PART IRegulation of Investment Business

CHAPTER IVExempted Persons

Supplemental

46Power to extend or restrict exemptions

1

The Secretary of State may by order provide—

a

for exemptions additional to those specified in the foregoing provisions of this Chapter; or

b

for removing or restricting any exemption conferred by section 42, 43 or 45 above;

and any such order may contain such transitional provisions as the Secretary of State thinks necessary or expedient.

2

An order making such provision as is mentioned in paragraph (a) of subsection (1) above shall be subject to annulment in pursuance of a resolution of either House of Parliament; and no order making such provision as is mentioned in paragraph (b) of that subsection shall be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.