Financial Services and Markets Act 2000 (c. 8)

(The document as of February, 2008)

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(a) P is a body corporate which has directors and a person's appointment to the directorship follows necessarily from his appointment both as an officer of B and a director of P;

(b) P is a body corporate which does not have directors and a person's appointment to the directorship follows necessarily from his appointment both as an officer of B and as a member of P's managing body; or

(3) For the purposes of section 13(9), a right to appoint (or remove) which is exercisable only with the consent or agreement of another person must be left out of account unless no other person has a right to appoint (or remove) in relation to that directorship.

(4) Nothing in this paragraph is to be read as restricting the effect of section 13(9). "

(4) In paragraph 9 (exercise of certain rights under instruction by, or in the interests of, incorporated friendly society) insert at the end "or in the interests of any body over which the society has joint control".

Consequential amendments

15 (1) Section 52 of the 1992 Act is amended as follows.

(2) In subsection (2), omit paragraph (d).

(3) In subsection (3), for "(4) below" substitute "(2)".

(4) For subsection (4) substitute--

" (4) A court may not make an order under subsection (5) unless it is satisfied that one or more of the conditions mentioned in subsection (2) are satisfied.

(5) In subsection (5), omit the words from "or, where" to the end.

References in other enactments

References in any provision of, or made under, any enactment to subsidiaries of, or bodies jointly controlled by, an incorporated friendly society are to be read as including references to bodies which are such subsidiaries or bodies as a result of any provision of this Part of this Schedule.

Part III Building Societies

The Building Societies Act 1986 (c. 53)

Omit section 9 (initial authorisation to raise funds and borrow money).

Omit Schedule 3 (supplementary provisions about authorisation).

Part IV Industrial and Provident Societies

The Industrial and Provident Societies Act 1965 (c. 12)

Omit section 8 (provision for separate registration areas for Scotland and for England, Wales and the Channel Islands).

Omit section 70 (scale of fees to be paid in respect of transactions and inspection of documents).

Part V Credit Unions

The Credit Unions Act 1979 (c. 34)

In section 6 (minimum and maximum number of members), omit subsections (2) to (6).

In section 11 (loans), omit subsections (2) and (6).

Omit sections 11B (loans approved by credit unions), 11C (grant of certificates of approval) and 11D (withdrawal of certificates of approval).

In section 12, omit subsections (4) and (5).

In section 14, omit subsections (2), (3), (5) and (6).

In section 28 (offences), omit subsection (2). "

Section 351.

SCHEDULE 19 Competition Information

Part I Persons and functions for the purposes of section 351

1 The Table set out after this paragraph has effect for the purposes of section 351(3)(b).

Table

Person	Function
1. The Commission.	Any function of the Commission under Community law relating to competition.
2. The Comptroller and Auditor General.	Any function of his.
3. A Minister of the Crown.	Any function of his under a specified enactment.
4. Director General of Telecommunications.	Any function of his under a specified enactment.
5. Director General of Gas Supply	Any function of his under a specified enactment
6. The Director General of Gas for Northern Ireland.	Any function of his under a specified enactment.
7. The Director General of Electricity Supply.	Any function of his under a specified enactment.
8. The Director General of Electricity Supply for Northern Ireland.	Any function of his under a specified enactment.
9. The Director General of Water Services.	Any function of his under a specified enactment.
10. The Civil Aviation Authority.	Any function of that authority under a specified enactment.
11. The Rail Regulator.	Any function of his under a specified enactment.
12. The Director General of Fair Trading.	Any function of his under a specified enactment.
13. The Competition Commission.	Any function of the Competition Commission under a specified enactment.
14. The Authority.	Any function of the Authority under a specified enactment.
15. A person of a description specified in an order made by the Treasury.	Any function of his which is specified in the order.

Part II The enactments

1 The [1973 c. 41.] Fair Trading Act 1973

2 The [1974 c. 39.] Consumer Credit Act 1974

3 The [1979 c. 38.] Estate Agents Act 1979

4 The [1980 c. 21.] Competition Act 1980

5 The [1984 c. 12.] Telecommunications Act 1984

6 The [1986 c. 31.] Airports Act 1986

7 The [1986 c. 45.] Gas Act 1986

8 The [S.I. 1988/915.] Control of Misleading Advertisements Regulations 1988

9 The [1989 c. 29.] Electricity Act 1989

10 The [1990 c. 42.] Broadcasting Act 1990

11 The [1991 c. 56.] Water Industry Act 1991

12 The [S.I. 1992/231 (N.I. 1).] Electricity (Northern Ireland) Order 1992

13 The [1993 c. 43.] Railways Act 1993

14 Part IV of the [S.I. 1994/426 (N.I. 1).] Airports (Northern Ireland) Order 1994

15 The [S.I. 1996/275 (N.I. 2).] Gas (Northern Ireland) Order 1996

16 The [S.I. 1996/2199.] EC Competition (Articles 88 and 89) Enforcement Regulations 1996

17 The [S.I. 1999/2083.] Unfair Terms in Consumer Contracts Regulations 1999

18 This Act.

19 An enactment specified for the purposes of this paragraph in an order made by the Treasury.

Section 432(1).

SCHEDULE 20 Minor and Consequential Amendments

The House of Commons Disqualification Act 1975 (c. 24)

1 In Part III of Schedule 1 to the House of Commons Disqualification Act 1975 (disqualifying offices)--

(a) omit--

" Any member of the Financial Services Tribunal in receipt of remuneration " ; and

(b) at the appropriate place, insert--

" Any member, in receipt of remuneration, of a panel of persons who may be selected to act as members of the Financial Services and Markets Tribunal " .

The Northern Ireland Assembly Disqualification Act 1975 (c. 25)

2 In Part III of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices)--

(a) omit--

" Any member of the Financial Services Tribunal in receipt of remuneration " ; and

(b) at the appropriate place, insert--

" Any member, in receipt of remuneration, of a panel of persons who may be selected to act as members of the Financial Services and Markets Tribunal " .

The Civil Jurisdiction and Judgments Act 1982 (c. 27)

3 In paragraph 10 of Schedule 5 to the Civil Jurisdiction and Judgments Act 1982 (proceedings excluded from the operation of Schedule 4 to that Act), for "section 188 of the Financial Services Act 1986" substitute "section 415 of the Financial Services and Markets Act 2000".

The Income and Corporation Taxes Act 1988 (c. 1)

4 (1) The Income and Corporation Taxes Act 1988 is amended as follows.

(2) In section 76 (expenses of management: insurance companies), in subsection (8), omit the definitions of--

"the 1986 Act";
"authorised person";
"investment business";
"investor";
"investor protection scheme";
"prescribed"; and
"recognised self-regulating organisation".

(3) In section 468 (authorised unit trusts), in subsections (6) and (8), for "78 of the Financial Services Act 1986" substitute " 243 of the Financial Services and Markets Act 2000".

(4) In section 469(7) (other unit trust schemes), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

(5) In section 728 (information in relation to transfers of securities), in subsection (7)(a), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

(6) In section 841(3) (power to apply certain provisions of the Tax Acts to recognised investment exchange), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

The Finance Act 1991 (c. 31)

5 (1) The Finance Act 1991 is amended as follows.

(2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4).

(3) In section 116 (investment exchanges and clearing houses: stamp duty), in subsection (4)(b), for "Financial Services Act 1986" substitute "Financial Services and Markets Act 2000".

The Tribunals and Inquiries Act 1992 (c. 53)

6 (1) The Tribunals and Inquiries Act 1992 is amended as follows.

(2) In Schedule 1 (tribunals under supervision of the Council on Tribunals), for the entry relating to financial services and paragraph 18, substitute--

" Financial services and markets

18. The Financial Services and Markets Tribunal. "

The Judicial Pensions and Retirement Act 1993 (c. 8)

7 (1) The Judicial Pensions and Retirement Act 1993 is amended as follows.

(2) In Schedule 1 (offices which may be qualifying offices), in Part II, after the entry relating to the President or chairman of the Transport Tribunal insert--

" President or Deputy President of the Financial Services and Markets Tribunal "

(3) In Schedule 5 (relevant offices in relation to retirement provisions)--

(a) omit the entry--

" Member of the Financial Services Tribunal appointed by the Lord Chancellor " ; and

(b) at the end insert--

" Member of the Financial Services and Markets Tribunal " .

Section 432(2).

SCHEDULE 21 Transitional Provisions and Savings

Self-regulating organisations

1 (1) No new application under section 9 of the 1986 Act (application for recognition) may be entertained.

(2) No outstanding application made under that section before the passing of this Act may continue to be entertained.

(3) After the date which is the designated date for a recognised self-regulating organisation--

(a) the recognition order for that organisation may not be revoked under section 11 of the 1986 Act (revocation of recognition);

(b) no application may be made to the court under section 12 of the 1986 Act (compliance orders) with respect to that organisation.

(4) The powers conferred by section 13 of the 1986 Act (alteration of rules for protection of investors) may not be exercised.

(5) "Designated date" means such date as the Treasury may by order designate.

(6) Sub-paragraph (3) does not apply to a recognised self-regulating organisation in respect of which a notice of intention to revoke its recognition order was given under section 11(3) of the 1986 Act before the passing of this Act if that notice has not been withdrawn.

(7) Expenditure incurred by the Authority in connection with the winding up of any body which was, immediately before the passing of this Act, a recognised self-regulating organisation is to be treated as having been incurred in connection with the discharge by the Authority of functions under this Act.

(8) "Recognised self-regulating organisation" means an organisation which, immediately before the passing of this Act, was such an organisation for the purposes of the 1986 Act.

(9) "The 1986 Act" means the [1986 c. 60.] Financial Services Act 1986.

Self-regulating organisations for friendly societies

2 (1) No new application under paragraph 2 of Schedule 11 to the 1986 Act (application for recognition) may be entertained.

(2) No outstanding application made under that paragraph before the passing of this Act may continue to be entertained.

(3) After the date which is the designated date for a recognised self-regulating organisation for friendly societies--

(a) the recognition order for that organisation may not be revoked under paragraph 5 of Schedule 11 to the 1986 Act (revocation of recognition);

(b) no application may be made to the court under paragraph 6 of that Schedule (compliance orders) with respect to that organisation.

(4) "Designated date" means such date as the Treasury may by order designate.

(5) Sub-paragraph (3) does not apply to a recognised self-regulating organisation for friendly societies in respect of which a notice of intention to revoke its recognition order was given under section 11(3) of the 1986 Act (as applied by paragraph 5(2) of that Schedule) before the passing of this Act if that notice has not been withdrawn.

(6) Expenditure incurred by the Authority in connection with the winding up of any body which was, immediately before the passing of this Act, a recognised self-regulating organisation for friendly societies is to be treated as having been incurred in connection with the discharge by the Authority of functions under this Act.

(7) "Recognised self-regulating organisation for friendly societies" means an organisation which, immediately before the passing of this Act, was such an organisation for the purposes of the 1986 Act.

(8) "The 1986 Act" means the [1986 c. 60.] Financial Services Act 1986.

Section 432(3).

SCHEDULE 22 Repeals

Chapter	Short title	Extent of repeal
1923 c. 8.	The Industrial Assurance Act 1923.	The whole Act.
1948 c. 39.	The Industrial Assurance and Friendly Societies Act 1948.	The whole Act.
1965 c. 12.	The Industrial and Provident Societies Act 1965.	Section 8.
		Section 70.
1974 c. 46.	The Friendly Societies Act 1974.	Section 4.
		Section 10.
		In section 11, from "and where" to "that society".
		In section 99(4), "in the central registration area".
1975 c. 24.	The House of Commons Disqualification Act 1975.	In Schedule 1, in Part III, "Any member of the Financial Services Tribunal in receipt of remuneration".
1975 c. 25.	The Northern Ireland Assembly Dis-qualification Act 1975.	In Schedule 1, in Part III, "Any member of the Financial Services Tribunal in receipt of remuneration".
1977 c. 46.	The Insurance Brokers (Registration) Act 1977.	The whole Act.
1979 c. 34.	The Credit Unions Act 1979.	Section 6(2) to (6).
		Section 11(2) and (6).
		Sections 11B, 11C and 11D.
		Section 12(4) and (5).
		In section 14, subsections (2), (3), (5) and (6).
		Section 28(2).
1986 c. 53.	The Building Societies Act 1986.	Section 9.
		Schedule 3.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 76, in subsection (8), the definitions of "the 1986 Act", "authorised person", "investment business", "investor", "investor protection scheme", "prescribed" and "recognised self-regulating organisation".
1991 c. 31.	The Finance Act 1991.	In section 47, subsections (1), (2) and (4).
1992 c. 40.	The Friendly Societies Act 1992.	In section 13, subsections (2) to (5), (8) and (11).
		Sections 31 to 36.
		In section 37, subsections (1), (1A) and (7A) to (9).
		Sections 38 to 50.
		In section 52, subsection (2)(d) and, in subsection (5), the words from "or where" to the end.
		Schedule 7.
		In Schedule 8, paragraph 3(2).
1993 c. 8.	The Judicial Pensions and Retirement Act 1993.	In Schedule 5, "Member of the Financial Services Tribunal appointed by the Lord Chancellor".

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