Companies Act 1989

23 (1) Schedule 8 to the Financial Services Act 1986 (principles applicable to designated agency’s rules and regulations) is amended as follows.

(2) In the heading for “Rules and Regulations” substitute “Legislative Provisions”.

(3) For paragraph 1, and the cross-heading preceding it, substitute—

“Introduction

1 (1) In this Schedule “legislative provisions” means the provisions of statements of principle, rules, regulations and codes of practice issued or made under Part I of this Act.

(2) References in this Schedule to “conduct of business provisions” are to rules made under section 48 of this Act and statements of principle and codes of practice so far as they relate to matters falling within that rule-making power.

(3) References in this Schedule to provisions made for the purposes of a specified section or Chapter are to rules or regulations made under that section or Chapter and statements of principle and codes of practice so far as they relate to matters falling within that power to make rules or regulations.

Standards

1A The conduct of business provisions and the other legislative provisions must promote high standards of integrity and fair dealing in the conduct of investment business.”.

(4) In paragraphs 2 to 7, 9, 11 and 12 for “conduct of business rules” substitute “conduct of business provisions”.

(5) In paragraph 7 for “those rules and rules under” substitute “those provisions and provisions made for the purposes of”.

(6) In paragraph 8 for “Rules made under” substitute “Provisions made for the purposes of”.

(7) In paragraph 9 for “regulations made under” substitute “provisions made for the purposes of”.

(8) In paragraph 10 for “Rules made under” substitute “Provisions made for the purposes of” and for “under those sections” substitute “for the purposes of those sections”.

(9) In paragraph 12 for “rules and regulations made under” substitute “provisions made for the purposes of”.