meaning of the Financial Services Act 1986 acting in relation to a recognised investment exchange and ' recognised investment exchange' has the same meaning as in that Act. ".

Offers of short-dated debentures

195

As respects debentures which, under the terms of issue, must be repaid within less than one year of the date of issue—

• (a) section 79(2) of the Companies Act 1985 (offer of debentures of oversea company deemed not to be an offer to the public if made to professional investor) shall apply for the purposes of Chapter I of Part III of that Act as well as for those of Chapter II of that Part; and

• (b) Article 89(2) of the Companies (Northern Ireland) Order 1986 (corresponding provisions for Northern Ireland) shall apply for the purposes of Chapter I of Part IV of that Order as well as for those of Chapter II of that Part.

Financial assistance for employees' share schemes

196

• (1) Section 153 of the Companies Act 1985 (transactions not prohibited by section 151) shall be amended as follows.

• (2) After subsection (4)(b) there shall be inserted—

(bb) without prejudice to paragraph (b), the provision of financial assistance by a company or any of its subsidiaries for the purposes of or in connection with anything done by the company (or a company connected with it) for the purpose of enabling or facilitating transactions in shares in the first-mentioned company between, and involving the acquisition of beneficial ownership of those shares by, any of the following persons— (i) the bona fide employees or former employees of that company or of another company in the same group; or (ii) the wives, husbands, widows, widowers, children or step-children under the age of eighteen of any such employees or former employees.

.

• (3) After subsection (4) there shall be inserted—

(5) For the purposes of subsection (4)(bb) a company is connected with another company if— (a) they are in the same group ; or (b) one is entitled, either alone or with any other company in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital which are exercisable in all circumstances at any general meeting of the other company or of its holding company; and in this section " group ", in relation to a company, means that company, any other company which is its holding company or subsidiary and any other company which is a subsidiary of that holding company.

.

• (4) Article 163 of the Companies (Northern Ireland) Order 1986 (transactions not prohibited by Article 161) shall be amended as follows.

• (5) After paragraph (4)(b) there shall be inserted—

(bb) without prejudice to sub-paragraph (b), the provision of financial assistance by a company or any of its subsidiaries for the purposes of or in connection with anything done by the company (or a company connected with it) for the purpose of enabling or facilitating transactions in shares in the first-mentioned company between, and involving the acquisition of beneficial ownership of those shares by, any of the following persons— (i) the bona fide employees or former employees of that company or of another company in the same group; or (ii) the wives, husbands, widows, widowers, children, step-children or adopted children under the age of eighteen of such employees of former employees.

• (6) After paragraph (4) there shall be inserted—

(5) For the purposes of paragraph (4)(bb) a company is connected with another company if— (a) they are in the same group; or (b) one is entitled, either alone or with any other company in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital which are exerciseable in all circumstances at any general meeting of the other company or of its holding company; and in this Article " group ", in relation to a company, means that company, any other company which is its holding company or subsidiary and any other company which is a subsidiary of that holding company.

.

Disclosure of interests in shares: interest held by market maker

197

• (1) In section 209 of the Companies Act 1985 (interests to be disregarded for purposes of sections 198 to 202)—

• (a) in subsection (1)(f) after the word "jobber" there shall be inserted the words " or market maker " ;

• (b) after subsection (4) there shall be inserted—

(4A) A person is a market maker for the purposes of subsection (1)(f) if— (a) he holds himself out at all normal times in compliance with the rules of a recognised investment exchange other than an overseas investment exchange (within the meaning of the Financial Services Act 1986) as willing to buy and sell securities at prices specified by him ; and (b) is recognised as doing so by that investment exchange; and an interest of such a person in shares is an exempt interest if he carries on business as a market maker in the United Kingdom, is subject to such rules in the carrying on of that business and holds the interest for the purposes of that business.

.

• (2) In Article 217 of the Companies (Northern Ireland) Order 1986 (interests to be disregarded for purposes of Articles 206 to 210 (disclosure of interests in shares))—

• (a) in paragraph (1)(d) after the word " jobber" there shall be inserted the words " or market maker " ;

• (b) after paragraph (4) there shall be inserted—

(4A) A person is a market maker for the purposes of paragraph (1)(d) if— (a) he holds himself out at all normal times in compliance with the rules of a recognised investment exchange other than an overseas investment exchange (within the meaning of the Financial Services Act 1986) as willing to buy and sell securities at prices specified by him ; and (b) is recognised as doing so by that investment exchange, and an interest of such a person in shares is an exempt interest if he carries on business as a market maker in the United Kingdom, is subject to such rules in the carrying on of that business and holds the interest for the purposes of that business.

.

Power to petition for winding up ect. on information obtained under Act

198

• (1) In section 440 of the Companies Act 1985—

• (a) after the words " section 437 " there shall be inserted the words " above or section 94 of the Financial Services Act 1986 " ; and

• (b) after the words " 448 below " there shall be inserted the words " or section 105 of that Act ".

• (2) In section 8 of the Company Directors Disqualification Act 1986—

• (a) after the words " the Companies Act" there shall be inserted the words " or section 94 or 177 of the Financial Services Act 1986 " ; and

• (b) for the words " that Act " there shall be substituted the words " the Companies Act or section 105 of the Financial Services Act 1986 ".

• (3) In Article 433 of the Companies (Northern Ireland) Order 1986—

• (a) after the words " Article 430 " there shall be inserted the words " or section 94 of the Financial Services Act 1986 " ; and

• (b) after the word " 441 " there shall be inserted the words " or section 105 of that Act ".

Powers of entry

199

• (1) A justice of the peace may issue a warrant under this section if satisfied on information on oath laid by or on behalf of the Secretary of State that there are reasonable grounds for believing—

• (a) that an offence has been committed under section 4, 47, 57, 130, 133 or 171(2) or (3) above or section 1, 2, 4 or 5 of the Company Securities (Insider Dealing) Act 1985 and that there are on any premises documents relevant to the question whether that offence has been committed ; or

• (b) that there are on any premises owned or occupied by a person whose affairs, or any aspect of whose affairs, are being investigated under section 105 above documents whose production has been required under that section and which have not been produced in compliance with that requirement;

but paragraph (b) above applies only if the person there mentioned is an authorised person, a person whose authorisation has been suspended or who is the subject of a direction under section 33(1)(6) above or an appointed representative of an authorised person.

• (2) A justice of the peace may issue a warrant under this section if satisfied on information on oath laid by an inspector appointed under section 94 above that there are reasonable grounds for believing that there are on any premises owned or occupied by—

• (a) the manager, trustee or operator of any scheme the affairs of which are being investigated under subsection (1) of that section ; or

• (b) a manager, trustee or operator whose affairs are being investigated under that subsection,

any documents whose production has been required under that section and which have not been produced in compliance with that requirement.

• (3) A warrant under this section shall authorise a constable, together with any other person named in it and any other constables—

• (a) to enter the premises specified in the information, using such force as is reasonably necessary for the purpose;

• (b) to search the premises and take possession of any documents appearing to be such documents as are mentioned in subsection (1)(a) or (b) or, as the case may be, in subsection (2) above or to take, in relation to any such documents, any other steps which may appear to be necessary for preserving them or preventing interference with them;

• (c) to take copies of any such documents ; and

• (d) to require any person named in the warrant to provide an explanation of them or to state where they may be found.

• (4) A warrant under this section shall continue in force until the end of the period of one month beginning with the day on which it is issued.

• (5) Any documents of which possession is taken under this section may be retained—

• (a) for a period of three months; or

• (b) if within that period proceedings to which the documents are relevant are commenced against any person for an offence under this Act or section 1, 2, 4 or 5 of the said Act of 1985, until the conclusion of those proceedings.

• (6) Any person who obstructs the exercise of any rights conferred by a warrant issued under this section or fails without reasonable excuse to comply with any requirement imposed in accordance with subsection (3)(d) above shall be guilty of an offence and liable—

• (a) on conviction on indictment, to a fine;

• (b) on summary conviction, to a fine not exceeding the statutory maximum.

• (7) The functions to which section 114 above applies shall include the functions of the Secretary of State under this section ; but if any of those functions are transferred under that section the transfer may be subject to a reservation that they are to be exercisable by the Secretary of State concurrently with the designated agency and, in the case of functions exercisable by virtue of subsection (l)(a) above, so as to be exercisable by the agency subject to such conditions or restrictions as the Secretary of State may from time to time impose.

• (8) In the application of this section to Scotland the references to a justice of the peace shall include references to a sheriff and for references to the laying of information on oath there shall be substituted references to furnishing evidence on oath; and in the application of this section to Northern Ireland for references to the laying of information on oath there shall be substituted references to making a complaint on oath.

• (9) In this section " documents" includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form.

False and misleading statements

200

• (1) A person commits an offence if—

• (a) for the purposes of or in connection with any application under this Act; or

• (b) in purported compliance with any requirement imposed on him by or under this Act,

he furnishes information which he knows to be false or misleading in a material particular or recklessly furnishes information which is false or misleading in a material particular.

• (2) A person commits an offence if, not being an authorised person or exempted person, he—

• (a) describes himself as such a person ; or

• (b) so holds himself out as to indicate or be reasonably understood to indicate that he is such a person

• (3) A person commits an offence if, not having a status to which this subsection applies, he—

• (a) describes himself as having that status, or

• (b) so holds himself out as to indicate; or be reasonably understood to indicate that he has that status.

• (4) Subsection (3) above applies to the status of recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house.

• (5) A person guilty of an offence under subsection (1) above shall be liable—

• (a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both ;

• (b) on summary conviction, to imprisonment for a term not exceeding six months or to a fine not exceeding the statutory maximum or to both.

• (6) A person guilty of an offence under subsection (2) or (3) above shall be liable on summary conviction to imprisonment for a term not exceeding six months or to a fine not exceeding the fifth level on the standard scale or to both.

• (7) Where a contravention of subsection (2) or (3) above involves a public display of the offending description or other matter the maximum fine that may be imposed under subsection (6) above shall be an amount equal to the fifth level on the standard scale multiplied by the number of days for which the display has continued.

• (8) In proceedings brought against any person for an offence under subsection (2) or (3) above it shall be a defence for him to prove that he took all reasonable precautions and exercised all due diligence to avoid the commission of the offence.

Prosecutions

201

• (1) Proceedings in respect of an offence under any provision of this Act other than section 133 or 185 shall not be instituted—

• (a) in England and Wales, except by or with the consent of the Secretary of State or the Director of Public Prosecutions; or

• (b) in Northern Ireland, except by or with the consent of the Secretary of State or the Director of Public Prosecutions for Northern Ireland.

• (2) Proceedings in respect of an offence under section 133 above shall not be instituted—

• (a) in England and Wales, except by or with the consent of the Secretary of State, the Industrial Assurance Commissioner or the Director of Public Prosecutions; or

• (b) in Northern Ireland, except by or with the consent of the Secretary of State or the Director of Public Prosecutions for Northern Ireland.

• (3) Proceedings in respect of an offence under section 185 above shall not be instituted—

• (a) in England and Wales, except by or with the consent of the Treasury or the Director of Public Prosecutions; or

• (b) in Northern Ireland, except by or with the consent of the Treasury or the Director of Public Prosecutions for Northern Ireland.

• (4) The functions to which section 114 above applies shall include the function of the Secretary of State under subsection (1) above to institute proceedings but any transfer of that function shall be subject to a reservation that it is to be exercisable by him concurrently with the designated agency and so as to be exercisable by the agency subject to such conditions or restrictions as the Secretary of State may from time to time impose.

Offences by bodies corporate, partnerships and unincorporated associations

202

• (1) Where an offence under this Act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of—

• (a) any director, manager, secretary or other similar officer of the body corporate, or any person who was purporting to act in any such capacity ; or

• (b) a controller of the body corporate,

he, as well as the body corporate, shall be guilty of that offence and liable to be proceeded against and punished accordingly.

• (2) Where the affairs of a body corporate are managed by the members subsection (1) above shall apply in relation to the acts and defaults of a member in connection with his functions of management as if he were a director of the body corporate.

• (3) Where a partnership is guilty of an offence under this Act every partner, other than a partner who is proved to have been ignorant of or to have attempted to prevent the commission of the offence, shall also be guilty of that offence and be liable to be proceeded against and punished accordingly.

• (4) Where an unincorporated association (other than a partnership) is guilty of an offence under this Act—

• (a) every officer of the association who is bound to fulfil any duty of which the breach is the offence; or

• (b) if there is no such officer, every member of the governing body other than a member who is proved to have been ignorant of or to have attempted to prevent the commission of the offence,

shall also be guilty of the offence and be liable to be proceeded against and punished accordingly.

Jurisdiction and procedure in respect of offences

203

• (1) Summary proceedings for an offence under this Act may, without prejudice to any jurisdiction exercisable apart from this section, be taken against any body corporate or unincorporated association at any place at which it has a place of business and against an individual at any place where he is for the time being.

• (2) Proceedings for an offence alleged to have been committed under this Act by an unincorporated association shall be brought in the name of the association (and not in that of any of its members) and for the purposes of any such proceedings any rules of court relating to the service of documents shall have effect as if the association were a corporation.

• (3) Section 33 of the Criminal Justice Act 1925 and Schedule 3 to the Magistrates' Courts Act 1980 (procedure on charge of offence against a corporation) shall have effect in a case in which an unincorporated association is charged in England and Wales with an offence under this Act in like manner as they have effect in the case of a corporation.

• (4) In relation to any proceedings on indictment in Scotland for an offence alleged to have been committed under this Act by an unincorporated association, section 74 of the Criminal Procedure (Scotland) Act 1975 (proceedings on indictment against bodies corporate) shall have effect as if the association were a body corporate.

• (5) Section 18 of the Criminal Justice Act (Northern Ireland) 1945 and Schedule 4 to the Magistrates' Courts (Northern Ireland) Order 1981 (procedure on charge of offence against a corporation) shall have effect in a case in which an unincorporated association is charged in Northern Ireland with an offence under this Act in like manner as they have effect in the case of a corporation.

• (6) A fine imposed on an unincorporated association on its conviction of an offence under this Act shall be paid out of the funds of the association.

Service of notices

204

• (1) This section has effect in relation to any notice, direction or other document required or authorised by or under this Act to be given to or served on any person other than the Secretary of State, the Chief Registrar of friendly societies or the Registrar of Friendly Societies for Northern Ireland.

• (2) Any such document may be given to or served on the person in question—

• (a) by delivering it to him ;

• (b) by leaving it at his proper address ; or

• (c) by sending it by post to him at that address.

• (3) Any such document may—

• (a) in the case of a body corporate, be given to or served on the secretary or clerk of that body ;

• (b) in the case of a partnership, be given to or served on any partner;

• (c) in the case of an unincorporated association other than a partnership, be given to or served on any member of the governing body of the association ;

• (d) in the case of an appointed representative, be given to or served on his principal.

• (4) For the purposes of this section and section 7 of the Interpretation Act 1978 (service of documents by post) in its application to this section, the proper address of any person is his last known address (whether of his residence or of a place where he carries on business or is employed) and also any address applicable in his case under the following provisions—

• (a) in the case of a member of a recognised self-regulating organisation or a person certified by a recognised professional body who does not have a place of business in the United Kingdom, the address of that organisation or body;

• (b) in the case of a body corporate, its secretary or its clerk, the address of its registered or principal office in the United Kingdom ;

• (c) in the case of an unincorporated association (other than a partnership) or a member of its governing body, its principal office in the United Kingdom.

• (5) Where a person has notified the Secretary of State of an address or a new address at which documents may be given to or served on him under this Act that address shall also be his proper address for the purposes mentioned in subsection (4) above or, as the case may be, his proper address for those purposes in substitution for that previously notified.

Regulations, rules and orders

205

• (1) The Secretary of State may make regulations prescribing anything which by this Act is authorised or required to be prescribed.

• (2) Subject to subsection (5) below, any power of the Secretary of State to make regulations, rules or orders under this Act shall be exercisable by statutory instrument.

• (3) Subject to subsection (5) below, any regulations, rules or orders made under this Act by the Secretary of State may make different provision for different cases.

• (4) Except as otherwise provided, a statutory instrument containing regulations or rules under this Act shall be subject to annulment in pursuance of a resolution of either House of Parliament.

• (5) Subsections (2) and (3) above do not apply to a recognition order, an order declaring a collective investment scheme to be an authorised unit trust scheme or a recognised scheme or to an order revoking any such order.

Publication of information and advice

206

• (1) The Secretary of State may publish information or give advice, or arrange for the publication of information or the giving of advice, in such form and manner as he considers appropriate with respect to—

• (a) the operation of this Act and the rules and regulations made under it, including in particular the rights of investors, the duties of authorised persons and the steps to be taken for enforcing those rights or complying with those duties;

• (b) any matters relating to the functions of the Secretary of State under this Act or any such rules or regulations ;

• (c) any other matters about which it appears to him to be desirable to publish information or give advice for the protection of investors or any class of investors.

• (2) The Secretary of State may offer for sale copies of information published under this section and may, if he thinks fit, make a reasonable charge for advice given under this section at any person's request.

• (3) This section shall not be construed as authorising the disclosure of restricted information within the meaning of section 179 above in any case in which it could not be disclosed apart from the provisions of this section.

• (4) The functions to which section 114 above applies shall include the functions of the Secretary of State under this section.

Interpretation

207

• (1) In this Act, except where the context otherwise requires—

• " appointed representative " has the meaning given in section 44 above;

• " authorised person" means a person authorised under Chapter III of Part I of this Act;

• " authorised unit trust scheme " means a unit trust scheme declared by an order of the Secretary of State for the time being in force to be an authorised unit trust scheme for the purposes of this Act;

• " body corporate " includes a body corporate constituted under the law of a country or territory outside the United Kingdom;

• " certified " and " certification " mean certified or certification by a recognised professional body for the purposes of Part I of this Act;

• " clearing arrangements " has the meaning given in section 38(2) above;

• " competent authority " means the competent authority for the purposes of Part IV of this Act; "collective investment scheme" has the meaning given in section 75 above;

• " delegation order " and " designated agency " have the meaning given in section 114(3) above ;