1. This Order may be cited as the Financial Services Act 1986 (Commencement) (No. 11) Order 1988.

2. Article 3 of the Financial Services Act 1986 (Commencement) (No. 10) Order 1988(2) shall not have effect in relation to-

(a)an open-ended investment company managed in and authorised under the law of Bermuda units in which are, on 31st December 1988, included in the Official List of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited; or

(b)any prospectus issued by or on behalf of an open-ended investment company which fulfils the conditions described in paragraph (a) of this article, being a prospectus which complies with Chapter II of Part III of the Companies Act 1985(3) or the corresponding provisions of the Companies (Northern Ireland) Order 1986(4) and the issue of which in the United Kingdom does not contravene section 74 or 75 of the Companies Act 1985 or the corresponding provisions of the Companies (Northern Ireland) Order 1986 as the case may be.

3. Article 4 of the Financial Services Act 1986 (Commencement) (No. 10) Order 1988 shall not have effect in relation to a prospectus offering for subscription, or to any application form for, units in an open-ended investment company which fulfils the conditions described in article 2(a) of this Order.

4. Section 76 of the Financial Services Act 1986 shall come into force on 1st May 1989 insofar as it has effect in relation to-

(a)an open-ended investment company which fulfils the conditions described in article 2(a) of this Order and which is a scheme of a class specified in the Schedule to the Financial Services (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Bermuda) Order(5); or

(b)any prospectus issued by or on behalf of an open-ended investment company falling within paragraph (a) of this article, being a prospectus which fulfils the conditions described in article 2(b) of this Order,

and shall come into force on 28th February 1989 insofar as it has effect in relation to an open-ended investment company falling within article 2(a) of this Order but not falling within paragraph (a) of this article or to any prospectus which fulfils the conditions described in paragraph 2(b) of this Order issued by or on behalf of any such company.

5. Section 212(3) of and Schedule 17 to the Financial Services Act 1986 shall come into force on 1st May 1989 insofar as is necessary to have the effect that, to the extent that they do apply, the provisions of Part III and section 693 of, and Schedule 3 to, the Companies Act 1985 and the corresponding provisions of the Companies (Northern Ireland) Order 1986 cease to apply to a prospectus offering for subscription, or to any application form for, units in an open-ended investment company falling within article 4(a) of this Order and shall come into force on 28th February 1989 insofar as is necessary to have the effect described in this article with respect to a prospectus offering for subscription, or to any application form for, units in an open-ended investment company falling within article 2(a) of this Order but not within article 4(a).

6. Articles 3(b) and 4 of the Financial Services Act 1986 (Commencement) (No. 10) Order 1988 shall have effect as if "or (a)(ii)" were inserted after "(a)(i)" in each place in which it occurs.

Explanatory Note

(This note is not part of the Order)

This Order postpones, until 28th February 1989, the coming into force of the restriction on the promotion of certain collective investment schemes, namely open-ended investment companies which are managed in and authorised under the law of Bermuda and units in which are included in the Official List on 31st December 1988 or are promoted by a complying prospectus. It also postpones, until 1st May 1989, the coming into force of that restriction with respect to schemes of the kind just described which are of a class specified in the Schedule to the Financial Services Act 1986 (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Bermuda) Order 1988.

The Order also postpones, until 1st March 1989, the application of the restrictions which would otherwise be imposed, on 31st December 1988, by section 76 of the Financial Services Act 1986 on a prospectus issued by or on behalf of an open-ended investment company which meets the conditions described in article 3(a)(ii) of the Financial Services Act 1986 (Commencement) (No. 10) Order 1988.

Note as to Earlier Commencement Orders

(This note is not part of the Order)

The following provisions of the Financial Services Act 1986 have been brought into force before the date of this Order in pursuance either of the Act or of previous commencement orders.