Statutory Instrument 1992 No. 1315

The Transfer of Functions (Financial Services) Order 1992

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© Crown Copyright 1992

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1992 No. 1315

MINISTERS OF THE CROWN

The Transfer of Functions (Financial Services) Order 1992

At the Court at Buckingham Palace, the 4th day of June 1992

Present,

The Queen's Most Excellent Majesty in Council

Her Majesty, in pursuance of sections 1 and 2 of the Ministers of the Crown Act 1975^[1] and section 2(2) of the European Communities Act 1972^[2] is pleased, by and with the advice of Her Privy Council, to order, and it is hereby ordered, as follows:—

Citation and commencement
    1.—(1)  This Order may be cited as the Transfer of Functions (Financial Services)Order 1992.

    (2)  This Order shall come into force on 7th June 1992.

Transfer of functions from the Secretary of State to the Treasury
    2.—(1)  Subject to the following provisions of this Order, the functions of the Secretary of State under—
 (a) the Company Securities (Insider Dealing) Act 1985^[3],
 (b) the Financial Services Act 1986^[4],
 (c) Parts VII (financial markets and insolvency) and IX (transfer of securities) of the Companies Act 1989^[5], and
 (d) the Uncertificated Securities Regulations 1992^[6],


are hereby transferred to the Treasury.

    (2)  The functions of the Secretary of State under the following provisions of the Companies Act 1989 are also hereby transferred to the Treasury—
 (a) section 203(3), so far as it concerns the making of an order specifying when the transitional period referred to in that section is to end;
 (b) section 206(2) (power to make a delegation order on bringing into force any provision of Part VIII of the Act which amends the Financial Services Act 1986); and
 (c) section 215(2), (3) and (4) so far as it relates to the bringing into force of—
 (i) any provision of Part VII; or
 (ii) any provision of Part VIII of the Act which amends the Financial Services Act 1986.

    (3)  Subject to the following provisions of this Order, in so far as the Secretary of State retains any functions under Part III of the Companies Act 1985^[7] and the Prevention of Fraud (Investments) Act 1958^[8] (which enactments have been repealed with savings) those functions are also hereby transferred to the Treasury.

    (4)  In relation to the enactments referred to in paragraph (3) above, references in this Order to the Secretary of State or to the Secretary of State for Trade and Industry include references to the Board of Trade.

Functions retained by the Secretary of State
    3.    The functions of the Secretary of State mentioned in Schedule 1 to this Order are not transferred to the Treasury.

Functions to be exercisable jointly by the Secretary of State and the Treasury
    4.    The functions of the Secretary of State mentioned in Schedule 2 to this Order shall be exercisable by the Secretary of State jointly with the Treasury.

Functions to be exercisable by the Secretary of State and the Treasury concurrently
    5.    The functions of the Secretary of State mentioned in Schedule 3 to this Order shall be exercisable by the Secretary of State and the Treasury concurrently.

Functions transferred to designated agency
    6.—(1)  Nothing in this Order affects the exercise (including any exercise concurrently with the Secretary of State) of any function which, before the coming into force of this Order, has been transferred from the Secretary of State to a designated agency by an order (in this Article referred to as a "delegation order") under section 114 of the Financial Services Act 1986 or section 168(2) or section 206(2) of the Companies Act 1989.

    (2)  Where, before the coming into force of this Order, any function has been so transferred, the powers under section 115 of the Financial Services Act 1986 or section 168(3) of the Companies Act 1989 to make an order resuming that function shall be construed as powers of the Treasury to make an order assuming that function; and references in those sections to the resumption of functions shall be construed accordingly.

    (3)  The transfer to the Treasury by virtue of this Order of the power to make a delegation order does not affect the operation of any enactment under which such an order may be subject to a reservation that the function which is transferred is to be exercisable concurrently by the Secretary of State.

Barlow Clowes ex gratia payments scheme
    7.—(1)  The functions of the Secretary of State for Trade and Industry with respect to the Barlow Clowes ex gratia payments scheme are hereby transferred to the Treasury.

    (2)  In this Order "the Barlow Clowes ex gratia payments scheme" means the scheme announced in a statement made in the House of Commons on 19th December 1989 by the Secretary of State for Trade and Industry.

Transfers of property, rights and liabilities
    8.    There are hereby transferred—
 (a) to the Solicitor for the affairs of Her Majesty's Treasury any property, rights and liabilities to which, immediately before the coming into force of this Order, the Secretary of State for Trade and Industry is entitled or subject in connection with the Barlow Clowes ex gratia payments scheme; and
 (b) to the Treasury all other property, rights and liabilities to which, immediately before the coming into force of this Order, the Secretary of State for Trade and Industry is entitled or subject in connection with any functions transferred by this Order.

Designation for purposes of European Communities Act 1972
    9.    For the purposes of section 2(2) of the European Communities Act 1972^[9], the Treasury is hereby designated (in place of the Secretary of State) in relation to—
 (a) matters relating to listing of securities on a stock exchange and information concerning listed securities,
 (b) measures relating to open-ended collective investment schemes which have as their purpose investment in transferable securities, with the aim of spreading investment risk of funds raised from the public, and
 (c) measures relating to prospectuses on offers of transferable securities to the public,

and in relation to anything supplemental or incidental to those matters or measures.

Supplementary
    10.—(1)  The enactments mentioned in Schedule 4 to this Order shall be amended in accordance with that Schedule.

    (2)  Subject to paragraph (1) above, in any enactment or instrument passed or made before the coming into force of this Order, any reference to the Secretary of State shall be construed, so far as necessary in consequence of any transfers effected by this Order as if it were a reference to the Treasury, to the Secretary of State and the Treasury acting jointly, to the Secretary of State or the Treasury or, as the case may be, to the Solicitor for the affairs of Her Majesty's Treasury.

    (3)  In this Order "instrument" includes (without prejudice to the generality of that expression) regulations, rules, orders, contracts, memoranda and articles of association and other documents.

    (4)  Any legal proceedings to which the Secretary of State for Trade and Industry or his Department is a party at the coming into force of this Order may—
 (a) if they relate to any property, rights and liabilities transferred by Article 8(a) above, be continued by or against the Treasury and the Solicitor for the affairs of Her Majesty's Treasury;
 (b) if they relate to any other transfer effected by this Order, be continued by or against the Treasury.

    (5)  This Order shall not affect the validity of anything done (or having effect as if done) by or in relation to the Secretary of State for Trade and Industry before the coming into force of this Order, and (subject to paragraph (4) above) anything which at that date is in process of being done by or in relation to him may, if it relates to any function or any property, rights and liabilities transferred by this Order, be continued by or in relation to the Treasury.

    (6)  Anything done (or having effect as if done) by the Secretary of State for Trade and Industry for the purpose of or in connection with anything transferred by this Order which immediately before the coming into force of this Order is in force shall have effect, so far as required for continuing its effect on and after that date, as if done by the Treasury.

G. I. de Deney

Clerk of the Privy Council

[1] 1975 c. 26. back

[2] 1972 c. 68. back

[3] 1985 c. 8. back

[4] 1986 c. 60. back

[5] 1989 c. 40. back

[6] S.I. 1992/225. back

[7] 1985 c. 6. back

[8] 1958 c. 45. back

[9] 1972 c. 68. back

Explanatory Note