Statutory Instrument 1995 No. 3275

      The Investment Services Regulations 1995


      © Crown Copyright 1995

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STATUTORY INSTRUMENTS

1995 No. 3275

FINANCIAL SERVICES

The Investment Services Regulations 1995

Made 18th December 1995
Laid before Parliament 18th December 1995
Coming into force
  Regulations 27 and 31 1st January 1997
  Remainder 1st January 1996


ARRANGEMENT OF REGULATIONS

PART I
GENERAL
1.  Citation and commencement.
2.  Interpretation: general.
PART II
RECOGNITION IN UK OF EUROPEAN INVESTMENT FIRMS
Preliminary
3.  European investment firms.
4.  Authorised services.
Effect of recognition
5.  Authorisations and licences not required.
6.  Procedural requirements for carrying on listed services.
Effect of non-recognition
7.  Prohibition on carrying on certain listed services.
Functions of Board
8.  Duty to prepare for supervision.
9.  Power to prohibit the provision of listed services.
10.  Power to restrict provision of listed services.
11.  Limitations on Board's powers.
12.  Obligation of Board where investment firm ceases to be a European investment firm etc.
Functions of Bank
13.  Duty to prepare for supervision.
14.  Obligation of Bank where investment firm ceases to be European investment firm etc.
Functions of Director
15.  Power to prohibit the carrying on of Consumer Credit Act business.
16.  Power to restrict the carrying on of Consumer Credit Act business.
PART III
RELATIONS WITH THIRD COUNTRIES
17.  Treasury directions for implementing certain EC decisions.
PART IV
RECOGNITION IN OTHER EEA STATES OF UK INVESTMENT FIRMS
Preliminary
18.  UK investment firms.
19.  Authorised services.
Procedural requirements
20.  Procedural requirements for carrying on certain listed services.
PART V
AMENDMENTS OF FINANCIAL SERVICES ACT
21.  Authorisation by membership of recognised self-regulating organisations.
22.  Applications for authorisation.
23.  Grant and refusal of authorisation.
24.  Authorisation in other EEA State.
25.  Certain EEA regulated markets.
26.  Exempted persons.
27.  Appointed representatives.
28.  Statement of services covered by authorisation.
29.  Reciprocal facilities for investment business.
30.  Exemption from liability for damages.
31.  Recognised professional bodies.
32.  Other amendments of Financial Services Act.
33.  Construction of Part V.
PART VI
AMENDMENTS OF CONSUMER CREDIT ACT
34.  Effect of standard licence.
35.  Grant of standard licence.
36.  Conduct of business.
37.  The register.
38.  Enforcement of agreements.
39.  Restrictions on disclosure of information.
40.  Power to modify subordinate legislation in relation to European investment firms.
PART VII
NOTIFICATION OF CONTROLLERS
41.  Notification of new or increased control.
42.  Objection to new or increased control.
43.  Contraventions of regulation 41.
44.  Restrictions on voting rights.
45.  Prior notification of ceasing to be a relevant controller.
46.  Construction of Part VII.
47.  Prosecution of offences under Part VII.
PART VIII
MISCELLANEOUS
48.  Restrictions on disclosure of information.
49.  Regulated markets.
50.  Power of Board to give directions.
51.  Board's power to obtain information from group members.
52.  Powers of entry.
53.  Contravention of regulation 51 or 52.
54.  Directions to the Bank.
55.  Position of European subsidiaries.
PART IX
SUPPLEMENTAL
56.  The Board's functions under the Regulations.
57.  Minor and consequential amendments.
58.  Transitional provisions and savings.

SCHEDULES:

  Schedule 1.  Annex to the Investment Services Directive.

  Schedule 2.  Article 2.2 of the Investment Services Directive.

  Schedule 3.  Requirements as respects European investment firms.

  Schedule 4.  Prohibitions by the Board.

  Schedule 5.  Prohibitions and restrictions by the Director.

  Schedule 6.  Requirements as respects UK authorised investment firms.

  Schedule 7.  Other amendments of Financial Services Act.

  Schedule 8.  Article 25 of the Investment Services Directive.

  Schedule 9.  Position of European subsidiaries.

  Schedule 10.  Minor and consequential amendments.

  Schedule 11.  Transitional provisions and savings.

 

Explanatory Note


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