This Order may be cited as the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) (No. 2) Order 2001.

This Order comes into force for the purpose of article 23 on 8th October 2001 and for all other purposes, on the day on which section 19 comes into force.

In this Order—

• “the Act” means the Financial Services and Markets Act 2000;

• “the 2BCD Regulations” means the Banking Coordination (Second Council Directive) Regulations 19922;

• “the Banking Act” means the Banking Act 19873;

• “the Building Societies Act” means the Building Societies Act 19864;

• “commencement” means the beginning of the day on which section 19 comes into force;

• “the Financial Services Act” means the Financial Services Act 19865;

• “IMRO” means the Investment Management Regulatory Organisation Limited;

• “the Insurance Companies Act” means the Insurance Companies Act 19826;

• “investment business” has the same meaning as in the Financial Services Act;

• “the ISD Regulations” means the Investment Services Regulations 19957;

• “PIA rules” means the rules of the Personal Investment Authority Limited;

• “recognised clearing house”, “recognised investment exchange”, “recognised professional body”, “recognised self-regulating organisation” and “recognised self-regulating organisation for friendly societies”8 have the same meanings as in the Financial Services Act;

• “relevant IMRO contravention”, in relation to any person (“A”)—

  1. a

     in any case, means any breach by A of—

     1. i

        the rules of IMRO;

     2. ii

        the rules of any other recognised self-regulating organisation, or

     3. iii

        the rules of any recognised professional body,

     to which A was subject at the time of the breach (whether or not A was at that time regulated by IMRO);

  2. b

     where A was a member of IMRO (rather than a registered individual), also means—

     1. i

        any breach by A of the rules of the Authority made under Chapter V of Part I of the Financial Services Act,

     2. ii

        the provision by A to IMRO of false, inaccurate or misleading information in submitting his application for membership; or

     3. iii

        any breach by A of a statement of principle issued by the Authority under section 47A of the Financial Services Act9;

• “SFA” means The Securities and Futures Authority Limited, and “SFA rules” means the rules of the SFA.

Any reference in this Order to a section, Part or Schedule is, unless the context otherwise requires, a reference to that section or Part of, or Schedule to, the Act.

For the purposes of this Order, a recognised self-regulating organisation or a recognised self-regulating organisation for friendly societies is to be taken to have had a power immediately before commencement if it would have had that power had the appropriate procedural steps required by the rules of that organisation been complied with before commencement.