(This note is not part of the Order)
This Order transfers certain of the Secretary of State’s functions under the Financial Services Act 1986 to the body known as The Securities and Investments Board. The functions in question are described in article 3 to the Order. The functions under section 94 of the Act are transferred to The Securities and Investments Board subject to a reservation that they are to be exercisable concurrently by the Secretary of State.
The Order provides that the Authorised Unit Trust Scheme (Pricing of Units and Dealings by Trustee and Manager) Regulations 1988 are to have effect for all purposes as if they had been made by The Securities and Investments Board in exercise of functions transferred to it.