Savings of sections 105 and 106 of the Financial Services Act
12.—(1) Any repeal of section 105(1) or 106(2) of the Financial Services Act (investigation powers), and any revocation of the 2BCD Regulations or the ISD Regulations, does not affect-
(a)any outstanding requirement imposed under subsection (3) or (4) of section 105 of the Financial Services Act (subject to section 105(6) and section 106(2) and (2A) of that Act);
(b)the application of subsection (8) of section 105 of that Act in relation to a document produced after commencement pursuant to such an outstanding requirement;
(c)the application of subsection (10) of that section in relation to a failure after commencement to comply with such an outstanding requirement;
(d)the power of the court under subsection (11) of that section where a person is convicted after commencement on a prosecution instituted as a result of any investigation under that section;
(e)any power of the Secretary of State or the Authority under subsection (4)(a) or (b) of that section in relation to any document produced (or not produced) after commencement pursuant to any outstanding requirement to which sub-paragraph (a) applies;
(f)any authorisation granted to any person under section 106(1) of that Act so far as it relates to an outstanding requirement to which sub-paragraph (a) applies;
(g)any duty of a person incurred before commencement under section 106(3) of that Act to make a report;
(h)any determination made before commencement under paragraph 29 of Schedule 9 to the 2BCD Regulations or paragraph 27 of Schedule 7 to the ISD Regulations; or
(i)the application of section 200(1) of that Act (false and misleading statements) in relation to any information furnished in purported compliance with an outstanding requirement to which sub-paragraph (a) applies.
(2) Section 400 (offences by bodies corporate), 401 (proceedings for offences) and 403 of the Act (jurisdiction and procedure in respect of offences) have effect as if any offence committed under section 105(10) or 200 of the Financial Services Act after commencement were an offence under the Act.
Amended and repealed in part by the Companies Act 1989 (c. 40), section 73 and Schedule 24 and amended by the Youth Justice and Criminal Evidence Act 1999 (c. 23), paragraph 11, Schedule 3; functions exercisable by the Authority concurrently with the Secretary of State by virtue of S.I. 1987/942.
Amended by the Companies Act 1989 (c. 40), section 73 and modified by the 2BCD Regulations and the ISD Regulations.