2001 No. 2966
The Financial Services and Markets Act 2000 (Consequential Amendments) (Pre-Commencement Modifications) Order 2001
Made
Laid before Parliament
Coming into force
The Treasury in exercise of their powers under sections 426 and 427 of the Financial Services and Markets Act 20001 hereby make the following Order:
PART 1GENERAL
Citation and commencement1
This Order may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments) (Pre-Commencement Modifications) Order 2001 and comes into force on 3rd September 2001.
Interpretation2
In this Order—
“the Act” means the Financial Services and Markets Act 2000; and
“commencement” means the beginning of the day on which section 19 of the Act comes into force.
Modifications to primary and secondary legislation3
The modifications made by Parts 2 and 3 of this Order have effect until commencement.
PART 2MODIFICATIONS TO PRIMARY LEGISLATION
Consumer Credit Act 1974 (c. 39)
Restriction on disclosure of information4
Section 174(3A)2 of the Consumer Credit Act 1974 has effect as if the reference to the functions of the Financial Services Authority under the Banking Act 1987 included a reference to the functions of the Authority under or as a result of the Act.
Companies Act 1985 (c. 6)
Provision for security of information obtained5
1
Subsection (1) of section 449 of the Companies Act 1985 (“the 1985 Act”) has effect as if after paragraph (ba)3 there were inserted—
bb
with a view to the institution of, or otherwise for the purposes of, any proceedings before the Tribunal;
2
In that subsection, paragraph (fa)4 has effect as if the functions mentioned in sub-paragraphs (i) to (iii) included the functions of the Authority under or as a result of the Act.
Building Societies Act 1986 (c. 53)
Confidentiality of certain information obtained by the Commission6
Nothing in section 53(1) of the Building Societies Act 1986 prohibits—
a
the disclosure of information to any person with a view to the institution of, or otherwise for the purposes of, proceedings before the Tribunal;
b
the disclosure of information to the Authority in circumstances where, in the opinion of the Commission, it is desirable or expedient that the information should be disclosed with a view to facilitating the discharge by the Authority of any of its functions under or as a result of the Act; or
c
further disclosure by the Authority in accordance with sections 348 and 349 of the Act of any information disclosed under paragraph (b).
Companies Act 1989 (c. 40)
Exceptions from restrictions on disclosure7
Section 87 of the Companies Act 1989 has effect as if—
a
the relevant proceedings referred to in subsection (1)(a) included proceedings before the Tribunal; and
b
the relevant functions specified in relation to the Authority5 in subsection (4) included its functions under or as a result of the Act.
Courts and Legal Services Act 1990 (c. 41)
Exceptions from restrictions on disclosure8
Section 50 of the Courts and Legal Services Act 1990 has effect as if—
a
the functions of the Authority mentioned in subsection (1)(fa)6 included its functions under or as a result of the Act;
b
the reference to the Financial Services Tribunal and its functions under the Financial Services Act 1986 in subsection (1)(r) included a reference to the Tribunal and its functions under the Act.
Friendly Societies Act 1992 (c. 40)
Exceptions from restrictions on disclosure9
Section 64 of the Friendly Societies Act 1992 has effect as if—
a
the relevant proceedings referred to in subsection (1)(a) included proceedings before the Tribunal; and
b
the relevant functions mentioned in relation to the Authority7 in subsection (5) included its functions under or as a result of the Act.
Pension Schemes Act 1993 (c. 48)
Disclosure of information by the Secretary of State or the Inland Revenue10
Pension Schemes (Northern Ireland) Act 1993 (c. 49)
Disclosure of information by the Department or the Inland Revenue11
Bank of England Act 1998 (c. 11)
Restrictions on disclosure of information12
Paragraph 3 of Schedule 7 to the Bank of England Act 1998 has effect as if the functions specified in relation to the Authority in the Table in sub-paragraph (1) included the functions of the Authority under or as a result of the Act.
PART 3MODIFICATIONS TO SECONDARY LEGISLATION
Companies (Northern Ireland) Order 1986 (S.I.1986/1032 (N.I. 6))
Provision for security of information obtained13
1
In paragraph (1) of Article 442 of the Companies (Northern Ireland) Order 1986, sub-paragraph (fa)12 has effect as if the functions mentioned in paragraphs (I) to (iii) included the functions of the Authority under or as a result of the Act.
2
That paragraph has effect as if after sub-paragraph (m)13 there was inserted—
mm
for the purposes of any proceedings before the Tribunal;
Estate Agents (Specified Offences) (No 2) Order 1991 (S.I.1991/1091)
Specified Offences14
The Estate Agents (Specified Offences) (No 2) Order 1991 has effect as if the offences listed in the Schedule (and thereby specified for the purposes of section 3 of the Estate Agents Act 197914) included offences committed under paragraph 11(3) of Schedule 13 to the Act (failure in relation to attendance at, and evidence etc. before the Financial Services and Markets Tribunal).
(This note is not part of the Order)