The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004
| Jurisdiction | UK Non-devolved |
| Citation | SI 2004/355 |
| Year | 2004 |
2004 No. 355
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004
Made 11th February 2004
Laid before Parliament 12th February 2004
Coming into force 4th March 2004
The Treasury, in exercise of the powers conferred on them by section 426 of the Financial Services and Markets Act 20001, hereby make the following Order:
Citation, commencement and interpretation
1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004 and comes into force on 4th March 2004.
(2) In this Order “the 2001 Order” means the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 20012.
Meaning of ‘offer of securities to the public’
2.—(1) The Companies Act 1985 is amended as follows.
(2) In subsection (1)(b) of section 81 (restriction on public offers by private company), for “sections 58 to 60” substitute “sections 58 and 742A”.
(3) In subsection (1) of section 742A (meaning of “offer to the public”)3, for “or Part VII (accounts)” substitute “, Part 7 (accounts) or section 744 (general interpretation)”.
The Building Societies Act 1986 (c. 53)
Summary financial statement for members and depositors
3. In subsection (9)(b) of section 76 of the Building Societies Act 1986 (summary financial statement for members and depositors), for “subsection (8)(a)” substitute “subsection (8)”.
Disclosure of information to the Authority
4. In Part 6 of Schedule 7 to the Finance Act 1994 (insurance premium tax), after paragraph 28A insert—
“28B.—(1) Notwithstanding any obligation not to disclose information that would otherwise apply, the Commissioners may disclose information to the Financial Services Authority (“the Authority”) for the purpose of assisting the Authority in the performance of its functions.
(2) Information that has been disclosed to the Authority pursuant to this paragraph shall not be disclosed by the Authority except for the purpose of any proceedings connected with the operation of any provision of, or made under, any enactment in relation to insurance or to tax.”.
Restriction on employer-related investments
5.—(1) Section 40 of the Pensions Act 1995 (restrictions on employer-related investments) has effect without the amendments made by article 141(3) of the 2001 Order, and instead section 40 is amended in accordance with paragraph (2).
(2) After subsection (2) insert—
“2A In the definition of “employer-related investments” in subsection (2) “securities” means—
(a) shares,
(b) instruments creating or acknowledging indebtedness,
(c) instruments giving entitlements to investments,
(d) certificates representing securities.
2B Subsection (2A) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000,
(b) any relevant order made under that section, and
(c) Schedule 2 to that Act.”.
The Public Offers of Securities Regulations 1995 (S.I.1995/1537)
Exemption for offers to qualifying persons
6.—(1) In sub-paragraph (o)(i) of regulation 7(2) of the Public Offers of Securities Regulations 1995 (exemptions) for “a member of the same group as the issuer” substitute “a body corporate connected with the issuer”.
(2) In paragraph (13) of that regulation4—
(a)
(a) the definition of “group” is revoked, and
(b)
(b) before the definition of “a relevant trustee” insert—
“a body corporate is “connected with” another body corporate if—
(a) they are in the same group, within the meaning of section 421 of the Act, or
(b) one is entitled, either alone or with any other body corporate in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital which are exercisable in all circumstances at any general meeting of the other body corporate or its holding company; and”.
Meaning of “the UK authority”
7. In paragraph 1(b) of Schedule 4 to the Public Offers of Securities Regulations 1995 (mutual recognition of prospectuses and listing particulars), for “Part IV” substitute “Part 6”.
The Limited Liability Partnerships Regulations 2001 (S.I.2001/1090)
Amendment of modifications to Part 7 of the Companies Act 1985
8.—(1) In the Limited Liability Partnerships Regulations 2001, Schedule 1 (modifications to provisions of Part 7 of the Companies Act 1985 applied by those Regulations) is amended as follows.
(2) In the entry relating to section 247A of the Companies Act 1985 (“the Act”), for the modification to subsection (1)5substitute—
“For paragraph (a) of subsection (1) substitute the following—
(a)
(a) the limited liability partnership is, or was at any time within the financial year to which the accounts relate, a person (other than a banking limited liability partnership) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities;”.”.
(3) In the entry relating to section 249AA of the Act, for the modification to subsection (3)6substitute—
“For subsection (3) substitute the following—
“3 Subsection (1) does not apply if at any time in the financial year in question the limited liability partnership was a person (other than a banking limited liability partnership) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities.”.”.
(4) In the entry relating to section 249B of the Act, for the modifications to subsection (1) substitute—
“(a)
“(a) omit the words “or (2)” and paragraphs (a) and (bb), and
(b)
(b) in paragraph (b), after “it was a person” insert “(other than a banking limited liability partnership)”.”.
(5) In the entry relating to section 262 of the Act—
(a)
(a) in paragraph (b) of the modification to subsection (1)—
(i) for “definition” substitute “definitions”, and
(ii) before the definition of “limited liability partnership” insert—
““banking limited liability partnership” means a limited liability partnership which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits (but does not include such a partnership which has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission);”; and
(b)
(b) after the entry relating to subsection (2) insert—
“subsection (3) |
Insert the following subsection after subsection (3)— “3A The definition of banking limited liability partnership in subsection (1) must be read with—
|
(6) In the entry relating to section 262A of the Act, in paragraph (b) of the modifications to that section—
(i)
(i) for “entry” substitute “entries”, and
(ii)
(ii) after “the appropriate place—” insert—
““banking limited liability partnership” section 262”.
Amendment to modifications of remainder of provisions of the Companies Act 1985
9.—(1) In the Limited Liability Partnerships Regulations 2001, Schedule 2 (modifications to remainder of provisions of the Companies Act 1985 applied by those Regulations) is amended as follows.
(2) In the entry relating to section 450 of the Companies Act 1985, for the modification to subsection (1)7substitute—
“Omit subsection (1A).”.
(3) In the entry relating to section 460 of that Act, omit the modification of subsection (1)8.
Amendment to modifications of provisions of the Insolvency Act 1986
10.—(1) In the Limited Liability Partnerships Regulations 2001, Schedule 3 (modifications to the Insolvency Act 1986) is amended as follows.
(2) In the entry relating to section 8—
(a)
(a) the entry relating to subsection (1A) is revoked, and
(b)
(b) after the entry relating to subsection (4), insert—
“subsection (5)9 |
Omit subsection (5). |
subsection (6)10 |
Omit subsection (6).” |
(3) In the entry relating to section 124A, for the modification to subsection (1) substitute—
“Omit paragraphs (b) and (bb).”.
The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I.2002/1555)
Revocation of provision
11. Article 58 of the Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (winding-up on petition of the Authority: partnerships) is revoked, and the amendment of paragraph (5C)11of Article 143 of the Insolvency (Northern Ireland) Order 1989 by that article is treated as if it had not been made.
NORTHERN IRELAND LEGISLATION
The Companies (Northern Ireland) Order 1986 (S.I.1986/1032 (N.I. 6))
Meaning of “offer of securities to the public”
12.—(1) The Companies (Northern Ireland) Order 1986 is amended as follows.
(2) In paragraph (1) of Article 10A (meaning of “offer to the public”)12, before “Part V (alloment of shares and debentures)” insert “Article...
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