The Financial Services Act 1986 (Corporate Debt Exemption) Order 1997

• Citation: S.I. 1997/816
• Sections: 5

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Financial Services Act 1986 (Corporate Debt Exemption) Order 1997 and shall come into force on 3rd April 1997.

(2) In this Order “ the Act ” means the Financial Services Act 1986.

Section 2 Corporate debt exemption

Part I of Schedule 5 to the Act shall be amended as follows:

(a) for paragraphs (a) and (b) of paragraph 2(2) there shall be substituted—

(a) a debenture or other instrument falling within paragraph 2 of Schedule 1 to this Act which is issued on terms requiring repayment not later than five years from the date of issue;

(b) in paragraphs (d), (e), (f)(i) and (g)(i) of paragraph 2(2), for “paragraph (a), (b) or (c)” there shall be substituted “paragraph (a) or (c)”.

Section 3 Corporate debt exemption

In Part II of Schedule 5 to the Act, in paragraph 5(2), for “paragraph (2)(a), (b), (c) or (e)” there shall be substituted “paragraph (2)(a), (c) or (e) above”.

Section 4 Revocation

Articles 1(2) and 2 of the Financial Services Act 1986 (Listed Money Market Institutions and Miscellaneous Exemptions) Order 1990 are hereby revoked.

Section 5 Revocation

Paragraph 23 of Schedule 10 to the Banking Coordination (Second Council Directive) Regulations 1992 is hereby revoked.