(This note does not form part of the Order)
This Order makes transitional provision in relation to the rule making powers conferred on the Financial Services Authority under the Financial Services and Markets Act 2000 (c. 8) ('FSMA'). The Order is divided into three Parts.
Part I contains the commencement and interpretation provisions. The Order comes into force on the same date as the main rule making power conferred by FSMA, section 138. This will be before the date of commencement of the main provisions of FSMA, including the general prohibition in section 19.
Part II concerns the power of the Authority to designate existing rules and legislative provisions which will be repealed or will lapse at commencement so that they continue in effect after commencement as if they were rules made by the Authority. This is an alternative to the Authority making new rules under its FSMA powers. Provisions can only be designated before commencement where it is necessary or expedient to do so. The
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