The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

(fa) for the purposes of enabling or assisting the Financial Services Authority to discharge its functions under the legislation relating to friendly societies or to industrial and provident societies, under the Building Societies Act 1986, under Part 7 of the Companies Act 1989 or under the Financial Services and Markets Act 2000; (g) for the purposes of enabling or assisting a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager) to discharge its functions; (h) for the purposes of any proceedings before the Financial Services Tribunal by virtue of the Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001; (ha) with a view to the institution of or otherwise for the purposes of proceedings before the Financial Services and Markets Tribunal; (hb) for the purpose of enabling or assisting a recognised investment exchange or a recognised clearing house to discharge its functions as such; (hc) for the purpose of enabling or assisting a body designated under section 326(1) of the Financial Services and Markets Act 2000 (designated professional bodies) to discharge its functions in its capacity as a body designated under that section;

• (7) In paragraph (1A)⁶⁵, before sub-paragraph (a) insert—

(aa) in sub-paragraph (hb) “recognised investment exchange” and “recognised clearing house” have the same meaning as in section 285 of the Financial Services and Markets Act 2000;

• (8) Paragraph (1D) is repealed.

• (9) In paragraph (3)(b)⁶⁶, the words “or section 94 of the Financial Services Act 1986” are repealed.

• (10) After paragraph (3)(b) insert—

(ba) a person appointed under— (i) section 167 of the Financial Services and Markets Act 2000 (general investigations), (ii) section 168 of that Act (investigations in particular cases), (iii) section 169(1)(b) of that Act (investigation in support of overseas regulator), (iv) section 284 of that Act (investigations into affairs of certain collective investment schemes), or (v) regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies), to conduct an investigation;

• (11) In paragraph (3), in sub-paragraph (c), for the words from “under” to “Financial Services Act 1986” substitute “under Article 440 of this Order”.

• (12) In paragraph (3), for sub-paragraphs (ha) to (k) substitute—

(ha) the Financial Services Authority;

Punishment for destruction etc. of company documents

63

• (1) Article 443 of the 1986 Order (punishment for destroying, mutilating etc company documents) is amended as follows.

• (2) In paragraph (1)⁶⁷ the words “, or of an insurance company to which Part II of the Insurance Companies Act 1982 applies,” are repealed.

• (3) After that paragraph insert—

(1A) Paragraph (1) applies to an officer of an authorised insurance company which is not a body corporate as it applies to an officer of a company.

Disclosure of information by inspectors

64

For paragraph (3) of Article 444A⁶⁸ of the 1986 Order (disclosure of information by inspectors) substitute—

(3) Information to which this Article applies may also be disclosed by an inspector appointed under this Part to— (a) another inspector appointed under this Part; (b) a person appointed under— (i) section 167 of the Financial Services and Markets Act 2000 (general investigations), (ii) section 168 of that Act (investigations in particular cases), (iii) section 169(1)(b) of that Act (investigation in support of overseas regulator), (iv) section 284 of that Act (investigations into affairs of certain collective investment schemes), or (v) regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies), to conduct an investigation; or (c) a person authorised to exercise powers under— (i) Article 440 of this Order; or (ii) section 84 of the Companies Act 1989 (exercise of powers to assist overseas regulatory authority).

Production of documents subject to customer confidentiality

65

• (1) Article 445 of the 1986 Order (privileged information) is amended as follows.

• (2) In paragraph (3)⁶⁹, for the words from “or the customer is a person on whom a requirement has been imposed under that Article,” to the end of that paragraph, substitute

or the customer is— (a) a person on whom a requirement has been imposed under that Article, or (b) an authorised insurance company on whom a requirement to produce information or documents has been imposed by or on behalf of the Secretary of State under Part XI of the Financial Services and Markets Act 2000.

Companies to which Article 453 applies

66

For paragraph (1)⁷⁰ of section 453 of the 1986 Order (order on application of the Department) substitute—

(1) If it appears to the Department that— (a) the affairs of a company to which this paragraph applies are being or have been conducted in a manner which is unfairly prejudicial to the interests of its members generally or of some part of its members, or (b) any actual or proposed act or omission of a company to which this paragraph applies, including an act or omission on its behalf, is or would be so prejudicial, the Department may (in addition to or instead of presenting a petition for the winding up of the company) apply to the court by petition for an order under this Part. (1A) Paragraph (1) applies to a company in respect of which— (a) the Department has received a report under Article 430; (b) the Department has exercised its powers under Article 440 or 441; (c) the Secretary of State or the Financial Services Authority has exercised his or its powers under Part 11 of the Financial Services and Markets Act 2000; or (d) the Secretary of State has received a report from an investigator appointed by him or by the Financial Services Authority under that Part.

Application of Article 669 to insurers

67

• (1) Article 669 of the 1986 Order (certain companies to publish periodical statement) is amended as follows.

• (2) In paragraph (1) for “insurance company” substitute “insurer”.

• (3) In paragraph (5) for “insurance company” substitute “insurer”.

• (4) For paragraph (6) substitute—

(6) This Article does not apply to an insurer which is— (a) an insurance company which is subject to, and complies with, rules made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000 as to the accounts and balance sheet to be prepared annually and deposited; or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000, if the firm complies with the provisions of law of its home State as to the accounts and balance sheets to be prepared annually and deposited.

• (5) After paragraph (7) insert—

(8) For the purposes of this Article— (a) “insurer” means a person who effects or carries out contracts of insurance in the United Kingdom; and (b) “contract of insurance” includes a contract of insurance under which the benefits provided by the insurer are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle. (9) Paragraph (8) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that Schedule; and (c) Schedule 2 to that Act.

Form and content of company accounts

68

For paragraph 83⁷¹ of Schedule 4 to the 1986 Order (form and content of company accounts: listed investments) substitute—

(83) (1) “Listed investment” means an investment as respects which there has been granted a listing on— (a) a recognised investment exchange other than an overseas investment exchange; or (b) a stock exchange of repute outside Northern Ireland. (2) “Recognised investment exchange” and “overseas investment exchange” have the meaning given in Part 18 of the Financial Services and Markets Act 2000.

Disclosure of information: emoluments and other benefits of directors and others

69

• (1) Paragraph 1(5) of Schedule 6⁷² to the 1986 Order (disclosure of information: emoluments and other benefits of directors and others) is amended as follows.

• (2) For the definition of “listed company” substitute—

• “listed company” means a company— whose securities have been admitted to the official list in accordance with the provisions of Part 6 of the Financial Services and Markets Act 2000; or dealings in whose securities are permitted on any recognised investment exchange approved by the Treasury in accordance with regulations made under section 2(2) of the European Communities Act 1972 with respect to dealings in unlisted securities;

• (3) After the definition of “net value” insert—

• “the official list” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000;

• (4) After the definition of “qualifying services” insert—

• “recognised investment exchange” has the same meaning as in the Financial Services and Markets Act 2000;

Form and content of company accounts: small companies

70

For paragraph 54 of Schedule 8⁷³ to the 1986 Order (form and content of company accounts for small companies: listed investments) substitute—

(54) (1) “Listed investment” means an investment as respects which there has been granted a listing on— (a) a recognised investment exchange other than an overseas investment exchange; or (b) a stock exchange of repute outside Northern Ireland. (2) “Recognised investment exchange” and “overseas investment exchange” have the meaning given in Part 18 of the Financial Services and Markets Act 2000.

Meaning of deposit-taking business, chief executive and manager

71

• (1) Schedule 9 to the 1986 Order (special provisions for banking companies and groups) is amended as follows.

• (2) In Part II (consolidated accounts)⁷⁴, in paragraph 1 (undertakings to be included in consolidation)—

• (a) in sub-paragraph (1) for “banking business” substitute “deposit-taking business”;

• (b) for sub-paragraph (2) substitute—

(2) For the purposes of this paragraph “deposit-taking business” means the activity of accepting deposits by way of business, but does not include accepting deposits only for the purpose of carrying on another regulated activity.

• (c) after sub-paragraph (2) insert—

(3) References in sub-paragraph (2) to deposits and their acceptance, and to regulated activities must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

• (3) In Part IV of that Schedule (additional disclosure: emoluments and other benefits of directors and others)⁷⁵, in sub-paragraph (1)(b) of paragraph 3 (other transactions and agreements) for “within the meaning of the Banking Act 1987” substitute “within the meaning of the Financial Services and Markets Act 2000”.

Form and content of accounts of insurance companies and groups

72

• (1) In Schedule 9A to the 1986 Order (form and content of accounts of insurance companies and groups)⁷⁶ Part I (individual accounts) is amended as follows.

• (2) In paragraph 6—

• (a) the existing text is numbered sub-paragraph (1);

• (b) for “to business within Classes 1 and 2 of Schedule 2 to the 1982 Act” substitute “to business which consists of effecting or carrying out relevant contracts of general insurance”;

• (c) after sub-paragraph (1) insert—

(2) For the purposes of sub-paragraph (1), a contract of general insurance is a relevant contract if the risk insured against relates to— (a) accident; or (b) sickness. (3) Sub-paragraph (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

• (3) In paragraph 9—

• (a) the existing text is numbered sub-paragraph (1);

• (b) in paragraph (a) of that sub-paragraph, for “business within the classes of insurance specified in Schedule 2 to the 1982 Act” substitute “business which consists of effecting or carrying out contracts of general insurance”;

• (c) in paragraph (b) of that sub-paragraph, for “business within the classes of insurance specified in Schedule 1 to that Act” substitute “business which consists of effecting or carrying out contracts of long term insurance”; and

• (d) after sub-paragraph (1) insert—

(2) In sub-paragraph (1), references to— (a) contracts of general or long term insurance; and (b) the effecting or carrying out of such contracts, must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.

• (4) In Section B (the required format for accounts), in note (24) (Equalisation provision)⁷⁷ of the Notes on the balance sheet format for “the amount of any reserve maintained by the company under section 34A of the Insurance Companies Act 1982” substitute “the amount of any equalisation reserve maintained in respect of general business by the company, in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000”.

• (5) In paragraph 11 (managed funds), for sub-paragraph (1)(a) substitute—

(a) the management of which constitutes long term insurance business, and

• (6) For paragraph 50 (equalisation reserves)⁷⁸ substitute—

(50) The amount of any equalisation reserve maintained in respect of general business, in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000, shall be determined in accordance with such rules.

• (7) In paragraph 81 (interpretations of Part I), in sub-paragraph (1)—

• (a) omit the definition of “the 1982 Act”;

• (b) for the definition of “general business” substitute—

• “general business” means business which consists of effecting or carrying out contracts of general insurance;

• (c) for the definition of “long term business” substitute—

• “long term business” means business which consists of effecting or carrying out contracts of long term insurance;

• (d) in the definition of “long term fund” for “in accordance with the provisions of the 1982 Act” substitute “in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000”; and

• (e) for the definition of “policy holder” substitute—

• “policy holder” has the meaning given in any relevant order under section 424(2) of the Financial Services and Markets Act 2000;

Share dealing by directors etc.: supplementary provision

73

• (1) Paragraph 11 of Schedule 13 to the 1986 Order (share dealing by directors etc.: provision supplementary to Articles 332 to 336) is amended as follows.

• (2) The existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph, in paragraph (a), the words “within the meaning of the Financial Services Act 1986” are repealed.

• (4) After that sub-paragraph, insert—

(2) “Unit trust scheme” and “authorised unit trust scheme” have the meaning given in section 237 of the Financial Services and Markets Act 2000.

Companies Consolidation (Consequential Provisions)(Northern Ireland) Order 1986 (S.I. 1986/1035 (N.I. 9))

Repeal of spent provisions

74

The following provisions of the Companies Consolidation (Consequential Provisions)(Northern Ireland) Order 1986 are repealed—

• (a) Article 22; and

• (b) in Part 2 of Schedule 1, the entries relating to-

• (i) the Policyholders Protection Act 1975;

• (ii) the Insurance Brokers (Registration) Act 1977; and

• (iii) the Insurance Companies Act 1982.

The Companies' Act 1989 (c. 40)

Repeal of spent or unnecessary provisions

75

The following provisions of the Companies Act 1989 are repealed—

• (a) sections 72 to 77;

• (b) section 79;

• (c) section 81;

• (d) section 119(3);

• (e) section 156;

• (f) section 168;

• (g) section 169(1) and (4);

• (h) section 171;

• (i) sections 192 to 197;

• (j) section 200(1);

• (k) sections 201 to 206;

• (l) in section 213, subsections (5)(b) and (6);

• (m) section 214;

• (n) in Schedule 10, paragraphs 36 and 37;

• (o) in Schedule 20, paragraph 26;

• (p) Schedule 21;

• (q) Schedule 22; and

• (r) Schedule 23.

Requests for assistance by overseas regulatory authorities

76

• (1) Section 82 of the Companies Act 1989 (requests for assistance by overseas regulatory authorities) is amended as follows.

• (2) In subsection (2), for paragraph (a)⁷⁹ substitute—

(a) any function corresponding to— (i) any function of the Secretary of State under the Companies Act 1985; (ii) any function of the Financial Services Authority under the Financial Services and Markets Act 2000; (iii) any function exercised by the competent authority under Part VI of that Act in relation to the listing of shares;

• (3) In subsection (3), for “he is” substitute “he and the Financial Services Authority are”.

• (4) In subsection (5)⁸⁰, in the definition of “banking supervisor”, for “under the Banking Act 1987” substitute “in relation to authorised persons with permission under the Financial Services and Markets Act 2000 to accept deposits”.

• (5) After that subsection, insert—

(5A) In subsection (5), “authorised person” has the meaning given in the Financial Services and Markets Act 2000 and the references to deposits and their acceptance must be read with— (a) section 22 of that Act; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Exceptions from restrictions on disclosure of information

77

• (1) Section 87 of the Companies Act 1989 (exceptions from restrictions on disclosure of information) is amended as follows.

• (2) In subsection (2), for paragraph (b) substitute—

(b) civil proceedings arising under or by virtue of the Financial Services and Markets Act 2000 and proceedings before the Financial Services and Markets Tribunal;

• (3) In subsection (4), the table is amended in accordance with paragraphs (4) to (11).

• (4) The entries relating to the following are repealed—

• A designated agency within the meaning of the Financial Services Act 1986;

• A transferee body or the competent authority within the meaning of the Financial Services Act 1986;

• The body administering a scheme under section 54 of the Financial Services Act 1986;

• A recognised self-regulating organisation, recognised professional body, recognised investment exchange, recognised clearing house or recognised self-regulating organisation for friendly societies (within the meaning of the Financial Services Act 1986);

• The Chief Registrar of friendly societies, and the Assistant Registrar of Friendly Societies for Scotland;

• The Friendly Societies Commission⁸¹;

• The Deposit Protection Board;

• The Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland; and

• The Building Societies Commission.

• (5) For the entry relating to the Secretary of State substitute—

The Secretary of State	Functions under— the enactments relating to companies or insolvency; Part 2, this Part or Part 7 of this Act; the Financial Services and Markets Act 2000.

• (6) For the entry relating to the Treasury⁸² substitute—

The Treasury.	Functions under— this Part or Part 7 of this Act; the Financial Services and Markets Act 2000.

• (7) For the entry relating to an inspector substitute—

An inspector appointed under Part 14 of the Companies Act 1985.	Functions under that Part.

• (8) For the entry which begins “A person authorised to exercise powers”⁸³ substitute—

A person authorised to exercise powers under section 447 of the Companies Act 1985 or section 84 of this Act.

Functions under that section.

A person appointed under— section 167 of the Financial Services and Markets Act 2000 (general investigations), section 168 of that Act (investigations in particular cases), section 169(1)(b) of that Act (investigation in support of overseas regulator), section 284 of that Act (investigations into affairs of certain collective investment schemes), or regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies), to conduct an investigation.

Functions in relation to the investigation.

• (9) For the entry relating to the Financial Services Authority⁸⁴ substitute—

The Financial Services Authority.	Functions under the enactments relating to friendly societies, under the Building Societies Act 1986 and under the Financial Services and Markets Act 2000.

• (10) After that entry insert—

A body corporate established in accordance with section 212(1) of that Act.	Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).	Functions in its capacity as an exchange or clearing house recognised under that Act.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.	Functions in its capacity as a body designated under that section.

• (11) In the entry relating to the Director General of Fair Trading, for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

Exercise of powers in relation to Northern Ireland

78

In section 88 of the Companies Act 1989 (exercise of powers in relation to Northern Ireland), in subsection (3), for paragraph (b) substitute—

(b) section 449 of the Companies Act 1985 and sections 86 and 87 above (restrictions on disclosure of information);

Change in default rules of recognised investment exchange and clearing house

79

In section 157(1) of the Companies Act 1989 (notification of change in default rules), for “Secretary of State”, in both places, substitute “Authority”.

Duty to report on completion of default proceedings

80

• (1) Section 162 of the Companies Act 1989 (duty to report on completion of default proceedings) is amended as follows.

• (2) In subsection (1)⁸⁵, for “Secretary of State” substitute “Authority”.

• (3) In subsection (1A)⁸⁶, for “Secretary of State” substitute “Authority”.

• (4) In subsection (4)—

• (a) for “Secretary of State, he” substitute “Authority, it”;

• (b) for “he”, in the second place where it occurs, substitute “it”; and

• (c) for “it” substitute “the report”.

Power to give directions

81

• (1) Section 166 of the Companies Act 1989 (power to give directions to recognised investment exchanges and recognised clearing houses with head offices in the UK) is amended as follows.

• (2) In subsection (2), in each of paragraphs (a) and (b)—

• (a) for “Secretary of State” substitute “Authority”;

• (b) for “he” substitute “the Authority”.

• (3) In subsection (3)—

• (a) for “Secretary of State” substitute “Authority”; and

• (b) for “he”, in both places, substitute “it”.

• (4) In subsection (7)—

• (a) for “Secretary of State”, in both places, substitute “Authority”; and

• (b) for “he is satisfied that it” substitute “it is satisfied that the direction”.

• (5) In subsection (8) for “Secretary of State” substitute “Authority”.

Application to determine whether default proceedings to be taken

82

• (1) Section 167 of the Companies Act 1989 (application to determine whether default proceedings to be taken) is amended as follows.

• (2) In subsection (1) for “Secretary of State” substitute “Authority”.

• (3) In subsection (3), for “Secretary of State”, in both places, substitute “Authority”.

• (4) In subsection (4) for “Secretary of State” substitute “Authority”.

• (5) In subsection (5) for “Secretary of State”, in both places, substitute “Authority”.

Application of certain provisions for purposes of Part 7

83

• (1) Section 169 of the Companies Act 1989 (Part 7: supplementary provisions) is amended as follows.

• (2) In subsection (2) for the words from the beginning to “apply” substitute “Sections 296 and 297 of the Financial Services and Markets Act 2000 apply”.

• (3) In subsection (3)—

• (a) for “Financial Services Act 1986, the Secretary of State” substitute “Financial Services and Markets Act 2000, the appropriate authority”; and

• (b) for “he” substitute “it”.

• (4) After that subsection insert—

(3A) “The appropriate authority” means— (a) in the case of an overseas investment exchange or clearing house, the Treasury; and (b) in the case of a UK investment exchange or clearing house, the Authority.

• (5) In subsection (5)—

• (a) for the words from the beginning to “applies” substitute “Regulations under section 414 of the Financial Services and Markets Act 2000 (service of notices) may make provision”; and

• (b) for “Secretary of State” substitute “Treasury or the Authority”.

Application of Part 7 in relation to overseas investment exchanges and clearing houses

84

• (1) Section 170 of the Companies Act 1989 (power to make provision in relation to certain overseas investment exchanges and clearing houses) is amended as follows.

• (2) In subsection (1)—

• (a) after “Secretary of State” insert “and the Treasury”; and

• (b) for “him” substitute “the Treasury”.

• (3) In subsection (2)—

• (a) for “Secretary of State” substitute “Treasury”; and

• (b) for “he is” substitute “they are”.

• (4) In subsections (4), (5)(a) and (6) for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

Power to make provision about certain charges other than market charges

85

• (1) Section 176 of the Companies Act 1989 (power to make provision about certain other charges) is amended as follows.

• (2) In paragraph (b) of subsection (2)—

• (a) the words “Financial Services” are repealed⁸⁷; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (3) For paragraphs (d) and (e) of that subsection substitute—

(d) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a relevant regulated activity, or (e) an international securities self-regulating organisation approved for the purposes of an order made under section 22 of the Financial Services and Markets Act 2000,

• (4) In subsection (6)⁸⁸—

• (a) the words “Financial Services” are repealed; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (5) After subsection (7) insert—

(8) For the purposes of subsection (2)(d), “relevant regulated activity” means— (a) dealing in investments as principal or as agent; (b) arranging deals in investments; (c) managing investments; (d) safeguarding and administering investments; (e) sending dematerialised instructions; or (f) establishing etc. a collective investment scheme. (9) Subsection (8) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Power to apply sections 177 to 180 to other cases

86

• (1) Section 181 of the Companies Act 1989 (power to apply sections 177 to 180 to other cases) is amended as follows.

• (2) In subsection (1), for the words from the beginning to “includes” substitute “A power to which this subsection applies includes the”.

• (3) After subsection (2) insert—

(3) Subsection (1) applies to the powers of the Secretary of State and the Treasury to act jointly under— (a) sections 170, 172 and 176 of this Act; and (b) section 301 of the Financial Services and Markets Act 2000 (supervision of certain contracts).

Indemnity for certain acts

87

In section 184(5) of the Companies Act 1989 (indemnity for certain acts), for the words from “exercising” to “procedures” substitute “to whom the exercise of any function of a recognised investment exchange or recognised clearing house is delegated under its default rules”.

Power of Treasury and Secretary of State to make further provision for purposes of Part 7

88

After subsection (3) of section 185 of the Companies Act 1989 (power of Treasury and Secretary of State to make further provision for purposes of Part 7) insert—

(4) References in this section to the provisions of this Part include any provision made under section 301 of the Financial Services and Markets Act 2000.

Definitions for purposes of Part 7

89

• (1) Section 190 of the Companies Act 1989 (definitions for purposes of Part 7) is amended in accordance with paragraphs (2) to (6).

• (2) In subsection (1), after the definition of “administrative receiver”, insert—

• “the Authority” means the Financial Services Authority;

• (3) In that subsection, the definitions of “clearing house”, of “investment” and “investment exchange” and of “recognised” are repealed.

• (4) In that subsection, after the definition of “overseas”, insert—

• “recognised clearing house” and “recognised investment exchange” have the same meaning as in the Financial Services and Markets Act 2000;

• (5) In that subsection, for the definition of “The Stock Exchange” substitute—

• “The Stock Exchange” means the London Stock Exchange Limited;

• (6) Subsection (4) is repealed.

• (7) In the table in section 191 of that Act (table of defined expressions)—

• (a) the entries relating to the following expressions are repealed—

• clearing house;

• ensuring the performance of a transaction;

• investment;

• investment exchange; and

• recognised; and

• (b) insert the following in the appropriate places—

the Authority	section 190(1)

; and

recognised clearing house and recognised investment exchange	section 190(1)

Transfer of securities

90

In section 207(1) of the Companies Act 1989 (transfer of securities), in paragraph (a), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

The Companies (Northern Ireland) Order 1989 (S.I. 1989/2404 (N.I. 18))

Disqualification after investigation of company

91

In Article 11 of the Companies (Northern Ireland) Order 1989 (disqualification after company investigation), for paragraphs (1)⁸⁹ and (2) substitute—

(1) If it appears to the Department from investigative material that it is expedient in the public interest that a disqualification order should be made against a person who is, or has been, a director or shadow director of a company, the Department may apply to the High Court for such an order. (1A) “Investigative material” means— (a) a report made by inspectors under— (i) Article 430 of the Companies Order; or (ii) section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000; or (iii) where the company is an open-ended investment company (within the meaning of that Act) regulations made as a result of section 262(2)(k) of that Act; and (b) information or documents obtained under— (i) Article 440 or 441 of the Companies Order; (ii) section 2 of the Criminal Justice Act 1987; (iii) section 28 of the Criminal Law (Consolidation)(Scotland) Act 1995; (iv) section 83 of the Companies Act 1989; or (v) section 165, 171, 172, 173 or 175 of the Financial Services and Markets Act 2000.

The Companies (No.2)(Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))

Repeal of spent or unnecessary provisions

92

The following provisions of the Companies (No. 2) (Northern Ireland) Order 1990 are repealed—

• (a) Articles 24 to 26;

• (b) Article 54(3);

• (c) Article 91; and

• (d) Article 93.

Duty to report on completion of default proceedings

93

• (1) Article 85 of the Companies (No. 2)(Northern Ireland) Order 1990 (duty to report on completion of default proceedings) is amended as follows.

• (2) In paragraph (1)⁹⁰, for “Secretary of State” substitute “Authority”.

• (3) In paragraph (1A)⁹¹, for “Secretary of State” substitute “Authority”.

• (4) In paragraph (4)—

• (a) for “Secretary of State, he” substitute “Authority, it”;

• (b) for “he”, in the second place where it occurs, substitute “it”; and

• (c) for “it” substitute “the report”.

Power to give directions

94

• (1) Article 89 of the Companies (No. 2) (Northern Ireland) Order 1990 (power to give directions to recognised investment exchanges and recognised clearing houses with head offices in the UK) is amended as follows.

• (2) In paragraph (2), in each of sub-paragraphs (a) and (b)—

• (a) for “Secretary of State” substitute “Authority”;

• (b) for “he” substitute “the Authority”.

• (3) In paragraph (3)—

• (a) for “Secretary of State” substitute “Authority”; and

• (b) for “he”, in both places, substitute “it”.

• (4) In paragraph (7)—

• (a) for “Secretary of State”, in both places, substitute “Authority”; and

• (b) for “he is satisfied that it” substitute “it is satisfied that the direction”.

• (5) In paragraph (8) for “Secretary of State” substitute “Authority”.

Application to determine whether default proceedings to be taken

95

• (1) Article 90 of the Companies (No. 2) (Northern Ireland) Order 1990 (application to determine whether default proceedings to be taken) is amended as follows.

• (2) In paragraph (1) for “Secretary of State” substitute “Authority”.

• (3) In paragraph (3), for “Secretary of State”, in both places, substitute “Authority”.

• (4) In paragraph (4) for “Secretary of State” substitute “Authority”.

• (5) In paragraph (5) for “Secretary of State”, in both places, substitute “Authority”.

Application of Part 5 in relation to overseas investment exchanges and clearing houses

96

In Article 92(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (power to make provision in relation to certain overseas investment exchanges and clearing houses)—

• (a) after “Department” insert “and the Treasury”; and

• (b) for “Secretary of State” substitute “the Treasury”.

Power to make provision about certain charges other than market charges

97

• (1) Article 98 of the Companies (No.2) (Northern Ireland) Order 1990 (power to make provision about certain other charges) is amended as follows.

• (2) In sub-paragraph (b) of paragraph (2)—

• (a) the words “Financial Services” are repealed; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (3) For sub-paragraphs (d) and (e) of that paragraph substitute—

(d) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a relevant regulated activity, or (e) an international securities self-regulating organisation approved for the purposes of an order made under section 22 of the Financial Services and Markets Act 2000,

• (4) In paragraph (6)—

• (a) the words “Financial Services” are repealed; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (5) After paragraph (7) insert—

(8) For the purposes of subsection (2)(d), “relevant regulated activity” means— (a) dealing in investments as principal or as agent; (b) arranging deals in investments; (c) managing investments; (d) safeguarding and administering investments; (e) sending dematerialised instructions; or (f) establishing etc. a collective investment scheme. (9) Paragraph (8) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Power to apply Articles 99 to 102 to other cases

98

In Article 103(1)(a) of the Companies (No. 2) (Northern Ireland) Order 1990 (power to apply Articles 99 to 102 to other cases), the words “93” are repealed.

Indemnity for certain acts

99

In Article 105(5) of the Companies (No. 2) (Northern Ireland) Order 1990 (indemnity for certain acts), for the words from “exercising” to “procedures” substitute “to whom the exercise of any function of a recognised investment exchange or recognised clearing house is delegated under its default rules”.

Power of Secretary of State to make further provision for purposes of Part 5

100

After paragraph (3) of Article 106 of the Companies (No. 2) (Northern Ireland) Order 1990 (power of Secretary of State to make further provision for purposes of Part 5) insert—

(4) References in paragraph (2) to the provisions of this Part include any provision made under section 301 of the Financial Services and Markets Act 2000.

Definitions for purposes of Part 5

101

• (1) Article 111 of the Companies (No. 2) (Northern Ireland) Order 1990 (definitions for purposes of Part 5) is amended in accordance with paragraphs (2) to (6).

• (2) In paragraph (1), after the definition of “administrative receiver”, insert—

• “the Authority” means the Financial Services Authority;

• (3) In that paragraph, the definitions of “clearing house”, of “investment” and “investment exchange” and of “recognised” are repealed.

• (4) In that paragraph, after the definition of “overseas”, insert—

• “recognised clearing house” and “recognised investment exchange” have the same meaning as in the Financial Services and Markets Act 2000;

• (5) In that paragraph, for the definition of “The Stock Exchange” substitute—

• “The Stock Exchange” means the London Stock Exchange Limited;

• (6) Paragraph (4) is repealed.

• (7) In the table in Article 112 of that Order (table of defined expressions)—

• (a) the entries relating to the following expressions are repealed—

• clearing house;

• ensuring the performance of a transaction;

• investment;

• investment exchange; and

• recognised; and

• (b) insert the following in the appropriate places—

the Authority	Article 111(1)

; and

recognised clearing house and recognised investment exchange	Article 111(1)

PART 3 — ENACTMENTS RELATING TO PENSIONS

Fire Services Act 1947 (c. 41)

Information in connection with firemen’s pensions

102

In section 27A⁹² of the Fire Services Act 1947 (information in connection with firemen’s pensions), in subsection (2)(a), after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

Judicial Pensions Act (Northern Ireland) 1951 (c. 20)

Additional voluntary contributions

103

• (1) Section 11A⁹³ of the Judicial Pensions Act (Northern Ireland) 1951 (additional voluntary contributions) is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (7)—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (7)⁹⁴ insert—

(7A) In subsection (7), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (7B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (7C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (7D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are- (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (7E) Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

County Courts Act (Northern Ireland) 1959 (c. 25)

Additional voluntary contributions

104

• (1) Section 127A⁹⁵ of the County Courts Act (Northern Ireland) 1959 (additional voluntary contributions) is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (7)⁹⁶—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (7) insert—

(7A) In subsection (7), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (7B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (7C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are- (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (7D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (7E) Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Resident Magistrates' Pensions Act (Northern Ireland) 1960 (c. 2)

Additional voluntary contributions

105

• (1) Section 9A⁹⁷ of the Resident Magistrates' Pensions Act (Northern Ireland) 1960 (additional voluntary contributions) is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (7)⁹⁸—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (7) insert—

(7A) In subsection (7), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (7B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (7C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (7D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (7E) Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Superannuation Act 1972 (c. 11)

Authorised providers in relation to superannuation schemes for civil servants etc.

106

• (1) Section 1 of the Superannuation Act 1972 (superannuation schemes in respect civil servants etc) is amended as follows.

• (2) In subsection (9)⁹⁹, for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (9B), (9C) or (9D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit;

• (3) After that subsection insert—

(9A) In subsection (9), the definition of “authorised provider” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (9B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (9C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are- (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (9D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (9E) Expressions used in subsections (9B) to (9D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Authorised providers in relation to superannuation schemes for teachers

107

In section 9(6) of the Superannuation Act 1972 (superannuation schemes as respects teachers) for the definition of “authorised provider”¹⁰⁰ substitute—

• “authorised provider” has the meaning given in section 1;

Authorised providers in relation to superannuation schemes for persons engaged in health services, etc.

108

In section 10(6) of the Superannuation Act 1972 (superannuation schemes as respects persons engaged in health services, etc) for the definition of “authorised provider”¹⁰¹ substitute—

• “authorised provider” has the meaning given in section 1;

Police Pensions Act 1976 (c. 35)

Information in connection with police officers' pensions

109

In section 8A¹⁰² of the Police Pensions Act 1976 (information in connection with police pensions), in subsection (2)(a), after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

Judicial Pensions Act 1981 (c. 20)

Voluntary contributions by members of judicial pension scheme.

110

• (1) Section 33A¹⁰³ of the Judicial Pensions Act 1981 is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (9)¹⁰⁴—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (9B), (9C) or (9D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (9) insert—

(9A) In subsection (9), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (9B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (9C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (9D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (9E) Expressions used in subsections (9B) to (9D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Judicial Pensions (Northern Ireland) Order 1991 (S.I. 1991/2631 (N.I. 24))

Judicial pensions: transfer of accrued benefits

111

• (1) The Schedule which is set out in paragraph 1(2) of Schedule 2 to the Judicial Pensions (Northern Ireland) Order 1991 (transfer of accrued benefits) is amended as follows.

• (2) In paragraph 1, the existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph, for the definition of “authorised insurance company” substitute—

• “authorised insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After that sub-paragraph, insert—

(2) The definition of “authorised insurer” in sub-paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; (c) Schedule 2 to that Act.

• (5) In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.

• (6) In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.

Judicial Pensions and Retirement Act 1993 (c. 8)

Voluntary contributions by persons to whom Part 1 of the Act applies

112

• (1) Section 10 of the Judicial Pensions and Retirement Act 1993 is amended as follows.

• (2) In subsection (4)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (8)—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (8B), (8C) or (8D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (8) insert—

(8A) In subsection (8), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (8B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (8C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (8D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (8E) Expressions used in subsections (8B) to (8D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Retirement date for holders of judicial offices etc: repeal of references to old tribunals

113

In section 26(8) of the Judicial Pensions and Retirement Act 1993 (retirement date for members of certain tribunals), paragraphs (e), (f) and (j) are repealed.

Judicial pensions: transfer of accrued benefits

114

• (1) Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer of accrued benefits) is amended as follows.

• (2) In paragraph 1, the existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph, for the definition of “authorised insurance company” substitute—

• “authorised insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After that sub-paragraph, insert—

(2) The definition of “authorised insurer” in sub-paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; (c) Schedule 2 to that Act.

• (5) In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.

• (6) In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.

Repeal of spent amendments

115

The following provisions of Schedule 6 to the Judicial Pensions and Retirement Act 1993 (which are amendments to other legislation that are spent as a result of the coming into force of the Financial Services and Markets Act 2000) are repealed—

• (a) paragraph 41;

• (b) paragraph 64;

• (c) paragraph 65; and

• (d) paragraph 68.

Pension Schemes Act 1993 (c. 48)

Discharge of liability where guaranteed minimum pension secured by insurance policies or annuity contracts

116

• (1) Section 19 of the Pension Schemes Act 1993 (discharge of liability where guaranteed minimum pension secured by insurance policies or annuity contracts) is amended as follows.

• (2) In subsection (4)(a)—

• (a) for “insurance company” substitute “insurer”; and

• (b) in sub-paragraph (i), the word “ordinary” is repealed.

• (3) Subsection (7) is repealed.

Ways of giving effect to the protected rights: the pension and annuity requirements

117

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Discharge of protected rights on winding up: insurance policies

118

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Alteration of rules of appropriate schemes: permitted form of scheme

119

• (1) Section 38 of the Pensions Schemes Act 1993 (alteration of rules of appropriate schemes: permitted forms) is amended as follows.

• (2) In subsection (6), in paragraph (b) for the words from “has” to the end substitute “is an authorised unit trust scheme”.

• (3) After that subsection, insert—

(6A) “Authorised unit trust scheme” has the meaning given in Part 17 of the Financial Services and Markets Act 2000 and includes any scheme which is, as a result of an order made under section 426 of that Act making transitional provisions, treated as falling within that meaning.

Entitlement to guaranteed minimum pensions: treatment of entitlements

120

In section 47(3)(d) of the Pension Schemes Act 1993 (Further provisions concerning entitlement to guaranteed minimum pensions for the purposes of section 46), for “Policyholders Protection Act 1975” substitute “Financial Services Compensation Scheme”.

Ways of taking rights to cash equivalent: members of occupational pension schemes

121

In section 95(2)(c) of the Pension Schemes Act 1993 (ways of taking rights to cash equivalent) for “insurance companies” substitute “insurers”.

Cash equivalent: authorised purposes for transfer notice

122

In section 101F(2)(b)¹⁰⁵ of the Pension Schemes Act 1993 (authorised purposes for transfer notice) for “insurance companies” substitute “insurers”.

Procedure on an investigation by the Pensions Ombudsman

123

In section 149(6) of the Pension Schemes Act 1993 (procedure on an investigation by the Pensions Ombudsman: persons to whom information may be disclosed)—

• (a) paragraphs (f) and (g) are repealed;

• (b) for paragraph (h) substitute—

(h) a person appointed under— (i) Part 14 of the Companies Act 1985, (ii) section 167 of the Financial Services and Markets Act 2000, (iii) subsection (3) or (5) of section 168 of that Act, or (iv) section 284 of that Act, to conduct an investigation;

; and

• (c) for paragraphs (k) to (m) substitute—

(k) a body designated under section 326(1) of the Financial Services and Markets Act 2000; and (l) a recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).

Disclosure of information by the Secretary of State

124

• (1) The table set out in section 158A(1)¹⁰⁶ of the Pension Schemes Act 1993 (power of Secretary of State to disclose social security information for certain purposes) is amended as follows.

• (2) The entries relating to the following persons are repealed—

• The Treasury;

• The Friendly Societies Commission;

• The Building Societies Commission;

• An inspector appointed by the Secretary of State;

• A person authorised to exercise powers under section 106 of the Financial Services Act 1986;

• A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986); and

• A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986).

• (3) In the entry relating to the Financial Services Authority¹⁰⁷, for the second column, substitute—