The Financial Services (Schemes Authorised in Designated Countries or Territories) (Notification) Regulations 1988

Made9th November 1988

Laid before Parliament10th November 1988

Coming into force1st December 1988

The Secretary of State in exercise of the powers conferred on him by sections 87(3), 205(1) and 207(1) of the Financial Services Act 19861 and of all other powers enabling him in that behalf hereby makes the following regulations—

1.

These Regulations may be cited as the Financial Services (Schemes Authorised in Designated Countries or Territories) (Notification) Regulations 1988 and shall come into force on 1st December 1988.

2.

The period prescribed for the purposes of section 87(3) of the Financial Services Act 1986 shall be the period of two months.

Francis Maude

Parliamentary Under Secretary of State

Department of Trade and Industry

9th November 1988

(This note is not part of the Regulations)

These regulations prescribe the period of two months as the period within which the Securities and Investments Board may notify the operator of a scheme which is managed in and authorised under the law of a country or territory designated under section 87 of the Financial Services Act 1986 that the scheme is not to be recognised.