Section 212(3) of and Schedule 17 to the Financial Services Act 1986 shall come into force on 31st December 1988 insofar as is necessary to have the effect that, to the extent that they do apply, the provisions of Part III and section 693 of, and Schedule 3 to, the Companies Act 1985 and the corresponding provisions of the Companies (Northern Ireland) Order 1986 cease to apply to a prospectus offering for subscription, or to any application form for, units in an open-ended investment company which does not fulfil the conditions described in article 3(a)(i) of this Order and shall come into force on 1st March 1989 insofar as is necessary to have the effect described in this article with respect to a prospectus offering for subscription, or to any application form for, units in an open-ended investment company which does fulfil those conditions.