The Companies Act 1989 (Commencement No. 3, Transitional Provisions and Transfer of Functions under the Financial Services Act 1986) Order 1990

Transfer of functions

4.—(1) All those functions of the Secretary of State which are specified in paragraphs (2) and (3) of this article shall be transferred to SIB on 15th March 1990, in the case of those functions specified in paragraph (2), without limitation and, in the case of those functions specified in paragraph (3), subject to the limitations specified in the said paragraph (3).

(2) The functions specified in this paragraph are —

(a) all functions under section 63A of the 1986 Act;

(b) all functions under section 128A of the 1986 Act.

(3) The functions specified in this paragraph are —

(a) all functions under section 47A of the 1986 Act except that the function of taking disciplinary action under that section is transferred only to the extent that the functions under the provisions referred to in section 47A(4) have been transferred to SIB;

(b) all functions under section 63C of the 1986 Act insofar as those functions relate to:

(i) statements of principle; and

(ii) rules and regulations the function of making of which has been transferred to SIB;

(c) all functions under section 128B(1) to (4) of the 1986 Act to the extent that such functions relate to functions of the Secretary of State under the 1986 Act which have been transferred to SIB;

(d) all functions under section 128C of the 1986 Act except that:

(i) the function of taking disciplinary action under that section is transferred only to the extent that the functions under the provisions referred to insection 128C(2) have been transferred to SIB; and

(ii) the function of prescribing functions under section 128C(3)(c) is not transferred.

(4) The references in paragraphs (2) and (3) of this article to the 1986 Act are to the 1986 Act as amended by those provisions of the 1989 Act brought into force by this Order.

(5) Where any amendment made by Part I of Schedule 23 to the 1989 Act to the provisions contained in Chapters III to XI of Part I of the 1986 Act or to section 206 of the 1986 Act confers a new function on the Secretary of State or alters a function already conferred on him by the 1986 Act the new function or the function as altered, as the case may be, is hereby transferred to SIB.

(6) Sections 204(2) and (3) of the 1989 Act shall have effect as if the references to the Secretary of State therein were to SIB and in relation to a recognised self-regulating organisation for friendly societies or transferee body the references to the Secretary of State in the said sections 204(2) and (3) (which by virtue of section 204(7) of the 1989 Act are to be construed as references to the Registrar (within the meaning of Schedule 11 to the 1986 Act)) shall have effect as if they were references to SIB.