The Financial Markets and Insolvency (Money Market) Regulations 1995

Powers of intervention

16.  Section 105 of the 1986 Act (investigation powers)(1)shall apply in relation to a listed person as if—

(a) functions under that section(2)were exercisable by the Bank of England and not by any other person;

(b) the circumstances mentioned in subsection (1) as those in which the powers under that section are exercisable were that it appeared to the Bank of England that there is good reason to exercise those powers for the purpose of investigating the affairs, or any aspect of the affairs, of any listed person so far as relevant to settlement arrangements provided by that person in relation to money market contracts or related contracts; and

(c) subsections (2) and (9)(3)were omitted.

(1)

Section 105 of the Financial Services Act 1986 has been amended by sections 73 and 212 of, and Schedule 24 to, the Companies Act 1989.

(2)

The powers conferred by section 105 of the Financial Services Act 1986 are exercisable concurrently by the Secretary of State and the Securities and Investments Board—see the Financial Services Act 1986 (Delegation Order) 1987 (S.I. 1987/942).

(3)

Section 106 of the Financial Services Act 1986 has been amended by section 73 of the Companies Act 1989.