HL Deb 13 November 1989 vol 512 c1118

313 After Clause 160 insert the following new Clause —

'Consequential amendments and delegation of functions on commencement.

'. —(1) The Financial Services Act 1936 has effect with the amendments specified in Schedule (Consequential amendments of the Financial Services Act 1986) which are consequential on the amendments made by sections (Statements of principle), (Application of designated rules and regulations to members of self-regulating organisations) and (Codes of practice).

(2) If immediately before the commencement of any provision of Part (sections (Statements of principle), 158, (Application of designated rules and regulations to members of self regulating organisations), (Codes of practice), (Regulations with other regulatory authorities), (Construction of references to incurring civil liability), (Offers of unlisted securities), (Offers of securities by private companies and old public companies), (Jurisdiction of the High Court and the Court of Session), 159, (Offers of short-dated debentures), (Standard of protection for investors), (Costs of compliance), 160 and (Consequential amendments and delegation of functions on commencement)) which amends Part I of the Financial Services Act 1986 —

  1. (a) a designated agency is exercising by virtue of a delegation order under section 114 of that Act any functions of the Secretary of State under that Part, and
  2. (b) no draft order is lying before Parliament resuming any of those functions,
the order bringing that provision into force may make, in relation to any functions conferred on the Secretary of State by the amendment, any such provision as may be made by an order under that section.

(3) If immediately before the commencement of any provision of Schedule (Consequential amendments of the Financial Services Act 1986) which amends Part III of the Financial Services Act 1986 —

  1. (a) a transferee body (within the meaning of that Act) is exercising by virtue of a transfer order under paragraph 28 of Schedule 11 to that Act any functions of the Registrar under that Part, and
  2. (b) no draft order is lying before Parliament resuming any of those functions,
the order bringing that provision into force may make, in relation to any functions conferred on the Registrar by the amendment, any such provision as may be made by an order under that paragraph.

(4) References in the Financial Services Act 1986 to a delegation order made under section 114 of that Act or to a transfer order made under paragraph 28 of Schedule 11 to that Act include an order made containing any such provision as is authorised by subsection (2) or (3).'.

Lord Strathclyde

My Lords, I beg to move that the House do agree with the Commons in their Amendment No. 313.

Moved, That the House do agree with the Commons in the said amendment. —(Lord Strathclyde.)

On Question, Motion agreed to.