(This note is not part of the Order)

This Order revokes and re-enacts with certain modifications the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) Order 2001 (S.I. 2001/2657).

This Order relates to the civil, prosecutorial and disciplinary powers of the Financial Services Authority ("the Authority") in relation to conduct that took place before the commencement of section 19 (the general prohibition) ("commencement") of the Financial Services and Markets Act 2000 ("the Act") and related matters. Generally, these powers reflect the powers of Authority before commencement under the Insurance Companies Act 1982 ("the 1982 Act"), the Financial Services Act 1986 ("the 1986 Act"), the Banking Act 1987 ("the 1987 Act"), and related enactments and the powers of the self-regulating organisations and self-regulating organisations for friendly societies (within the meaning of the 1986 Act).

Articles 2 and 4 modify Part XXV of the Act (injunctions and restitutions) to enable the Authority to apply to the court for an order under section 380(2) (remedial orders), section 380(3)(a) (orders preventing disposal of assets) or section 382(1) (restitutionary orders) where a person has, before commencement, contravened certain enactments or provisions.