The Financial Services and Markets Act 2000 (Savings, Modifications and Consequential Provisions) (Rehabilitation of Offenders) (Scotland) Order 2001

Explanatory Note

(This note is not part of the Order)

This Order, in relation to Scotland only, makes amendments, savings and modifications that relate to the Rehabilitation of Offenders Act 1974 (“the 1974 Act”). These provisions are necessary for the purposes of the Financial Services and Markets Act 2000 (“the Act”) and in consequence of the repeal under the Act of the Insurance Companies Act 1982, the Financial Services Act 1986 and the Banking Act 1987 and the amendments made to the Building Societies Act 1986. The Order ceases to have effect at the beginning of the day on which an order made under the 1974 Act which extends to Scotland and which relates to financial services comes into force.

Article 2 saves section 95 of the Banking Act 1987 which provides for certain exceptions to the rehabilitative provisions of the 1974 Act which relate to deposit taking. This section is modified so that, for example, the reference to authorisation under the Banking Act 1987 is treated as a reference to the equivalent authorisation under the Act.

Articles 3 and 4 save with modifications section 189 of, and Schedule 14 to, the Financial Serivces Act 1986, which make exceptions from the provisions of the 1974 Act which relate to financial services and listing of securities. These provisions are modified so that the references to, for example, an application for listing under that Act are treated as references to an application for listing under the Act.

Article 5 makes consequential amendments to the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 (S.I. 1975/1023) in order to bring it into line with the provisions of the Act. These amendments relate to insurers and building societies.