The Financial Services Act 1986 (Restriction of Exemption) Order 1999

• Citation: S.I. 1999/2999
• Sections: 3

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Financial Services Act 1986 (Restriction of Exemption) Order 1999 and shall come into force on 1st December 1999.

(2) In this order–

(a) “charity trustees” has the same meaning as in section 97(1) of the Charities Act 1993 ;

(b) “common investment scheme” has the same meaning as in section 24(1) of that Act; and

(c) “pooling scheme fund” means a fund established by a common investment scheme the trusts of which provide that property is not to be transferred to the fund except by or on behalf of a charity the charity trustees of which are the trustees appointed to manage the fund.

Section 2 Restriction of exemption for managers of certain funds

Subject to the provisions of article 3, the exemption for which section 45(1)(j) of the Financial Services Act 1986 makes provision for a person acting in his capacity as manager of a fund established under section 22 of the Charities Act 1960 or under section 24 of the Charities Act 1993 shall be restricted so that it applies only where the fund is a pooling scheme fund.

Section 3 Transitional provision

A person acting in his capacity as manager of a fund, other than a pooling scheme fund, established by a common investment scheme which takes effect before the date on which this Order comes into force shall not cease to be an exempted person as respects his management of that fund until whichever first occurs of the following events–

(a) the expiry of the period of six months beginning with the date upon which this Order comes into force;

(b) a further common investment scheme taking effect in relation to the fund.