3(1)Section 49 of the M1Financial Services Act 1986 (financial resources rules) is amended as follows.
(2)For subsection (1) substitute—
“(1)The Secretary of State may make rules requiring—
(a)a person authorised to carry on investment business by virtue of section 25 or 31 above, or
(b)a member of a recognised self-regulating organisation carrying on investment business in the carrying on of which he is subject to the rules of the organisation,
to have and maintain in respect of that business such financial resources as are required by the rules.”.
(3)After subsection (2) insert—
“(3)Section 63A below (application of designated rules) has effect as regards the application of rules under this section to members of recognised self-regulating organisations in respect of investment business in the carrying on of which they are subject to the rules of the organisation.”.
Marginal Citations