The Financial Services Act 1986 (Investment Services) (Extension of Scope of Act) Order 1995

Interpretation

2.  — In this Order—

“the Act” means the Financial Services Act 1986;

“core investment service” means a service listed in Section A of the Annex to the Investment Services Directive, the text of which is set out in Part I of Schedule 1 to this Order together with the text of Section B of that Annex which is relevant to the interpretation of Section A;

“investment firm” has the meaning given in paragraph (2) below;

“the Investment Services Directive” means the Council Directive on investment services in the securities field (No. 93/22/EEC)(1); and

“listed service” means a service listed in Section A or C of the Annex to the Investment Services Directive.

(2) In this Order references to an investment firm are references to any person, other than one within paragraph (3) below, whose regular occupation or business is the provision of any one or more core investment services to third parties on a professional basis.

(3) The persons within this paragraph are persons to whom the Investment Services Directive does not apply by virtue of the provisions of Article 2(2) of that Directive, the text of which is set out in Schedule 2 to this Order.

(1)

OJ No. L 141, 10.5.93, p. 27.