Version Superseded: 01/12/2001
Point in time view as at 11/08/1998. This version of this provision has been superseded.
There are currently no known outstanding effects for the Companies Act 1989, Paragraph 12.
12(1)Section 114 of the M1Financial Services Act 1986 (power to transfer functions to designated agency) is amended as follows.
(2)For subsection (9) substitute—
“(9)The Secretary of State shall not make a delegation order transferring any legislative functions unless—
(a)the agency has furnished him with a copy of the instruments it proposes to issue or make in the exercise of those functions, and
(b)he is satisfied that those instruments will afford investors an adequate level of protection and, in the case of such provisions as are mentioned in Schedule 8 to this Act, comply with the principles set out in that Schedule.
In this subsection “legislative functions” means the functions of issuing or making statements of principle, rules, regulations or codes of practice.”.
(3)In subsection (12) for “rules or regulations made” substitute “statements of principle, rules, regulations or codes of practice issued or made”.
Marginal Citations
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