(This note is not part of the Order)
This Order postpones, until 28th February 1989, the coming into force of the restriction on the promotion of certain collective investment schemes, namely open-ended investment companies which are managed in and authorised under the law of Bermuda and units in which are included in the Official List on 31st December 1988 or are promoted by a complying prospectus. It also postpones, until 1st May 1989, the coming into force of that restriction with respect to schemes of the kind just described which are of a class specified in the Schedule to the Financial Services Act 1986 (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Bermuda) Order 1988.
The Order also postpones, until 1st March 1989, the application of the restrictions which would otherwise be imposed, on 31st December 1988, by section 76 of the Financial Services Act 1986 on a prospectus issued by or on behalf of an open-ended investment company which meets the conditions described in article 3(a)(ii) of the Financial Services Act 1986 (Commencement) (No. 10) Order 1988.