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- Point in Time (01/06/1998)
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Version Superseded: 01/12/2001
Point in time view as at 01/06/1998. This version of this provision has been superseded.
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(1)The Secretary of State may by regulations provide that this Part applies in relation to contracts connected with an overseas investment exchange or clearing house which is approved by him in accordance with such procedures as may be specified in the regulations, as satisfying such requirements as may be so specified, as it applies in relation to contracts connected with a recognised investment exchange or clearing house.
(2)The Secretary of State shall not approve an overseas investment exchange or clearing house unless he is satisfied—
(a)that the rules and practices of the body, together with the law of the country in which the body’s head office is situated, provide adequate procedures for dealing with the default of persons party to contracts connected with the body, and
(b)that it is otherwise appropriate to approve the body.
(3)The reference in subsection (2)(a) to default is to a person being unable to meet his obligations.
(4)The regulations may apply in relation to the approval of a body under this section such of the provisions of the Financial Services Act 1986 as the Secretary of State considers appropriate.
(5)The Secretary of State may make regulations which, in relation to a body which is so approved—
(a)apply such of the provisions of the Financial Services Act 1986 as the Secretary of State considers appropriate, and
(b)provide that the provisions of this Part apply with such exceptions, additions and adaptations as appear to the Secretary of State to be necessary or expedient;
and different provision may be made with respect to different bodies or descriptions of body.
(6)Where the regulations apply any provisions of the Financial Services Act 1986, they may provide that those provisions apply with such exceptions, additions and adaptations as appear to the Secretary of State to be necessary or expedient.
Modifications etc. (not altering text)
C1Ss. 170-174: certain functions made exercisable (7.6.1992) jointly by the Secretary of State and the Treasury by S.I. 1992/1315, art. 4, Sch. 2 para. 7 (with art. 6).
Commencement Information
I1S. 170 partly in force; s. 170 not in force at Royal Assent see s. 215(1)(2); s. 170 in force for certain purposes at 25.3.1991 by S.I. 1991/488, art. 2(2).
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