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The Financial Services (Authorised Unit Trust Scheme) (Certificate of Compliance) Regulations 1989

Type Statutory-Instrument

Publication 1989-08-23

State In force

Department Queen's Printer of Acts of Parliament

Source legislation.gov.uk

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Made: 23rd August 1989

Laid before Parliament: 25th August 1989

Coming into force: 15th September 1989

Now, therefore, the Secretary of State, being a minister designated for the purposes of section 2(2) of the European Communities Act 1972[^f00004] in relation to measures relating to open-ended collective investment schemes which have as their purpose investment in transferable securities, with the aim of spreading investment risk, of funds raised from the public[^f00005], in exercise of the powers conferred on him by that section, and of all other powers enabling him, hereby makes the following Regulations:

1

These Regulations may be cited as the Financial Services (Authorised Unit Trust Scheme) (Certificate of Compliance) Regulations 1989 and shall come into force on 15th September 1989.

2

The Securities and Investments Board shall, in addition to the power exercisable by it under section 78(8) of the Financial Services Act 1986, also have power, exercisable otherwise than on the making of an order under the said section 78, to issue a certificate to the effect that an authorised unit trust scheme complies with the conditions necessary for it to enjoy the rights conferred by Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.

Signed

Eric Forth — Parliamentary Under Secretary of State, — Department of Trade and Industry — 23rd August 1989

Explanatory note

(This note is not part of the Regulations)

These Regulations confer power on the Securities and Investments Board, additional to that exercisable by it under section 78(8) of the Financial Services Act 1986, to issue a certificate to the effect that an authorised unit trust scheme complies with the conditions necessary for it to enjoy the rights conferred by Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.

Footnotes

[^f00001]: 1986 c. 60.

[^f00002]: S.I. 1988/738.

[^f00003]: O.J. No. L375/3. The directive has been amended by Council Directive No. 88/220/EEC (O.J. No. L100/31).

[^f00004]: 1972 c. 68.

[^f00005]: S.I. 1988/2240.

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